TCRAP_Public/140523.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 23, 2014, Vol. 17, No. 101


                            Headlines


A U S T R A L I A

ADVANCETECH PTY: SV Partners appointed as Liquidators
APL DISTRIBUTIONS: Hall Chadwick Appointed as Administrators
ASSET CAPITAL: Nicols + Brien Appointed as Administrator
BABCOCK & BROWN: Liquidators Set to Offload AUD665.5MM Tranche
MUSCLE MEALS: Placed in Administration

ROADWISE TRANSPORT: Placed Into Administration


C H I N A

LONGFOR PROPERTIES: Moody's Rates Senior Unsecured Bond '(P)Ba2'
LONGFOR PROPERTIES: S&P Rates Proposed RMB Senior Notes 'BB'
* Motor Losses to Constrain China Insurers' Margins, Fitch Says


I N D I A

AVC MOTORS: CRISIL Raises Rating on INR163MM Loans to 'B+'
C R BROADCASTING: CRISIL Assigns 'B' Rating to INR162.8MM Loans
CLS INDUSTRIES: CARE Cuts Rating on INR15.20cr Loans to 'D'
DOWN TOWN: CRISIL Assigns 'B+' Rating to INR126.7MM Loans
DURG EDUCATION: CRISIL Upgrades Rating on INR113.1MM Loans to B

GAYATRI DEVELOPWELL: ICRA Assigns 'B+' Rating to INR13.5cr Loan
GUPTA EXIM: CARE Assigns 'B' Rating to INR483.36cr Bank Loan
JITM TRUST: CRISIL Reaffirms 'B+' Rating on INR280MM Loans
KALPESH CORPORATION: ICRA Reaffirms 'B+' Rating on INR6cr Loans
KANAIYA EXPORTS: ICRA Reaffirms 'B' Rating on INR4.40cr Loans

KANAK AGRO: CRISIL Assigns 'D' Rating to INR90MM Loans
KOTAK EXIM: CRISIL Assigns 'B' Rating to INR155MM Loan
MAHANAGAR REALTY: ICRA Withdraws 'B+' Rating on INR75cr Loan
MULTICHEM SPECIALITIES: CRISIL Keeps B+ Rating on INR150MM Loan
NAVEEN FILTERS: CRISIL Reaffirms B+ Rating on INR73.1MM Loans

P&M AND HITECH: CRISIL Ups Rating on INR400MM Loan to 'B-'
P.R STAMPINGS: ICRA Suspends 'B/A4' Rating on INR6cr Loan
P. R. STEELS: CRISIL Assigns 'B' Rating to INR65MM Loans
PRIYANKA CONSTRUCTIONS: CRISIL Puts 'B' Rating on INR100MM Loans
S.L. ELECTTRICALS: CRISIL Places 'B' Rating on INR40MM Loans

SAI BALAJI: CRISIL Upgrades Rating on INR50MM Loans to 'B'
SHIVALAYA: CRISIL Puts 'C' Rating on Notice of Withdrawal
SHREERAM JAYARAM: CARE Assigns 'B' Rating to INR9.50cr Bank Loan
SPICEJET LTD: In Talks With Overseas Investors For Fund Infusion
ST. LAWRENCE: CRISIL Assigns 'B' Rating to INR130MM Loans

SUMMA REAL: ICRA Assigns 'B+' Rating to INR34cr Loans
TRIVENI ELECTROPLAST: CRISIL Cuts Rating on INR120MM Loans to B
UNISEX AGENCIES: CRISIL Reaffirms 'B+' Rating on INR65MM Loan
UNIVERSAL TRUST: CRISIL Cuts Rating on INR145.1MM Loan to 'D'
VIDESH COAL: CRISIL Lowers Rating on INR100MM Loan to 'D'

WALLCERA TILES: CRISIL Assigns 'B+' Rating to INR111.5MM Loans


J A P A N

DANAMON: Fitch Affirms BB+ Issuer Default Rating; Outlook Stable
eACCESS LTD: S&P Affirms 'BB' CCR Over Yahoo Deal Cancellation


N E W  Z E A L A N D

MAINZEAL PROPERTY: Yan Wins A Round in the Court of Appeal
PANAMA ROAD: Springpark Home Deposits Secure, Receivers Say


S O U T H  K O R E A

WOORI BANK: S&P Rates US$1-Bil. Sub. Bonds Due 2024 'BB+'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ADVANCETECH PTY: SV Partners appointed as Liquidators
-----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that electrical company
Advancetech Pty Ltd has been put into liquidation. SV Partners was
appointed as the company's liquidators on May 15, 2014.

Advancetech has stopped trading, the report notes.


APL DISTRIBUTIONS: Hall Chadwick Appointed as Administrators
------------------------------------------------------------
David Ingram -- dingram@hallchadwick.com.au -- and Steven Gladman
-- sgladman@hallchadwick.com.au -- of Hall Chadwick were appointed
as administrators of APL Distributions Pty Limited on May 20,
2014.

A first meeting of the creditors of the Company will be held at
Level 40, 2 Park Street, in Sydney, on May 30, 2014, at
10:00 a.m.


ASSET CAPITAL: Nicols + Brien Appointed as Administrator
--------------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
Asset Capital Team Pty Ltd on May 20, 2014.

A first meeting of the creditors of the Company will be held at
Nicols + Brien, Level 2, 350 Kent Street, in Sydney, on May 30,
2014, at 10:00 a.m.


BABCOCK & BROWN: Liquidators Set to Offload AUD665.5MM Tranche
--------------------------------------------------------------
Sarah Danckert at The Australian reports that liquidators to
Babcock & Brown are looking to offload the final AUD665.5 million
tranche of property this year, which when complete will mark the
final sale of real estate held by the failed investment bank, the
biggest Australian casualty of the global financial crisis.

The Australian relates that the sales program was revealed in the
recently filed 2013 accounts of Babcock & Brown International, the
group's operating entity that has been in wind-down for several
years.

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add scale, infrastructure, air operating
leasing and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary
administrators after investors in the company's subordinated
notes listed in New Zealand voted against a special resolution to
restructure the terms of the notes.  Under the special
resolution, the company's equity and subordinated note holders
won't receive any return.  Babcock & Brown appointed David Lombe
and Simon Cathro of Deloitte Touche Tohmatsu as Voluntary
Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets.  Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


MUSCLE MEALS: Placed in Administration
--------------------------------------
David Ingram -- dingram@hallchadwick.com.au -- and Steven Gladman
-- sgladman@hallchadwick.com.au -- of Hall Chadwick were appointed
administrators of Muscle Meals Direct Pty Limited on May 20, 2014.

A first meeting of the creditors of the Company will be held at
Level 40, 2 Park Street, in Sydney, on May 30, 2014, at
10:00 a.m.


ROADWISE TRANSPORT: Placed Into Administration
----------------------------------------------
Cara Waters at SmartCompany reports that Roadwise Transport Group
has collapsed into administration.

Andrew Cummins -- andrew.cummins@briferriernsw.com.au -- and Brian
Silvia -- BrianRaymond.Silvia@briferriernsw.com.au -- of BRI
Ferrier were appointed as administrators of Roadwise Transport
last month, the report relates.

Mr. Cummins told SmartCompany Roadwise Transport has continued to
trade while the administrators seek a buyer for the company.

SmartCompany relates that Mr. Cummins said the Sydney-based
business fell into administration after 15 years' trading after
suffering a large loss in the 2013 financial year.

"The loss was due to a loss of customers and an inability to match
overheads with turnover," Mr. Cummins told SmartCompany.

The second creditors' meeting is scheduled to be held next week in
Sydney, the report notes.

According to the report, Mr. Cummins said there has been "some
interest" from potential buyers and the administrators should know
by next week whether anyone is available to purchase Roadwise
Transport.

Roadwise Transport Group is a transport and logistics company with
a turnover of over AUD10 million a year and 50 employees.



=========
C H I N A
=========


LONGFOR PROPERTIES: Moody's Rates Senior Unsecured Bond '(P)Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba2 rating to Longfor
Properties Co. Ltd.'s proposed senior unsecured RMB bond.

Moody's has also affirmed the company's Ba1 corporate family
rating (CFR) and Ba2 senior unsecured debt rating.

The ratings outlook is stable.

The proceeds of the proposed notes will be used for debt
refinancing and general working capital purposes.

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

Ratings Rationale

"The proposed bond issuance will enhance Longfor's liquidity
position and debt maturity profile," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.

"Furthermore, the new issuance will have a limited impact on
Longfor's key credit metrics -- including adjusted
debt/capitalization and EBITDA/interest -- as the proceeds will be
used mainly to repay existing borrowings," adds Ho, also Moody's
Lead Analyst for the company.

Based on its 2013 results, adjusted debt/capitalization was 50.0%,
which is in line with those of Longfor's Ba-rated peers. Moody's
expects the company will maintain its good financial discipline
and keep its debt/capitalization below 55% in the next few years.

Moody's also expects Longfor's EBITDA/interest to improve to
around 4.0x in the next two years from 3.8x in 2013. This scenario
reflects modest profit margin improvements in the next two years
due in turn to higher selling prices for contracted sales in 2013
and the company's efforts in controlling costs.

Its projected financial profile remains broadly consistent with
its Ba1 rating, albeit with EBITDA/interest at the weaker end.

Moody's also expect the company to prudently manage its land
purchases over the next 12 months in view of the slowdown in sales
growth, while its current land bank could support five to seven
years of contracted sales.

Longfor's gross rental income covered 24% of its gross interest
expenses in 2013 and could provide some cushion against its more
volatile development business.

Moody's expect this coverage to further improve to about 30% in
the next two years as the company's shopping mall portfolio grows.

The (P)Ba2 bond rating is one notch below the CFR, reflecting the
structural and legal subordination risks from its secured and
subsidiary debt, which amounted to 16.3% of its total assets at
end-2013. Moody's expect this ratio to stay around 15%-20% in the
next few years.

Upgrade pressure could emerge if the company: (1) consistently
meets its sales targets and continues to implement its disciplined
approach to acquiring land and managing its financials; (2)
maintains stable profitability through business cycles; (3)
progressively develops its investment property portfolio, with a
stable source of recurring income that can cover about 50% of
interest expenses; (4) maintains good liquidity, with a minimum
cash balance of more than 10%-15% of total assets; or (5) can
maintain EBITDA/interest coverage consistently above 6x-7x and
adjusted debt/capitalization at around 40%-45%.

The ratings could be downgraded if: (1) Longfor's sales weaken;
(2) its margins weaken; (3) its liquidity or debt leverage
deteriorate owing to its aggressive development of new projects or
land acquisitions; or (4) adjusted debt/capitalization exceeds
55%, or EBITDA/interest falls below 4x.

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

Longfor Properties Co. Ltd. is one of the leading developers in
China's residential and commercial property development sector.
Founded in 1994, the company began its business in Chongqing and
has since established a leading brand name in the municipality. As
of end-2013, it had an attributable land bank of 35.8 million
square meters in GFA, spanning 21 cities in five major regions in
China.


LONGFOR PROPERTIES: S&P Rates Proposed RMB Senior Notes 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to a proposed issue of Chinese renminbi-denominated senior
unsecured notes by Longfor Properties Co. Ltd. (BB+/Stable/--;
cnBBB+/--).

"We also assigned our 'cnBBB' Greater China regional scale rating
to the proposed notes. The ratings are subject to our review of
the final issuance documentation. We expect the company to use the
net proceeds for refinancing and general corporate purposes," sais
S&P.

"The issue rating is one notch lower than the corporate credit
rating to reflect our opinion that offshore noteholders would be
materially disadvantaged, compared with onshore creditors, in the
event of default. In our view, Longfor's ratio of priority
borrowings to total assets is likely to remain above our notching
threshold of 15% for speculative-grade debt," said S&P.

"The stable rating outlook on Longfor reflects our expectation
that the company's sales will grow moderately and profitability
will stabilize in 2014. Our view is based on Longfor's good
competitive position and sales execution under a stable property
market. We also expect the company to maintain disciplined
management of its balance sheet and cash flow. We anticipate that
Longfor's margin recovery will remain under pressure, given the
company's adjustment to its product-mix and increasing land
costs," according to S&P.


* Motor Losses to Constrain China Insurers' Margins, Fitch Says
---------------------------------------------------------------
Fitch Ratings says in a new report that the underwriting
profitability of small and mid-sized non-life insurance companies
in China will be constrained in 2014 by losses from the motor
insurance segment.  Fitch expects the advantages of scale will
enable major listed insurers to maintain their combined ratios at
below 100% in 2014 in the absence of major catastrophe losses.

High-growth insurers will have to replenish their capital to
support their premium growth after their solvency buffers declined
in 2013.  In view of the change in the capital regime in China,
Fitch expects non-life insurers to become more proactive in
managing not just their underwriting practices, but also their
asset risk exposure.



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


AVC MOTORS: CRISIL Raises Rating on INR163MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
AVC Motors to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            90        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     17        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan              56        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that AVC's business
risk profile may improve over the medium term, owing to healthy
demand at its newly open outlets in Mansa and Malout (both in
Punjab) in 2013-14 (refers to financial year, April 1 to
March 31). The rating upgrade also factors in the improvement in
the firm's capital structure, driven by higher cash accruals and
infusion of capital of INR12.7 million by the partners in 2013-14
to meet incremental working capital requirements.

The rating reflect AVC's weak financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics,
and its exposure to intense competition in the automobile
dealership business. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the
automobile dealership industry, and advantages derived from the
leadership position of its principal in the utility vehicle
segment.

Outlook: Stable

CRISIL believes that AVC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's cash accruals
increase substantially, leading to further improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if AVC reports significantly lower-than-expected cash
accruals because of slowdown in passenger vehicle sales, or if it
undertakes any large debt-funded capital expenditure programme,
adversely impacting its financial risk profile.

AVC is a partnership firm set up in January 2011 by Ms. Bimla
Devi, Ms. Rupesha Rani (daughter in law of Ms. Bimla Devi), and
Mr. Surinder Kumar. The firm began operations in December 2011 in
Bathinda (Punjab) with the dealership for passenger and commercial
vehicles of Mahindra & Mahindra Ltd. It has a showroom-cum-
workshop in Bathinda and has opened two more outlets in Mansa and
Malout.


C R BROADCASTING: CRISIL Assigns 'B' Rating to INR162.8MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of C R Broadcasting Hyderabad Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------           --------     -------
   Secured Overdraft
   Facility                10        CRISIL B/Stable

   Long Term Loan         107.5      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      45.3      CRISIL B/Stable

The rating reflects CRBHL's exposure to risk related to
stabilisation of its operations, and limit track record. The
company also has a weak financial risk profile marked by high
gearing and weak debt protection metrics, and exposure to risks
related to intense competition in the media industry. These rating
weaknesses are partially offset by its promoters' extensive
experience and its in-house production capabilities.

Outlook: Stable

CRISIL believes that CRBHL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if CRBHL reports more-than-
expected revenue and profitability, leading to healthy financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is delay in stabilisation of operations, or it generates
lower-than-expected revenue and profitability, leading to weak
financial risk profile.

Incorporated in 2000 as Optima Solutions Pvt Ltd, the company was
renamed as CRBHL in March 2013. It operates a 24-hour Telugu
language television news channel by the name of '99 Percent'.
Based in Hyderabad, the company is promoted by Mr. Challa Srishant
and others. The day-to-day operations of the company are managed
by its CEO Mr. Kapil Suravaram. The company has already started
telecasting test signal during April 2014.


CLS INDUSTRIES: CARE Cuts Rating on INR15.20cr Loans to 'D'
-----------------------------------------------------------
CARE revises ratings assigned to bank facilities of CLS Industries
Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities    7.20       CARE D Revised
                                           from CARE B

   Long term/Short term Bank
   Facilities                   2.00       CARE D/CARE D Revised
                                           From CARE B/CARE A4

   Short term Bank Facilities   6.00       CARE D Revised from
                                           CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of CLS
Industries Private Limited primarily factors in the ongoing delays
in the debt servicing due to the weakened liquidity position.

Establishing a timely debt servicing track record with an
improvement in the liquidity position with overall improvement
in the financial risk profile would be the key rating
sensitivities.

Gandhidham-based (Kutch) CIPL was incorporated in the year 2008 as
a private limited company by Mr Shyam Sharma (director) and his
two sons Mr Mohit Sharma (director) and Mr Rohit Sharma
(director). CLS is engaged in the manufacturing of Core Veneer
with an installed capacity of 18.25 lakh Square Meter Per Annum
(SMPA), phase veneer with an installed capacity of 54.75 lakh
SMPA, Marine plywood with an installed capacity of 1.10 lakh per
annum, Block Board with an installed capacity of 3.65 lakh per
annum and flush doors with an installed capacity of 1.10 lakh per
annum as on March 31, 2013. The commercial production of CIPL
started in February 2011. The promoter group also has business
interests in various other fields such as hospitality, leasing,
trading etc through their group concerns namely CLS Enterprise
Private Limited, Shiv Petroleum, Shiv Enterprise and C.L. Sharma
Resorts Private Limited.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), CIPL achieved the PAT of INR0.01 crore
(FY13: INR0.01 crore) on a Total Operating Income (TOI) of
INR20.49 (FY13: INR16.44 crore).


DOWN TOWN: CRISIL Assigns 'B+' Rating to INR126.7MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Down Town Hospital Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            5         CRISIL B+/Stable
   Term Loan            121.7       CRISIL B+/Stable

The rating reflects DTHL's modest scale of operations and
geographical concentration in its revenue profile. These rating
weaknesses are partially offset by the company's above-average
financial risk profile, and the benefits expected from the sound
prospects for the healthcare industry.

Outlook: Stable

CRISIL believes that DTHL will benefit over the medium term from
the sound prospects for the healthcare industry in India. The
outlook may be revised to 'Positive' if the company registers a
sustained improvement in its scale of operation and cash accruals,
resulting in better liquidity. Conversely, the outlook may be
revised to 'Negative' if DTHL's cash accruals are less than
expected, or it undertakes a large debt-funded capital expenditure
programme, adversely impacting its financial risk profile,
particularly its liquidity.

Set up in 1986, DTHL offers tertiary healthcare services through
its 300-bed multi-speciality hospital in Guwahati (Assam). The
company is promoted by Dr. N M Dutta, Mrs. Vandana Dutta, and Mr.
Ghanshyam Dutta.


DURG EDUCATION: CRISIL Upgrades Rating on INR113.1MM Loans to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Durg Education and Charitable Society to 'CRISIL
B/Stable' from 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       49        CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Term Loan                64.1      CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by DECS over
the four months through April 2014, driven by improvement in
liquidity because of rescheduling of term debt repayment to follow
bi-annual fee receipt cycle. The upgrade also factors in CRISIL's
expectation that DECS's cash accruals of INR40 million to INR45
million in 2014-15 (refers to financial year, April 1 to March 31)
will be adequate to meet its debt obligations of INR24 million
during the year. The rating is also supported by the absence of
any debt-funded capital expenditure (capex) plan over the medium
term.

The rating reflects DECS's modest scale of operations and the
geographical concentration in its revenue profile. These rating
weaknesses are partially offset by the variety of courses offered
by DECS, ensuring a large student base, and its promoters'
experience in the education sector.

Outlook: Stable

CRISIL believes that DECS will continue to benefit over the medium
term from its promoters' experience in the education sector. The
outlook may be revised to 'Positive' if the society reports
significantly large cash accruals or witnesses substantial fund
infusion, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the society's financial risk profile,
particularly its liquidity, most likely because of delay in fee
receipt or large debt-funded capex.

DECS was formed in 2002 in Raipur (Chhattisgarh) by the Lunia
family. Its day-to-day operations are managed by Mr. Nalin Lunia.
The society operates four colleges: Chhattisgarh Agricultural
College, Chhattisgarh Agricultural Engineering College,
Chhattisgarh Nursing College, and Chhattisgarh Engineering
College.


GAYATRI DEVELOPWELL: ICRA Assigns 'B+' Rating to INR13.5cr Loan
---------------------------------------------------------------
ICRA has assigned a rating of [ICRA]B+ to the INR13.5 crore line
of credit of Gayatri Developwell Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loan             13.5        [ICRA]B+ assigned

The rating favourably factors in the promoter's experience in the
real estate sector in Agra and the advance stage of completion of
the company's project 'Gayatri Manhar Garden', which lowers the
company's execution risks. The rating draws comfort from the
moderate level of bookings the project with 65% of the area being
sold. The rating is however constrained by the company's modest
collection efficiency of 53%. The company's ability to collect the
pending customer advances in a timely manner will be crucial for
smooth cashflow management as the debt repayment is scheduled to
commence from July 2014. As the entire debt is to be repaid over
the next one year, the company's sales velocity for the balance
area will also be an important factor for the debt servicing.

Gayatri Developwell Pvt Ltd is part of the Agra based Gayatri
group. Promoted by Mr. Hari Om Dixit and Mr. Devendra Dixit, the
group has executed row houses and multi-storey apartment projects
in Agra and Mathura over the six to seven years. The company is
executing a multi-storey apartment project called Gayatri Manhar
Gardens on Sikandra Bodla road in Agra. Launched in end of 2012,
the project consists of 168 two and three BHK flats. The company
plans to deliver the project in June 2014. The project cost of
INR37.25 crore is being funded by term loan of INR13.5 crore,
promoter contribution of INR8.5 crore and balance customer
advances. Apart from this, the group has various other ongoing
project included Gayatri Aura which is large residential project
in Greater Noida West, UP.

Recent results

The company posted revenues of INR21.6 crore in FY 2013 which was
mainly on account of past project sales. It posted a PAT of INR0.2
crore in FY2013. As on Mar 31st 2013, the company had a net worth
of INR6.3 crore.


GUPTA EXIM: CARE Assigns 'B' Rating to INR483.36cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B/A4' ratings to the bank facilities of Gupta
Exim India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    483.36      CARE B Assigned
   Short term Bank Facilities     0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gupta Exim India
Private Limited are primarily constrained by the weak financial
risk profile marked by the recent history of debt restructuring in
December 2013, geographical concentration risk, exposure to
foreign exchange fluctuation and volatility in raw material
prices.

The rating, however, draws comfort from the experience of the
promoters of GEIPL, long track record of operations and
established relationship with clients Going forward, the timely
infusion of funds by the promoters as per the bank's restructuring
package and ability to consistently scale up its operations with
improvement in profitability margins would be the key rating
sensitivities.

Gupta Exim India Pvt Ltd, a Government of India recognized export
house, was established in 1990 and started commercial operations
in 1992. The company is engaged in knitting, dyeing, printing and
processing of knitted fabrics and manufacturing of garments like
cotton t-shirts and sweaters. GEIPL is promoted by Mr Sandeep
Gupta and his family members in 1990, who have an experience of
more than two decades in the manufacturing and export of fabrics
and garments.

The company has six integrated production units spread over
660,000 sq ft area in Faridabad, Haryana. GEIPL has an installed
capacity of 8,000 tonnes per annum for fabric processing (dyeing
and manufacturing of fabric) and has installed capacity of 1.08
crore pieces per annum for garment manufacturing as on February
2014.

GEIPL reported a loss of INR5.39 crore at the PAT level on a total
operating income of INR335.20 crore for FY13 (refers to
the period April 1 to March 31) as compared with PAT of INR11.66
crore on a total operating income of INR271.78 crore for
FY12. For 9MFY14, GEIPL reported a total operating income of
INR217 crore.


JITM TRUST: CRISIL Reaffirms 'B+' Rating on INR280MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of JITM Trust (Centurion
University of Technology and Management) (JITM; part of the JITM
group) continues to reflect the JITM group's limited track record
in the education sector, and below average financial risk profile
marked by high gearing and moderate debt protection metrics. These
rating weaknesses are partially offset by varied courses offered
by the trust, leading to its large student base, and its
promoters' experience in the educational sector.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        230        CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility     50        CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of JITM and CSREM Trust (Centurion
University of Technology and Management) (CSREM), together
referred to as the JITM group. This is because the two entities
are likely to be merged over the medium term. Moreover, the
entities have financial linkages in the form of unsecured loans
from JITM to CSREM, and have common promoters.

Outlook: Stable

CRISIL believes that the JITM group will maintain its healthy
business risk profile over the medium term, backed by an increase
in student strength and in fees. However, its financial risk
profile will remain constrained on account of large debt funded
capital expenditure plans. The outlook may be revised to
'Positive' if the JITM group's financial risk profile improves,
most likely driven by more-than-expected revenues and cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there is a substantial decline in the group's student intake, or
if the group undertakes larger-than-expected debt-funded capital
expenditure (capex) programme, resulting in further weakening its
capital structure.

JITM was set up in 1997 as a not-for-profit organisation. The
current trustees, Dr. Mukti Mishra and Mr. D N Rao, acquired the
trust's management in 2006-07. JITM has an engineering college,
which is affiliated to the Centurion University of Technology and
Management, Orissa. The trust also operates Centurion Public
School, Parlakhemundi (Orissa), which is affiliated to the Central
Board for Secondary Education (CBSE) and offers education from
lower-kindergarten to 12th standard, JITM Junior Science College,
Parlakhemundi, affiliated to the Council of Higher Secondary
Education, Orissa, JITM Junior Science College, Bolangir (Orissa)
affiliated to the Council of Higher Secondary Education, Orissa,
and an Industrial Training Institute , Parlakhemundi, which is
approved by the Director, Technical Education, Government of
Orissa.

CSREM was set up in Bhubaneswar (Orissa) in 2007. It operates one
college, Centurion Institute of Technology (CIT), which is an
engineering college, affiliated to Centurion University of
Technology and Management, Orissa. The college also offers Master
of Business Administration (MBA) course and started offering
Bachelors of Science (B.Sc.) and Bachelors of Architecture (B.
Arch) in 203-14.

The JITM group reported a profit after tax (PAT) of INR50.3
million on revenues of INR510.2 million for 2012-13, against a PAT
of INR23 million on revenues of INR374.5 million for 2011-12. The
group is estimated to report operating income of INR511.7 million
in 2013-14.


KALPESH CORPORATION: ICRA Reaffirms 'B+' Rating on INR6cr Loans
---------------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed to the INR1.50 crore
term loan and INR4.50 crore fund based facility of Kalpesh
Corporation.  The rating of [ICRA]A4 has also been reaffirmed to
the INR7.50 crore short-term fund based facilities of KC.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Cash Credit              3.00        [ICRA]B+ reaffirmed
   Term Loan                1.50        [ICRA]B+ reaffirmed
   Stand by Limit           1.50        [ICRA]B+ reaffirmed
   Export Packing Credit    7.50        [ICRA]A4 reaffirmed

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

Kalpesh Corporation was established in 1992 and the firm is
primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Rameshchandra
Nayak and Mr. Ashvin Nayak. The processing plant is located at
Unjha, Gujarat and has a capacity to process 5000 metric tonnes
per annum (MTPA) of seeds.


KANAIYA EXPORTS: ICRA Reaffirms 'B' Rating on INR4.40cr Loans
-------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR4.40 crore
fund based facility of Kanaiya Exports Private Limited. The rating
of [ICRA]A4 has also been reaffirmed to the INR7.00 crore short-
term fund based facilities of KEPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.00        [ICRA]B reaffirmed
   Stand by Limit          1.40        [ICRA]B reaffirmed
   Export Packing Credit   7.00        [ICRA]A4 reaffirmed

The ratings continue to take into account the company's modest
scale of operations and its weak financial profile characterized
by high gearing levels, low profitability and weak coverage
indicators. The ratings further takes into account the high
competitive intensity in agro-commodities trading resulting from
low entry barriers; exposure of company's profitability to foreign
exchange fluctuations and any adverse changes in export
incentives; vulnerability of the company's operations to
government's export policies and to agro-climatic conditions. The
rating however positively considers the experience of the promoter
in agro-commodities trading, favourable location of the company
with proximity to raw material sources and stable export prospects
for agro-products.

Kanaiya Exports Private Limited was incorporated in 1994 and is
primarily engaged in the trading of psyllium Husk, sesame seeds,
cumin seeds, fennel seeds and other agro products. The company is
currently managed by Mr. Rameshchandra Nayak and Mr. Ashvin Nayak
and the family has been in this business since last 20 years.

Recent Results

During FY13, KEPL reported an operating income of INR65.73 crore
(as against INR65.99 crore during FY12) and profit after tax of
INR0.43 crore (as against INR0.35 crore during FY12).


KANAK AGRO: CRISIL Assigns 'D' Rating to INR90MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Kanak Agro Pipes Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL D
   Term Loan              50        CRISIL D

The rating reflects instances of delay by KAPPL in servicing its
debt; the delays have been caused by the company's weak liquidity
driven by its depressed cash accruals and working capital
intensive operations.

KAPPL also has a weak financial risk profile, marked by a small
net worth, high gearing and weak debt protection metrics, and a
small scale of operations in an intensely competitive polyvinyl
chloride (PVC) pipe industry. However, the company benefits from
its promoters' extensive experience in the PVC pipes industry and
their funding support.

KAPPL was incorporated in 2010 in Aurangabad, Maharashtra by Mr.
Suresh Sarda, Mr. Suresh Bhutada, and Mr. R K Sharma. The company
manufactures PVC pipes of sizes ranging from 20 millimetres (mm)
to 200 mm which are used primarily in agriculture and construction
industries.

KAPPL reported a net loss of INR1.2 million on net sales of
INR132.4 million for 2011-12 (refers to financial year, April 1 to
March 31); the company reported a net loss of INR13.9 million on
net sales of INR159.0 million for 2010-11.


KOTAK EXIM: CRISIL Assigns 'B' Rating to INR155MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kotak Exim Private Limited (KEPL; part of Kotak
group).

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Foreign Bill Purchase      155        CRISIL B/Stable

The rating reflects Kotak group's modest scale of operations and
susceptibility of the cash flows to timely realisation of its
receivables. These rating weaknesses are partially offset by
extensive experience of Kotak group's promoters in the trading
industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KEPL and Kotak Agencies Private Limited
as the entities have considerable operational fungibility, along
with common business lines, and management. The two entities are
together referred to as the Kotak group.

Outlook: Stable

CRISIL believes that Kotak group will continue to benefit over the
medium term from its promoter's extensive experience in the
trading industry. The outlook may be revised to 'Positive' if the
company achieves significant and sustainable improvement in
revenues and margins while maintaining its debt protection
indicators. Conversely, the outlook may be revised to 'Negative'
in case the company registers significant decline in its revenues
or margins, or if there is elongation in its working capital
cycle, thereby impacting its financial risk profile.

KEPL, incorporated in 2000, is promoted by the Kotak family. It is
engaged in trading of cotton and agro products. It also has an
indenting division wherein it acts as an agent for companies such
as Toshiba Corporation and NGK Insulators Ltd.

KAPL, incorporated in 2002, is also engaged in the indenting
business. Mr. Kotak looks after the day to day business operations
of the group. Both the companies are based out of Mumbai.

Kotak group has reported a profit after tax (PAT) of INR6.2
million on net sales of INR450.5 million For 2012-13 (refers to
financial year, April 1 to March 31); the company reported a PAT
of INR6.9 million on net sales of INR693.4 million for 2011-12.


MAHANAGAR REALTY: ICRA Withdraws 'B+' Rating on INR75cr Loan
------------------------------------------------------------
ICRA has withdrawn the '[ICRA]B+' rating assigned to the INR75.00
crore Cash Credit facility of Mahanagar Realty, at the request of
the company, as there was no debt sanction received against the
rated instruments.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Cash Credit (Proposed)     75.00      [ICRA]B+ withdrawn

Established in Mar 2010, MR is developing a residential real
estate project 'Ishanya' at Pune Satara Road in Pune. The
promoters of the firm are Goel Ganga Developments along with three
other entities i.e. Gagan Developers, Eisha Developers and Lohia
Group. Goel Ganga Developments is engaged in real estate
development in Pune for around two decades. The group has
developed around 5.5 million sq ft area in last 10 years.


MULTICHEM SPECIALITIES: CRISIL Keeps B+ Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL's rating on Multichem Specialities Pvt Ltd's long-term bank
facility continues to reflect its below-average financial risk
profile, marked by its aggressive capital structure, driven by
large debt-funded working capital requirements. These rating
weaknesses are partially offset by the extensive experience of the
promoter in chemical trading activities and MSPL's established
relationships with suppliers and customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Letter of Credit      150        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MSPL will continue to benefit from the
promoters' extensive experience over the medium term. The outlook
may be revised to 'Positive' if the company significantly improves
its working capital cycle or enhances its capital structure and
liquidity with a sizeable equity infusion from the promoters.
Conversely, the outlook may be revised to 'Negative' if MSPL
records a sharp decline in its topline and profitability or an
unprecedented stretch in its working capital cycle; or undertakes
a large unanticipated debt-funded capital expenditure programme.

MSPL was established in 1976 as a proprietorship, and was
reconstituted as a private limited company in 2007. The company
trades in pharmaceutical chemicals, water treatment chemicals,
agro-chemicals, and other industrial chemicals. Mr. Manish
Karnani, managing director oversees the company's day-to-day
operations.

For 2012-13 (refers to financial year, April 1 to March 31), MSPL
reported a net profit of INR2.1 million on net sales of INR386.9
million, vis-a-vis a net profit of INR2.3 million on net sales of
INR413.4 million for 2011-12.


NAVEEN FILTERS: CRISIL Reaffirms B+ Rating on INR73.1MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Naveen Filters Pvt Ltd
continue to reflect the extensive industry experience of NFPL's
promoters. This rating strength is partially offset by NFPL's
small scale of operations, high customer and end-user industry
concentration, large working capital requirements, and below-
average financial risk profile.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        7.5        CRISIL A4 (Reaffirmed)
   Cash Credit          60          CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      7.5        CRISIL A4 (Reaffirmed)
   Term Loan            13.1        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NFPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer base. The outlook may be revised to
'Positive' if the company increases its scale of operations,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if its financial risk profile
and liquidity deteriorate significantly because of large
borrowings for capital expenditure or working capital requirements
or due to decline in operating margin.

Update
NFPL's revenue registered healthy growth of 38 per cent to INR187
million in 2012-13 (refers to financial year, April 1 to
March 31) from INR139 million in 2011-12, largely supported by
sustained demand from existing customers and addition of a new
customer during the year. NFPL registered revenue of INR188
million during the first nine months of 2013-14 and is expected to
generate revenue of around INR240 million in 2013-14. CRISIL
believes that NFPL's scale of operations will continue to grow at
a healthy pace of 25 per cent over the medium term, supported by
healthy demand for its products.

NFPL's operating profitability, though low at 5.9 per cent in
2012-13, continues to remain in line with past trends. The
company's operations continued to remain working capital intensive
with Gross Current Assets of 180 days in 2012-13. The operations
are working capital intensive on account of large inventory and
debtors. The debtor level is high as the company offers 90 to 100
days of credit to its customers owing to its restricted bargaining
power with large customers. Though the company maintains very low
raw material inventory (15 to 20 days of its requirement), it
maintains high finished goods inventory of 55 to 60 days owing to
a wide range of product offering. Moreover, the company has to
provide an earnest money deposit and performance guarantee to
state transport corporations leading to blockage of a considerable
amount of funds, which, in turn, results in high working capital
requirement. However, NFPL's working capital requirements are
partially offset by a high credit period of 70 to 90 days received
from its suppliers. CRISIL believes that NFPL's working capital
requirement will remain high over the medium term on account of
high inventory and debtors.

NFPL's financial risk profile remains below average, marked by
small net worth of INR338 million, high gearing of 1.6 times,
moderate interest coverage ratio of 2.3 times, and low Net Cash
Accruals to Total Debt ratio of 0.09 times in 2012-13. CRISIL
believes that NFPL's financial risk profile will remain below
average over the medium term on account of high incremental
working capital requirements.

NFPL, incorporated in 2005, manufactures oil, gas, and air
filters, which are used in automobiles. It was originally formed
as a proprietary concern named Naveen Filter Industries in 1979,
with Mr. BD Kataria as the sole proprietor. The proprietorship
concern was later reconstituted as a partnership firm in 1985;
subsequently, the same was reconstituted as a private limited
company under its current name in 1996. NFPL has three
manufacturing units at Baddi (Himachal Pradesh), Saroop Nagar (New
Delhi), and Rai (Haryana).

NFPL reported profit after tax (PAT) of INR2.7 million on net
sales of INR187.3 million for 2012-13 as against PAT of INR2.7
million on net sales of INR187.3 million for 2011-12.


P&M AND HITECH: CRISIL Ups Rating on INR400MM Loan to 'B-'
----------------------------------------------------------
CRISIL has upgraded the rating on P&M and Hitech Infrastructures
LLP to 'CRISIL B-/Stable' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           400        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

The upgrade follows the timely payment of its debt and interest
obligations by the firm, and the re-scheduling of its term loan
payments. The construction of the firm's mall in Jamshedpur
(Jharkhand) has re-commenced, and CRISIL expects that the firm
will be able to generate adequate sales and customer advances to
meet its funding requirements, and repay debt obligations on time.
CRISIL also takes comfort from the parent company, P & M
Infrastructures Ltd's (PNM's, rated 'CRISIL BB/Stable') track
record of successfully commissioning and operating a mall in Patna
(Bihar).

The ratings continue to be constrained by the project's exposure
to risks related to implementation, and risks related to offtake
for the sale and leasing of space in the mall. The rating
weaknesses are partially offset by the promoters' experience in
mall development and operations (as demonstrated through the Patna
mall), and healthy demand outlook for retail space in Jamshedpur.

Outlook: Stable

CRISIL expects PMHT-LLP to benefit from the experience of its
promoter, who has successfully executed the P&M Mall in Patna. The
outlook may be revised to 'Positive' if the firm is able to secure
long term customers, or successfully carry out sale of a
substantial portion of its retail space, which will lead to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of further delays in project
execution, or customer acquisition leading to lower cash accruals
which in turn will impact its debt servicing capability.

PMHT-LLP was established in 2010 to carry out the development and
management of a multiplex-cum-mall in Jamshedpur. The planned mall
is aimed to be a single-point, multi-utility destination,
featuring retail stores, branded outlets, a food court, an
entertainment centre, a hotel, and office space, along with a
multiplex.

PMHT-LLP is a partnership between P&M Infrastructures Ltd, which
developed the P&M Mall in Patna (Bihar), and Benko Traders Pvt
Ltd, which represents the Jamshedpur-based Hi-Tech group.


P.R STAMPINGS: ICRA Suspends 'B/A4' Rating on INR6cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to the
INR6.00 crore fund based and non fund based facilities of P.R
Stampings Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


P. R. STEELS: CRISIL Assigns 'B' Rating to INR65MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of P. R. Steels.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           40         CRISIL B/Stable
   Term Loan             25         CRISIL B/Stable

The rating reflects PRS's weak financial risk profile and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of PRS's promoters in
the steel industry leading to established relationship with
customers and suppliers.

Outlook: Stable

CRISIL believes that PRS will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if PRS's scale of operations increases
substantially resulting in improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
decline in the firm's operating margin leading to low cash
accruals, or large debt-funded capital expenditure.

Set up in 2006, PRS manufactures stainless steel and aluminium
utensils. The firm sells products under its own brands, Neelkamal
Soni, Paras Soni, and PR. Its manufacturing unit in Manakpur
(Haryana) is managed by Mr. Pawan Soni and his brother Mr.
Rajneesh Soni.

PRS's book profit and net sales were at INR0.6 million and INR128
million, respectively, for 2012-13 (refers to financial year,
April 1 to March 31); the firm reported a book profit of INR0.4
million on net sales of INR93 million for 2011-12. It is likely to
register sales of INR184 million for 2013-14.


PRIYANKA CONSTRUCTIONS: CRISIL Puts 'B' Rating on INR100MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities Priyanka Constructions (Baroda) Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      40        CRISIL B/Stable

   Bank Guarantee         100        CRISIL A4

   Cash Credit             60        CRISIL B/Stable

The ratings reflect PCBPL's modest scale of operations in the
highly fragmented civil construction industry along with
geographic concentration in its revenue profile, and working
capital intensive operations. The ratings also factor in the
company's average financial risk profile, marked by high gearing
and average debt protection metrics. These rating weaknesses are
partially offset by its promoters' extensive experience in the
civil construction industry.

Outlook: Stable

CRISIL believes that PCBPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and operating profitability,
leading to higher-than-expected cash accruals or benefits from
significant equity infusion by its promoters, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if PCBPL's operating margin and
topline decline, or its financial risk profile deteriorates, most
likely because of larger-than-expected debt-funded capital
expenditure, or its working capital cycle increases, constraining
its liquidity.

Established in 1996 as a partnership firm, PCBPL was reconstituted
in a private limited company in 2002. It was promoted by Vadodara
(Gujarat)-based Mr. Utkarsh Mehta. The company undertakes civil
contract works specialising in mainly building construction and
industrial civil works.

PCBPL reported a net profit of INR1.0 million on net sales
INR173.9 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR0.02 million on net sales
of INR233.9 million for 2011-12. For 2013-14, the company, on a
provisional basis, has reported net sales of INR155.3 million.


S.L. ELECTTRICALS: CRISIL Places 'B' Rating on INR40MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of S.L. Electtricals.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long Term
   Bank Loan Facility        30.5       CRISIL B/Stable

   Bank Guarantee            10         CRISIL A4

   Cash Credit                9.5       CRISIL B/Stable

The ratings reflect the firm's modest scale of operations and
below-average financial risk profile, marked by its weak capital
structure. These rating weaknesses are partially offset by the
proprietor's extensive industry experience.

Outlook: Stable

CRISIL believes that SLE will continue to benefit from the
extensive industry experience of its proprietor over the medium
term. The outlook may be revised to 'Positive' if the firm
enhances its financial risk profile with a sizeable improvement in
its scale of operations and profitability. Conversely, the outlook
may be revised to 'Negative' if SLE's financial risk profile and
liquidity weaken with low cash accruals or a stretched working
capital cycle over the medium term.

SLE was established by Mr. T Srinivasan in Chennai (Tamil Nadu) in
2006. The firm manufactures power distribution transformers. Mr. P
Venkata Krishnan oversees SLE's day-to-day operations.

SLE's profit after tax (PAT) and net sales are estimated at INR1.4
million and INR55.0 million, respectively for 2013-14 (refers to
financial year, April 1 to March 31); as against a PAT of INR0.2
million on net sales of INR24.6 million for 2012-13.


SAI BALAJI: CRISIL Upgrades Rating on INR50MM Loans to 'B'
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Sai Balaji Paraboiled Rice Mill to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         0.1        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit           20          CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit       2.5        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Cash          2.5        CRISIL B/Stable (Upgraded
   Credit Limit                      from 'CRISIL D')

   Term Loan             27.5        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by SBPRM
over the six months ended April 30, 2014. The upgrade also
reflects CRISIL's belief that SBPRM will continue to service its
debt in a timely manner over the medium term, with its cash
accruals expected to remain adequate to meet its maturing debt
obligations.

The ratings reflect SBPRM's modest scale of operations in the
intensely competitive rice milling industry, small net worth
limiting its financial flexibility, susceptibility of its
profitability margins to volatility in paddy prices, and its
exposure to regulatory changes. These rating weaknesses are
partially offset by the benefits that SBPRM derives from its
promoters' extensive experience in the rice industry, assured
offtake by the Food Corporation of India, and the firm's above-
average financial risk profile, marked by its moderate gearing and
above-average debt protection metrics.

Outlook: Stable

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

Set up in June 2011 as a partnership firm, SBPRM mills and
processes paddy into rice; the firm also generates by-products,
such as broken rice, bran, and husk. Its rice mill is located in
Mahbubnagar district (Andhra Pradesh) and it commenced commercial
operations in February 2013. The firm is managed by nine partners
comprising Mr. K Kannaiah Setty and his family members.


SHIVALAYA: CRISIL Puts 'C' Rating on Notice of Withdrawal
---------------------------------------------------------
CRISIL has placed its 'CRISIL C/CRISIL A4' ratings on the bank
facilities of Shivalaya Constructions Company Private Limited
under 'Notice of Withdrawal' for 60 days. The ratings will be
withdrawn at the end of the notice period. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee      700       CRISIL A4 (Notice of Withdrawal)
   Cash Credit         100       CRISIL C (Notice of Withdrawal)

Set up as a partnership concern in 1991, SCCPL was reconstituted
as a private limited company in 1997. It was engaged in
construction of buildings till 1995, and thereafter, entered the
road construction business. SCCPL is involved in civil
construction and primarily undertakes construction, upgrade, and
maintenance of roads, including state highways and rural roads.


SHREERAM JAYARAM: CARE Assigns 'B' Rating to INR9.50cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Shreeram
Jayaram Syndicate Jewellers Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long term Bank Facilities     9.50      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Shreeram Jayaram
Syndicate Jewellers Private Limited is primarily constrained on
account of its nascent stage of operations in a highly competitive
and fragmented Gems & Jewellery industry and its financial risk
profile marked by operating losses, weak solvency position and
stressed liquidity position.

The rating is further constrained on account of susceptibility of
its profitability to volatile gold prices. The rating, however,
draws strength from the experience of the promoters of SJSJPL in
the G&J industry and wide range of product offerings.

SJSJPL's ability to stabilize operations with an increase in the
scale of operations and efficient management of working
capital are the key rating sensitivities.

SJSJPL was incorporated in 2004 by the Soni family and started
commercial operations from September 2013 with establishing its
first retail showroom in Jaipur for retailing of gold, diamond and
precious stones studded jewellery. The company is also engaged in
the wholesale trading of gold and diamond jewellery. However, its
contribution to Total Operating Income (TOI) is very small. The
company offers wide range of products that include rings,
earrings, pendants, necklaces, bracelets, bangles and medallions.
SJSJPL procures raw materials from local market and outsources its
manufacturing activities on a job work basis to manufacturers
situated at Jaipur and Kolkata.

As per the provisional results of FY14 (refers to the period
April 1 to March 31), SJSJPL reported a total income of INR4.26
crore, with a net loss of INR1.45 crore.


SPICEJET LTD: In Talks With Overseas Investors For Fund Infusion
----------------------------------------------------------------
The Times of India reports that SpiceJet Limited, which reported a
record INR1,003 crore net loss last fiscal, may soon receive the
much-needed capital infusion as talks with an overseas investor
have reached "very advanced stages".

Media baron Kalanithi Maran-promoted carrier has been in need of
cash for quite some time to keep it afloat, the report says.

"We are in very advanced stages of a capital infusion discussion
with an external entity that when completed will help us clean up
our arrears and rebuild with confidence," the airline said in a
statement.

According to a recent report by Sydney-based aviation think-tank
Centre for Asia Pacific Aviation (CAPA), SpiceJet requires at
least INR1,200 crore funds to remain in the skies, TOI relates.

The report says SpiceJet had noted US investor Wilbur Ross as the
single largest stakeholder before Maran took over the airline in
June 2010. He had made a $80 million strategic investment in 2008
in the airline and sold his 30% stake for $127 million.

Meanwhile, TOI reports that the airline has promoted Kamal
Hingorani as senior vice-president and head of customer
experience, besides hiring Ashwin Noronha as the head of ground
and airport services.

                        About Spicejet Ltd

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.

TOI related that the company's auditor has said this loss along
with SpiceJet's total liabilities exceeding its assets by
INR1,019.5 crore on March 31, 2014, "indicate the existence of a
material uncertainty regarding the company's ability to continue
as a going concern".


ST. LAWRENCE: CRISIL Assigns 'B' Rating to INR130MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of St. Lawrence Educational & Charitable Trust.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility      75.5         CRISIL B/Stable

   Term Loan               54.5         CRISIL B/Stable

The rating reflects SLECT's modest scale of operations, the
geographical concentration in its revenue profile and its
vulnerability to regulatory risks associated with the education
sector. The rating also factors in the trust's stretched
liquidity, marked by modest cash accruals tightly matched to its
debt obligations. These rating weaknesses are partially offset by
the trust's extensive track record in, and healthy demand
prospects for, the education sector; and comfortable gearing.

Outlook: Stable

CRISIL believes that SLECT will benefit from its extensive
presence in the secondary and higher education segment in
Maharashtra. The outlook may be revised to 'Positive' if the group
records sizeable operating income and profitability, largely by
enhancing the scale of operations at its school in Kalyan,
resulting in improved cash accruals. Conversely, the outlook may
be revised to 'Negative' if the trust's financial risk profile and
liquidity weaken with significantly low operating income and
profitability, or considerable debt-funded capital expenditure
(capex).

SLECT was established in 1989, and is currently running two
schools, one each in Thane and Kalyan (both in Maharashtra). The
trust established St. Lawrence High School and Junior College in
Thane, in 1990, affiliated to the Mumbai Divisional Board of
Secondary & Higher Secondary Education. SLECT's school in Kalyan,
St. Lawrence International School, affiliated to the Central Board
for Secondary Education (CBSE), was launched in 2014.


SUMMA REAL: ICRA Assigns 'B+' Rating to INR34cr Loans
-----------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR15 crore term loans
and INR4 crores cash credit facility of Summa Real Media Private
Limited. SRMPL's long term non fund based facility of INR15 crore
is a sub limit of the term loan facility, for which ICRA has also
assigned an [ICRA]B+ rating. ICRA has also assigned an [ICRA]A
rating to the INR2.0 crore short term non fund based limits of
SRMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             15.0        [ICRA] B+ Assigned
   Long Term-Non
   Fund Based            15.0        [ICRA] B+ Assigned

   Cash Credit            4.0        [ICRA] B+ Assigned

   Short Term-Non
   Fund Based             2.0        [ICRA] A4 Assigned

The ratings take into consideration SRMPL's small scale of
operations and its exposure to significant revenue and
geographical concentration risks at present, with revenue
generation currently being solely dependent on a single
publication the daily Prameya, being circulated in a single state,
Odisha. The publication was put into circulation only in 2011, and
is thus at an early stage of operations, due to which advertising
revenues contributed to only 20% of the revenue mix in the past
year. ICRA notes that an increase in such revenues would be
crucial for achieving an acceptable level of profit going forward.
SRMPL's financial profile is weak at present, characterised by
high gearing, subdued debt coverage indicators and low net
margins, notwithstanding the improvements witnessed during the
last two years. The company also remains vulnerable to volatility
in the cost of newsprint, which is its primary raw material. Going
forward, SRMPL plans to undertake a large debt funded capital
expenditure to set up new printing facilities and diversify into a
news and current affairs channel (NCA), which is expected to keep
the capital structure at aggressive levels over the short to
medium term. However, ICRA expects these projects to drive SRMPL's
future growth in revenues and provide diversification in revenue
sources. The ratings also take into account the increasing
circulation of the company's daily newspaper, presence of an
experienced editorial team and the established presence of the
promoters in the State of Odisha, who manage a number of
educational institutes within a deemed University, although their
experience in print media remains limited at present.

SRMPL was incorporated in January 2010 and is promoted by Dr.
Manojranjan Nayak. SRMPL is engaged in the business of printing
and distribution of an Odiya language daily newspaper, by the name
of Prameya. The operations commenced in May, 2011, with full
fledged commercial operations being in place from 2013 onwards.

Recent Results

SRMPL reported a net profit of INR0.14 crore during FY13 on an OI
of INR16.69 crore as against a net profit of INR0.03 crore and an
OI of INR7.79 crore during FY12. The company also reported a net
profit of INR0.29 crore (provisional) on an OI of INR21.09 crores
(provisional) during FY14.


TRIVENI ELECTROPLAST: CRISIL Cuts Rating on INR120MM Loans to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Triveni Electroplast Pvt Ltd to 'CRISIL B/Stable'
from 'CRISIL B+/Stable', while reaffirming its rating on the
company's short-term facilities at 'CRISIL A4'.

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

   Bank Guarantee        50         CRISIL A4 (Reaffirmed)

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

The rating downgrade reflects CRISIL's belief that TEPL's
liquidity will remain weak over the medium term, with low
estimated cash accruals. Though the accruals will be just
sufficient to meet the company's maturing debt obligations, they
would be inadequate for funding its sizeable incremental working
capital requirements, leading to limited cushion in its bank
lines. The company's annual cash accruals are estimated at INR14
million as against maturing debt repayment obligations of around
INR12 million, over the medium term. The low cash accruals are
primarily because of TEPL's subdued operating margin, which is
expected to remain at 7 to 8 per cent over this period, as against
around 10 per cent earlier. This is because of fluctuations in
foreign exchange (forex) rates and increase in prices of raw
materials that the company is unable to pass on to its customers
in the highly competitive end user industry.

The ratings reflect TEPL's weak financial risk profile, small
scale of operations with customer concentration in its revenue
profile, and exposure to risks related to fluctuations in forex
rates. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the electrical
equipment manufacturing industry and its diversified product
profile.

Outlook: Stable

CRISIL believes that TEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
better-than-expected profitability and/or increases its scale of
operations, while maintaining its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if TEPL's
profitability declines further, or if its financial risk profile
weakens, most likely because of lengthening of its working capital
cycle or large debt-funded capital expenditure.

TEPL was set up in 1991 by Mr. Dinesh Kundra, his brother, Mr.
Rajesh Kundra, and their wives. The company manufactures
electrical equipment such as wires, cables, jacks, radiators,
connectors, and modems.

For 2012-13 (refers to financial year, April 1 to March 31), TEPL
reported a net loss of INR8 million on net sales of INR424.4
million, against a profit after tax of INR4.1 million on net sales
of INR315.2 million for 2011-12.


UNISEX AGENCIES: CRISIL Reaffirms 'B+' Rating on INR65MM Loan
-------------------------------------------------------------
CRISIL's ratings on bank facilities of Unisex Agencies continues
to reflect Unisex's weak financial risk profile, marked by a high
leverage and weak debt protection metrics, working capital
intensive operations, and small scale of operations in the branded
garments distribution industry. These rating weaknesses are
partially offset by the benefits that Unisex derives from its
promoter's business experience and financial support, and its
established relationship with its principals.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         35        CRISIL A4 (Reaffirmed)
   Cash Credit            65        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Unisex will continue to benefit over the
medium term from its established relationship with its key
principals and its promoter's extensive experience in the
distribution business. The outlook may be revised to 'Positive' if
the firm significantly improves its scale or profitability or in
case of improvement in working capital requirements resulting in
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if Unisex faces pressure on its revenues
and profitability, or if its working capital cycle lengthens, or
if it undertakes a large, debt-funded capital expenditure
programme over the medium term.

Update
Unisex Agencies is estimated to report net sales of INR360 million
for 2013-14 (refers to financial year, April 1 to
March 31), registering a year-on-year growth of 15 per cent which
is in line with CRISIL expectation. Unisex Agencies is expected to
report operating margin of around 4 per cent for 2013-14, similar
to the previous year's margin.  The firm's operations have
remained working-capital-intensive, with gross current assets in
the range of 125-140 in the last 3 years ending 2012-13 on account
of higher inventory days. On March 2014 GCA days are expected to
be in the similar range.

Unisex 's total outside liabilities to tangible net worth (TOLTNW)
is  estimated to be high at exceeding 5 times as on March 31,
2014, because of its small net worth. Unisex is estimated to
report a small net worth of less than INR20 million as on March
31, 2014. Working capital intensity results in reliance on
external funds that leads to high TOLTNW.  CRISIL believes that
over the medium term, the firm's financial profile would remain
weak on account of small accruals and high TOLTNW.

Unisex has adequate liquidity, as reflected by moderate bank limit
utilisation; Unisex's bank limits averaged at 76 per cent over the
last 12 months through February 2014. Firm does not have any major
term debt obligations; most of its debt is short term in nature.
The firm's liquidity is also supported by unsecured loans from its
promoters. CRISIL believes that Unisex's liquidity profile would
remain adequate over the medium term in absence of any capex
plans.

Unisex reported a book profit of INR2.80 million on net sales of
INR315.48 million for 2012-13 (refers to financial year, April 1
to March 31), against a book profit of INR2.45 million on net
sales of INR262.08 million for 2011-12.

Unisex was set up as a proprietorship firm in 1994 by Mr. Rohit
Khanna. It distributes products of brands such as Adidas, Jockey
sportswear, Pepe Jeans, Just for Kids, Fila and Provogue in
Punjab, Haryana, Himachal Pradesh, and Jammu & Kashmir. The firm
is also involved in the retailing of branded garments business,
under which, it has around 14 retail outlets in and around Punjab.


UNIVERSAL TRUST: CRISIL Cuts Rating on INR145.1MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Universal Trust of Education & Research (UTER) to 'CRISIL D' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan            145.1        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects the delay by UTER in repayment of
its term loan obligations. The delay has been caused by the
trust's stretched liquidity.  Its term debt repayment instalment
due on April 30, 2014, was paid on May 6, 2014. The trust's
stretched liquidity is driven by lower cash accruals emanating
from lower-than-expected student occupancy in 2013-14 (refers to
financial year, April 1 to March 31). CRISIL expects UTER's
liquidity to remain weak over the medium term, marked by tightly
matched cash accruals with maturing debt repayment obligations.

UTER also has a weak financial risk profile marked by high
gearing, and is vulnerable to risks related to its initial years
of operations, and to regulations related to approvals and fees.
However, the trust continues to benefit from the funding support
it receives from its trustees.

UTER operates a single educational institute, Universal Institute
of Technology (UIT), at Hisar (Haryana). UIT offers courses in
engineering; its first batch of engineering students commenced in
June 2009.

For 2012-13, UTER reported a net deficit of INR5.6 million on net
revenue of INR72.3 million, as against a net deficit of INR6.6
million on net revenue of INR54.4 million for 2011-12.


VIDESH COAL: CRISIL Lowers Rating on INR100MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Videsh Coal Services Pvt Ltd to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating downgrade reflects continuous overdrawals for over 30
days in VCSPL's working capital facilities, following
deterioration of the company's liquidity due to weak order flow,
and delayed collection of debtors. The offtake for VCSPL's coal
has been significantly lower in 2013-14 (refers to financial year,
April 1-March 31), with the demand from thermal power plants being
much lower than anticipated. The commercial production at some of
VCSPL's prospective customers has been delayed; which has also led
to a substantial impact on VCSPL's sales in the year.

The ratings continue to factor the long track record of VCSPL's
promoters in the coal trading business and their strong
relationships with key customers. The rating strengths are
partially offset by the company's modest scale of operations,
which further contracted in 2013-14 and weak financial risk
profile, marked by a small net worth, and modest gearing and debt
protection metrics.

Incorporated in 2009 and promoted by Mr. Udaybhaskar Nair, VCSPL
is engaged in domestic coal trading and providing logistics and
liaison services to end users in the power and cement sectors. The
company's day-to-day operations are managed by the Mr. Nair along
with his family members. VCSPL has its registered office at Nagpur
(Maharashtra).

VCSPL reported a profit after tax (PAT) of INR0.1 million on net
sales of INR137.4 million for 2012-13, as against a PAT of INR1.8
million on net sales of INR223.4 million for 2011-12.


WALLCERA TILES: CRISIL Assigns 'B+' Rating to INR111.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Wallcera Tiles Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            71.5        CRISIL B+/Stable
   Bank Guarantee       12.5        CRISIL A4
   Cash Credit          40          CRISIL B+/Stable

The ratings reflect its start-up nature and modest scale of
operations in the highly competitive ceramic industry, and large
working capital requirements. These rating weaknesses are
partially offset by the promoters' extensive experience in the
ceramics industry, and the proximity of the company's
manufacturing facilities to sources of raw material and labour.

Outlook: Stable

CRISIL believes that WTPL will benefit from its promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if WTPL timely stabilizes its
operations, leading to larger than expected cash accruals.
Conversely, the outlook maybe revised to 'Negative' if the
company's accruals are lower than expectations due to reduced
order flow or profitability, or if the company's financial risk
profile deteriorates due to stretch in working capital or larger-
than-expected debt-funded capital expenditure.

WTPL was incorporated in 2013, and is promoted by the Morvi-based
based Mr. Dhaval Padsumbia, Mr. Manish Savsani and Mr. Divyesh
Patel. The company manufactures wall tiles at its production
facilities, in Morvi (Gujarat). WTPL is likely to begin commercial
operations in June 2014.



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


DANAMON: Fitch Affirms BB+ Issuer Default Rating; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Indonesia-based PT Bank
Central Asia Tbk (BCA), PT Bank Danamon Tbk (Danamon) and PT Bank
Pan Indonesia Tbk (Panin).  The rating Outlooks are Stable.  Fitch
has also assigned National Short-Term Ratings of 'F1+(idn)' to BCA
and Danamon, a Short-Term Issuer Default Rating (IDR) of 'B' to
Panin and Support Rating Floor of 'BB' to Danamon.  A full list of
rating actions is provided at the end of this commentary.

'AAA(idn)' Long-Term National Ratings denote the highest ratings
assigned by Fitch on its national rating scale for that country.
This rating is assigned to issuers or obligations with the lowest
expectation of default risk relative to all other issuers or
obligations in the same country.

'AA(idn)' Long-Term National Ratings denote expectations of very
low default risk relative to other issuers or obligations in the
same country.  The default risk inherently differs only slightly
from that of the country's highest rated issuers or obligations.
'F1(idn)' Short-Term National Ratings indicate the strongest
capacity for timely payment of financial commitments relative to
other issuers or obligations in the same country.  Under the
agency's National Rating scale, this rating is assigned to the
lowest default risk relative to others in the same country.  Where
the liquidity profile is particularly strong, a "+" is added to
the assigned rating.

KEY RATING DRIVERS - IDRs, VRs and National Ratings

BCA's IDRs, Viability Ratings (VRs) and National Ratings reflect
Fitch's view that its strong credit fundamentals will continue to
be underpinned by its business model that focuses on low-risk
transactional banking and will remain comparable with higher rated
peers' in emerging markets over the medium term.  However, the
credit profile is constrained by BCA's operating environment. BCA
has demonstrated resilient and strong performance in terms of
asset quality and profitability through economic cycles.  It has
built up a substantial loss absorption buffer against more
challenging operating conditions, with Fitch Core Capital (FCC)
ratio at 17.5% and loan loss provision at 1.8% of gross loans at
end-1Q14.

Danamon's IDRs, VRs and National Ratings reflect its strong
capital profile (FCC ratio at 19% at end-1Q14) and satisfactory
profitability and its relatively weaker funding profile.  The
bank's loan-to-deposit ratio remains high and well above the
industry average.  The bank heavily relies on high cost deposits,
with non-CASA (current account and saving account) deposits making
up around 60% of total deposits at end-1Q14.  The bank's focus on
mass-market lending results in non-performing loan (NPL) ratios
that are higher than the industry average, but this is mitigated
by its strong interest margins.  Fitch expects the bank's
profitability to moderate from a high base, given an expected rise
in funding and credit costs and slower growth in mass-market
loans.

Panin's IDRs, VRs and National Ratings reflect declining and
below-average capitalisation, moderate asset quality, and modest
earnings compared with higher-rated Indonesian banks.  Panin's
core capital has gradually declined, but it remained satisfactory
with FCC ratio at 15.7% at end-1Q14 due to strong credit growth
(23% CAGR in 2011-2013).  Loan growth moderated to 13% in 2013
from very strong growth of 28% CAGR in 2011-2012, but remained
faster than the increase in its internal capital generation.
Fitch expects Panin to further reduce its loan growth to conserve
capital and improve asset quality.

The Stable Outlooks reflect Fitch's expectation that the three
banks will be able to comfortably cover the potential increase in
non-performing loans and rise in credit and funding costs without
impairing capital due to their satisfactory pre-provision profits
and loan loss provisions.  In addition, Indonesian regulators'
recent moves, including implementing stricter requirements in
borrowers' down payment and banks' loans-to-deposits ratios in
2013, will help to prevent the build-up of excessive risk in the
system.

RATING SENSITIVITIES - IDRs, VRs, and National Ratings

BCA's ratings are sensitive to overly aggressive asset expansion,
a significant change in its business model resulting in greater
appetite for risks and/or a sharp deterioration of the operating
environment manifested by a lower sovereign rating.

Danamon's ratings are sensitive to its funding and liquidity
profile. Rating upside for Danamon may result from material
improvement in its franchise and flexibility in funding and
liquidity while maintaining sound asset quality.

For Panin, rapid loan expansion, which could negatively affect its
capital and funding position in a difficult economy, may result in
a downgrade to the bank's VR.  However, as the 'BB' IDR of Panin
is at the same level as its SRF, the IDR will not be affected by a
downgrade of the bank's VR, unless considerations underpinning its
'BB' SRF also weaken. Sustained improvements in its ability to
generate capital and asset quality are positive for an VR update.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING (SRs) and
SUPPORT RATING FLOOR (SRFs)

BCA's, Danamon's and Panin's SRs and SRFs, reflect Fitch's view of
a moderate probability of extraordinary state support available to
them, if needed.  Fitch believes that these three banks are
systemically important to the country because BCA, Danamon and
Panin are the third, sixth and seven largest banks in Indonesia by
assets, respectively.  A change in the government's ability and
willingness to provide extraordinary support would affect these
banks' SRs and SRFs.

The list of rating actions is as follows:

BCA:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable
National Short-Term Rating assigned at 'F1+(idn)'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Viability Rating affirmed at 'bbb-'

Danamon:
Long-Term IDR affirmed at 'BB+'; Outlook Stable
Short-Term IDR affirmed at 'B';
National Long-Term Rating affirmed at 'AA+(idn)'; Outlook Stable
National Short-Term Rating assigned at 'F1+(idn)'
Support Rating affirmed at '3';
Viability Rating affirmed at 'bb+'
Support Rating Floor assigned at 'BB'

Panin:
Long-Term IDR affirmed at 'BB'; Outlook Stable
Short-Term IDR assigned at 'B'
Viability Rating affirmed at 'bb'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'


eACCESS LTD: S&P Affirms 'BB' CCR Over Yahoo Deal Cancellation
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit and debt ratings on Japan-based
telecommunications company eAccess Ltd., following an announcement
by Yahoo Japan Corp., a consolidated subsidiary of
telecommunications and Internet company Softbank Corp.
(BB+/Stable/--), that it will cancel a plan to acquire all shares
in eAccess from Softbank. The outlook on the long-term corporate
rating remains stable.

Softbank is eAccess' ultimate parent company, currently holding
33.29% of shares with voting rights in the company.  "We have
assessed eAccess as a "highly strategic" subsidiary within
Softbank group. We believe that the company's status within the
group will remain unchanged even after taking into account
cancellation of Yahoo Japan's share acquisition plan and possible
cooperation with Yahoo Japan in future. In addition, we expect
cancellation of the acquisition plan to have no material impact on
the stand-alone credit profile (SACP) for eAccess. The SACP for
eAccess is 'bb', reflecting the company's "fair" business risk
profile -- because of its weak market position, small and limited
business lines, and ongoing operational support from Yahoo Japan
and Softbank group -- and its 'significant' financial risk
profile," said S&P.

"We believe the company will continue to promote network sharing
for mobile communications with Softbank group, which should
support eAccess' profitability. The company's profitability has
improved materially since it became a member of Softbank group in
January 2013. We assess the improvement as attributable to
Softbank's strong marketing capability, which eAccess can draw on,
and we believe the company will continue to gain operational
benefits as a member of Softbank group."

"Meanwhile, we haven't incorporated possible cooperation between
eAccess and Yahoo Japan into our base-case scenario for eAccess,
because when and how the two companies will cooperate is unknown.
Our base-case scenario assumes eAccess will merge with Personal
Handy-phone System operator Willcom Inc. and network sharing for
mobile communications with Softbank group will continue, which
should support eAccess' asset utilization and profitability. We
expect eAccess' financial risk profile to remain "significant"
because of high capital expenditures on its Long Term Evolution
(LTE) network. However, we believe eAccess can secure funds for
future investment with ongoing financial support from Softbank,"
said S&P.

Standard & Poor's assesses eAccess' liquidity as "adequate." It
expects the company's liquidity sources to exceed 1.2x uses in the
next 12 months. The company's very minimal annual debt maturities
support this assessment. The company's principal liquidity sources
are cash and equivalents of about JPY10 billion and funds from
operations of about JPY64 billion. Its principal liquidity uses
are very minimal debt maturities in fiscal 2014 (ending March 31,
2015) and certain annual capital expenditures for maintenance and
repairs.

"Under our group rating methodology criteria, when an entity is
"highly strategic," we assign it a corporate credit rating one
notch below the group credit profile (GCP) unless the SACP for the
entity is equal to or higher than the GCP. Because the SACP for
eAccess is 'bb', our long-term corporate rating on eAccess is
'BB', one notch below the GCP for Softbank at 'bb+'.
Accordingly, we affirmed the corporate credit rating on eAccess at
'BB'," according to S&P.

The outlook is stable. Although the company's weak market position
on a stand-alone basis, small and limited business lines, and high
capital spending may not improve for the foreseeable future, it
and Softbank are likely to enhance their operational integration,
and S&P considers the company very likely to receive extraordinary
support from its parent company if necessary.

"Even if we lower the SACP for eAccess, we are likely to affirm
our corporate credit rating on the company at 'BB' so long as
eAccess remains "highly strategic" to Softbank group," said S&P.

"Nevertheless, if we lower the rating on Softbank to 'BB-' or
below because of deterioration in Softbank's profitability and
financial standing, we will lower the corporate credit rating on
eAccess to the level of the GCP for Softbank," related S&P.

"Conversely, if we upgrade Softbank because of material
improvement in its profitability and financial standing, we will
raise the rating on eAccess to a notch below the GCP even if the
SACP for eAccess remains at the current level. Although less
likely in the next year or two, we may also consider an upgrade
if we raise the SACP for eAccess," S&P added.



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


MAINZEAL PROPERTY: Yan Wins A Round in the Court of Appeal
----------------------------------------------------------
Paul McBeth at BusinessDesk reports that Richard Yan, the
principal of the failed Mainzeal group of companies, has won the
latest round with the liquidators of his empire after the Court of
Appeal ruled in his favour that disputed debts must be settled
before two related companies could be wound up.

According to BusinessDesk, Justices Tony Randerson, Rhys Harrison
and Ellen French upheld Mr. Yan's appeal to set aside the
liquidation of Richina Global Real Estate (RGREL) and turned down
the liquidator's bid to add Isola Vineyards, in a judgment
released on May 20.

During the course of the hearing, the debts owed by RGREL relied
on by the liquidators to support their appointment were found not
to be due or were held in a trust account, with the remaining
debts "substantially and genuinely disputed" and that it was
"premature to make a liquidation order before the disputes were
determined," the judgment said, BusinessDesk relays.

"The short point is that, at this stage, there are no undisputed
debts due by RGREL upon which a liquidation order could be
properly made," the judges said. "To do so would be unfair in
terms of the well-established principles we have outlined above
and would amount to an abuse of process."

BusinessDesk says the Appeal Court turned down a bid by BDO's
Andrew Bethell, Brian Mayo-Smith and Stephen Tubbs, who were
appointed liquidators for most of the Mainzeal group, to join
Isola Vineyards to the administration, as the outstanding debts of
the firm were also disputed.

"While we accept that there were inadequacies in Isola's evidence
to support its assertion that it had the capacity to meet the
disputed liabilities should it ultimately be found liable to pay
them, we agree with the Judge that a liquidation order was not
appropriate in the circumstances," the judgment, as cited by
BusinessDesk, said.

The liquidators are pursuing the related party debts that stemmed
from two restructures in 2012, BusinessDesk relays.

"Although the BDO liquidators have not yet formulated their
defence to the application to set aside the pooling orders, it is
evident that the validity of the transactions and the impact on
intercompany indebtedness will be central to the dispute to be
determined," the judgment said.

"The liquidators contend that if the various liabilities between
Mainzeal/KFL (King Facade) and Isola/RGREL had not been 'netted
off', significant funds could flow to Mainzeal and KFL and to
their unsecured creditors who, we are advised, are owed over $100
million," the judgment added.

BusinessDesk notes that the receivership of Mainzeal Property &
Construction left a surplus of NZ$1.1 million for the liquidators
of the wider group, who represent unsecured creditors who have
lodged claims worth at least NZ$139.3 million. The receivers were
appointed by Bank of New Zealand, which was owed NZ$11.3 million,
the bulk of which was over the Mainzeal headquarters building on
Auckland's Victoria St.

If the liquidators aren't successful in achieving a significant
recovery from the related party loans, any distribution to
unsecured creditors "is not likely to be substantial," they said
in their latest report on the wider administration, BusinessDesk
adds.

                      About Mainzeal Property

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

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

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

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

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

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


PANAMA ROAD: Springpark Home Deposits Secure, Receivers Say
-----------------------------------------------------------
Steve Tietjens and Kevin Gillespie, the receivers of Panama Road
Developments Limited confirmed that they have settled the purchase
of the land for stage one of the Springpark Development in Mt
Wellington.

All pre-purchase deposits paid for homes in stage one of the
Springpark Development are secure in a Trust account.

The receivers have worked to secure funding for the land purchase
since their appointment on 30 April 2014. If funding had not been
found by the agreed date (Monday 12th May), the vendor could have
terminated the Sale Agreement and the site for the development
would have been lost.

The receivers have engaged Bayleys Real Estate to manage a tender
process to find a developer to complete the Springpark
Development.

The receivers advise that anyone with questions about their
deposit or interest in the development should contact Steve
Tietjens via e-mail: Stephen@accrusc.co.nz.

On April 30, 2014, Stephen Rex Tietjens -- Stephen@accrusc.co.nz -
- and Kevin James Gillespie of Accru Smith Chilcott Limited were
appointed Receivers and Managers of the property of Panama Road
Developments Limited by Crown Finance Limited.



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


WOORI BANK: S&P Rates US$1-Bil. Sub. Bonds Due 2024 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue rating
to Woori Bank's (Woori; A-/Stable/A-2) US$1 billion subordinated
bonds with a fixed coupon rate of 4.75% due on April 30, 2024.
Woori drew the bonds down from its US$7 billion global medium-term
program.

Woori intends the subordinated notes to be Basel III Tier 2
regulatory capital and they will be direct, unsecured, and
subordinated to the claims of senior creditors.

"Our 'BB+' rating is two notches below Woori's stand-alone credit
profile 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 terms and
conditions of the bonds, 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," said S&P.



===============
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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