TCRAP_Public/140602.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

            Monday, June 2, 2014, Vol. 17, No. 107


                            Headlines


A U S T R A L I A

AUA GROUP: BRI Ferrier Appointed Administrator
REDS TRUST: Liquidity Reduction No Impact on Moody's Ba1 Ratings
RIVER MANAGEMENT: Placed in Administration
VINCENT AVIATION: Goes Into Receivership


C H I N A

KAISA GROUP: Moody's Assigns B3 Rating to Proposed USD Bonds
KAISA GROUP: S&P Assigns BB- Rating to Proposed US$ Denom. Notes


I N D I A

AIR INDIA: Privatization an Option, Aviation Minister Says
ARMANI INDUSTRIES: ICRA Suspends 'B+' Rating on INR17.50cr Loans
AYUSH TEXLENE: ICRA Assigns 'B-' Rating to INR5cr Bank Loan
BABITA SYNTHETICS: ICRA Assigns 'B-' Rating to INR5cr Bank Loan
BAJAJ AGRO: CRISIL Assigns 'B+' Rating to INR80.1MM Loans

BHUMI COTTON: ICRA Assigns 'B-' Rating to INR7.43cr Loans
CITY VIEW: CARE Downgrades Rating on INR565cr Loans to 'D'
FORTUNE TIRE: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
GLOBAL GALVANIZERS: CRISIL Cuts Rating on INR80MM Loan to 'B+'
GLOBAL HEALTH: CRISIL Reaffirms 'B+' Rating on INR147.5MM Loans

GLOBAL REBARS: CRISIL Lowers Rating on INR120MM Loan to 'D'
GUPTA OVERSEAS: ICRA Assigns 'B' Rating to INR9.28cr Loan
HAYWARD SYNTHETICS: ICRA Suspends 'B' Rating on INR19cr Loans
ICICI BANK: Tap Bond Offering No Impact on Moody's Baa2 Rating
JP FOIL: ICRA Suspends 'D' Rating on INR73cr Bank Loan

KUTTI SPINNERS: CRISIL Reaffirms 'B+' Rating on INR277MM Loans
MUTHU PIPES: CRISIL Reaffirms 'B' Rating on INR120MM Loans
MICON VALVES: ICRA Suspends 'B-' Rating on INR4.50cr Loans
PAYAL POLYPLAST: CRISIL Reaffirms 'B' Rating on INR228MM Loans
PMR CONSTRUCTION: ICRA Reaffirms 'B+' Rating on INR5cr Loan

RUIA RAYONS: ICRA Suspends 'D' Rating on INR32.02cr Loan
S.R. MOTEL: CRISIL Assigns 'B+' Rating to INR90MM Loans
SANGITA SALES: CRISIL Raises Rating on INR150MM Loans to 'B+'
SANTUKA VYAPAAR: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
SHAKTI DEVELOPMENT: ICRA Withdraws LT 'B-' Rating on INR10cr Loan

SREE VISHNUPRIYA: ICRA Reaffirms 'B+' Rating on INR6.80cr Loan
SRINIVASA CIVIL: ICRA Lowers Rating on INR18.50cr Loans to 'D'
SWIFT FABRICS: CRISIL Reaffirms 'D' Rating on INR113.5MM Loans
TARINI EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR99.8MM Loan
TEXTREND LIFESTYLE: ICRA Assigns 'B-' Rating to INR6cr Loan

TIRUPATI COTTON: CRISIL Reaffirms 'B' Rating on INR80MM Loans
TOYOP RELIEF: ICRA Assigns 'B-' Rating to INR5cr Cash Credit


J A P A N

AGURA BOKUJO: Investors Sue Government For JPY180MM


                            - - - - -


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


AUA GROUP: BRI Ferrier Appointed Administrator
----------------------------------------------
Ian Currie -- ian.currie@briferriersq.com -- of BRI Ferrier was
appointed as administrator of AUA Group Pty Ltd, AUA Holdings
Australia Pty Ltd and CRS Corp Pty Ltd, trading as Ceylon Inn, La
Bonita Gelato Bar and Rosa Mexicano on May 27, 2014.

A first meeting of the creditors for each of the Companies will be
held at Institute of Public Accountants, Level 11, 300 Queen
Street, in Brisbane, Queensland, on June 6, 2014, at 10:00 a.m.


REDS TRUST: Liquidity Reduction No Impact on Moody's Ba1 Ratings
----------------------------------------------------------------
Moody's Investors Service says that the proposed liquidity deposit
reduction for four REDS trusts (the Reduction), will not, in and
of itself and at this time, result in the downgrade or withdrawal
of the current ratings of the notes issued by the four trusts. The
revelant trusts and note ratings are listed below.

Series 2006-1E REDS Trust:

EUR500M Class A-1 Notes; currently rated Aaa (sf)

AUD727M Class A-2 Notes; currently rated Aaa (sf)

AUD48M Class B Notes; currently rated Ba1 (sf)

Series 2007-1E REDS Trust:

EUR400M Class A-1 Notes; currently rated Aaa (sf)

AUD760M Class A-2 Notes; currently rated Aaa (sf)

AUD40M Class B Notes; currently rated Ba1 (sf)

Series 2007-2 REDS Trust:

AUD328M Class A Notes; currently rated Aaa (sf)

AUD22M Class B Notes; currently rated Ba1 (sf)

Series 2009-1 REDS Trust:

AUD500M Class A1 Notes; currently rated Aaa (sf)

Following the Reduction, the amount of liquidity deposit available
to provide liquidity support for the notes in each trust is as
follows:

Series 2006-1E REDS Trust:

AUD3,260,000

Series 2007-1E REDS Trust:

AUD4,060,000

Series 2007-2 REDS Trust:

AUD1,490,000

Series 2009-1 REDS Trust:

AUD3,340,000

The liquidity deposits provide 1.7 to 2.2 months of liquidity
coverage at a stressed rate.

Moody's has determined that the Reduction, in and of itself and at
this time, will not result in the downgrade or withdrawal of the
ratings of the notes.

However, Moody's opinion addresses only the credit impact
associated with the Reduction, and Moody's is not expressing any
opinion as to whether the Reduction has, or could have, other non-
credit related effects that may have a detrimental impact on the
note holders' interests.

The transactions are securitizations of portfolios of Australian
prime residential mortgages originated by Bank of Queensland
Limited (A3/P-2 stable).

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
March 2014.


RIVER MANAGEMENT: Placed in Administration
------------------------------------------
Daniel I Cvitanovic of DCW Insolvency Management was appointed as
administrator of River Management Pty Limited on May 29, 2014.

A first meeting of the creditors of the Company will be held at
DCW Insolvency Management, Suite 1, 151 Tongarra Road, in Albion
Park, New South Wales, on June 10, 2014, at 3:00 p.m.


VINCENT AVIATION: Goes Into Receivership
----------------------------------------
Andrew Fielding -- andrew.fielding@bdo.com.au -- and Gerald
Collins -- gerry.collins@bdo.com.au -- of BDO were appointed
receivers and managers to Darwin-based Vincent Aviation
(Australia) Pty Limited on May 28, 2014.

The company, which has satellite bases in Brisbane and Sydney, is
wholly owned by New Zealand-based Vincent Aviation Limited and
operates nine medium-sized turbo prop passenger aircraft including
Beechcraft 1900s and SAAB 340s, and employs approximately 80
staff.

Mr. Fielding said a range of factors, particularly market
conditions, had contributed to the current situation facing the
company.

"The prudent step was taken by the company's management to cease
trading to enhance the recoveries to all creditors. The company
has cancelled all flights and customers should make alternative
travel arrangements," he said.

BDO has commenced an assessment of the financial position of
Vincent Aviation (Australia) Pty Limited to assess its future
viability and will work with management and major stakeholders and
regulators during the process.



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


KAISA GROUP: Moody's Assigns B3 Rating to Proposed USD Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Kaisa Group
Holdings Ltd's proposed USD bonds.

The outlook for the rating is stable.

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

Ratings Rationale

"The proposed bond issuance will strengthen the company's
liquidity and fund the company's business expansion," says Franco
Leung, a Moody's Assistant Vice President and Analyst.

Kaisa has been proactive in managing its capital structure and
debt maturity profile. A series of bond issuances in 2013 and
early 2014 have reduced its refinancing risk because of the
consequent lengthening in its debt maturity profile.

The bond proceeds will support Kaisa's operating activities, such
as land acquisitions.

"The new issuance will have a limited impact on Kaisa's key credit
metrics due to its solid sales execution track record," adds
Leung, also Moody's Lead Analyst for Kaisa.

Kaisa has delivered good sales growth in the past few years. It
achieved 38% year-on-year contracted sales growth in 2013 and 13%
in the challenging operating environment in 2012.

Even though the company reported a sluggish RMB6.2 billion in
contracted sales for the first four months of 2014, a 7% year-on-
year decline, Moody's believes that it will launch more projects
for the rest of the year to achieve sales close to its FY2014
target of about RMB30 billion.

As a result, Moody's expects that Kaisa's adjusted
debt/capitalization will be around 55% over the next 12-18 months,
while adjusted EBITDA interest coverage - excluding adjustments
for capitalized interest charged to the cost of sales - will
improve to around 2.5x-3.0x. Moody's also expects Kaisa's strategy
of increasing sales contributions from high-tier cities will
reduce downward pressure on its EBITDA margin. Such debt leverage
and interest coverage levels will position Kaisa at its current
corporate family rating.

Kaisa's Ba3 corporate family rating reflects its track record in
developing mass market properties in major Chinese cities, such as
Shenzhen. The company is also expanding its presence in cities
beyond its home base of Guangdong province.

The rating also considers Kaisa's track record of completing
profitable redevelopment projects in Guangdong province. In
addition, the rating is supported by the company's track record of
raising offshore term funding to improve its debt maturity
profile.

On the other hand, Kaisa's rating is constrained by its rapid
expansion, which in turn has exposed the company to execution and
financial risks.

The stable rating outlook reflects Moody's expectation that Kaisa
will maintain sales growth in high-tier cities and disciplined
land acquisitions, which in turn will result in credit metrics
matching those of Ba3-rated peers.

Kaisa's ratings could come under upward pressure if the company:
(1) demonstrates discipline in acquiring land; (2) generates
stable growth in its sales; (3) improves its interest coverage
position to above 3.0x-3.5x; and (4) maintains adequate liquidity,
with cash to short-term debt of more than 2x on a sustained basis.

On the other hand, downward rating pressure could arise if: (1)
the company's contracted sales fall substantially below its
business plan; (2) its debt rises further as a result of its
aggressive land acquisitions; (3) its credit metrics weaken, such
that EBITDA/interest falls below 2.0x; or (4) its liquidity
weakens, with its cash holdings slipping below 1.5x of short-term
debt.

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

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009. At 31 December 2013, the company was 62.4%-owned by
its founder, Mr. Kwok Ying Shing, and his family members. It had a
land bank of around 23.2 million square meters in gross floor area
in the Pearl River Delta, Pan-Bohai Bay Rim, western and central
China and the Yangtze River Delta, at end-December 2013.


KAISA GROUP: S&P Assigns BB- Rating to Proposed US$ Denom. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Kaisa Group Holdings Ltd. (BB-/Stable/--;
cnBB+/--).

The rating on the notes is subject to S&P's review of the final
issuance documentation.  S&P expects the company to use the net
proceeds for refinancing, existing and new property projects, and
general corporate purposes.

The issue rating is the same as the issuer rating on Kaisa because
S&P believes the company has improved its debt structure by
reducing the structural subordination risk on its offshore debt.
S&P expects Kaisa to maintain its priority debt at less than 15%
of total assets over the next 12 months.  The ratio has been below
this threshold since 2012.

The stable outlook reflects S&P's expectation that Kaisa can
maintain its good sales execution and sufficient liquidity over
the next 12 months.  S&P also expects the company's profit margin
to improve slightly during this time.  However, S&P anticipates
that Kaisa will continue to aggressively pursue its debt-funded
expansion.



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


AIR INDIA: Privatization an Option, Aviation Minister Says
----------------------------------------------------------
The Times of India reports that facing an existential crisis, Air
India may have to be privatized as infusion of tax-payers' money
into the loss-making airline cannot be endless.  TOI relates that
Pusapati Ashok Gajapathi Raju, who took over as aviation minister
on May 30, said the new government will examine all issues related
to AI and that it is "not close to any idea".

"There are private airlines and there is a public sector company.
Public sector does have a place and a lot of countries have public
sector companies. As of now, we are trying to formulate our views.
I am not close to any idea (including privatization)," the report
quotes Mr. Raju as saying.

"In several countries, public sector companies do function rather
well. Somehow for us, it has not happened that way . . . but we
have to examine all aspects . . . Air India is a public sector
undertaking. It has its pluses and minuses. How to develop it, we
have to look into."

According to the report, the Indian Commercial Pilots' Association
(ICPA, the union of pilots of erstwhile Indian Airlines) has
written to Prime Minister Narendra Modi earlier last week, saying
that it is "not averse to part or complete privatization of the
airline if done fairly". "Every (AI) employee is waiting for AI to
be pulled out of ventilator and (ending of) government
interference as it has been plagued by bad political decisions in
the last decade," ICPA general secretary Rishabh Kapur had said in
his letter to the PM, TOI relays.

The Air India-Indian Airlines combine's collective debt was about
INR47,200 crore on December 31, 2013, the report discloses. AI has
already used up almost half of the INR30,000-crore equity infusion
promised till 2020, without any real turnaround. Employees have
pinned their hopes on Modi to end the uncertainty that surrounds
the future of the airline, the report adds.

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India Lt got a
breather in the form of INR1,000-crore equity infusion from the
government on March 26.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


ARMANI INDUSTRIES: ICRA Suspends 'B+' Rating on INR17.50cr Loans
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating to the INR15.40 Crore term
loan, INR2.00 Crore long-term fund-based facilities and INR0.10
Crore unallocated limits of Armani Industries (India) Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


AYUSH TEXLENE: ICRA Assigns 'B-' Rating to INR5cr Bank Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR5.00
crore cash credit facilities of Ayush Texlene Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-        5.00        [ICRA]B-; Assigned
   based facility

The assigned rating reflects the small scale of operations of
Ayush Texlene Limited with a high financial risk profile
characterised by thin profitability, weak coverage indicators and
stressed liquidity position due to the low value additive trading
nature of business as well as the high competitive intensity of
industry. The financial flexibility further remains limited on
account of significant financial support extended to various
corporates as unsecured loan funding. ICRA also takes note of the
vulnerability of operations to the highly volatile Indian currency
though partially mitigated by undertaking exposure in forward
currency contracts. The assigned rating, however, positively takes
into account the long standing experience of the promoters,
comfortable capital structure as well as locational advantage
achieved by the company due to its presence in Surat which is a
textile hub.

Promoted by Mr. Rakesh Agarwal and Mr. Pramod Agarwal, Ayush
Texlene Limited commenced its operations in 2001. Mr. Rakesh
Agarwal and Mr. Pramod Agarwal have two decades of experience in
this line of business. ATL is engaged in trading yarns and fabrics
in domestic market.

Recent updates
Promoted by Mr. Rakesh Agarwal and Mr. Pramod Agarwal, Ayush
Texlene Limited commenced its operations in 2001. Mr. Rakesh
Agarwal and Mr. Pramod Agarwal have two decades of experience in
this line of business. ATL is engaged in trading yarns and fabrics
in domestic market.


BABITA SYNTHETICS: ICRA Assigns 'B-' Rating to INR5cr Bank Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR5.00
crore cash credit facilities of Babita Synthetics Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based facility        5.00         [ICRA]B-; Assigned

The assigned rating takes into consideration Babita Synthetics
Private Limited's weak profitability, adverse capital structure,
weak coverage indicators and stressed liquidity position. ICRA
also takes note of the low value additive trading nature of
business as well as the high competitive intensity of the
industry. Further, the financial flexibility remains limited on
account of significant financial support extended to various
corporates as unsecured loan funding. ICRA also takes note of the
vulnerability of BSPL's margins to foreign exchange fluctuation
risk though partially mitigated by undertaking exposure in forward
currency contracts.

However, the assigned rating positively takes into account the
sustained growth of the company during the period under study, the
significant experience of the promoters within the industry, as
well as the locational advantage achieved by the company due to
its presence in Surat which is a textile hub of Gujarat.

Incorporated in 1991, Babita Synthetics Private Limited is
promoted by Mr. Rakesh Agarwal and Mr. Pramod Agarwal. Mr. Rakesh
Agarwal and Mr. Pramod Agarwal have more than two decades of
experience in this line of business. BSPL is engaged in the
trading of yarns and fabrics in the domestic market.

Recent updates

The company has achieved an Operating Income (OI) of ~INR55.80
crore and net profit after tax (PAT) of INR0.15 crore as FY13
Audited figures. Further, it has achieved a turnover of ~INR33.63
crore as per FY14 Provisional figure shared by the company.


BAJAJ AGRO: CRISIL Assigns 'B+' Rating to INR80.1MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Bajaj Agro Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              28        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      2.1      CRISIL B+/Stable
   Bank Guarantee          5        CRISIL A4
   Cash Credit            50        CRISIL B+/Stable

The ratings reflect BAI's average financial risk profile, marked
by its leveraged capital structure, and average debt-protection
metrics. The rating also factors in the company's modest scale of
operations, in the intensely competitive basmati rice market;
along with susceptibility of the operating margin to any adverse
impact in government regulations, and to volatility in raw
material prices. These rating weaknesses are partially offset by
the proprietor's extensive industry experience, and their
financial support.

Outlook: Stable

CRISIL believes that BAI will continue to benefit over the medium
term from the partner's extensive experience in the rice industry.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile on account of
better than expected accruals led by improvement in scale and
operating profitability or due to capital infusion from partners.
Conversely, the outlook may be revised to 'Negative' if SRGM
undertakes aggressive, debt-funded expansions; reports a
substantial decline in revenues and profitability, or a stretch in
its working capital cycle, thereby weakening its financial risk
profile.

BAI is a proprietorship firm and was incorporated in 2011 by Mr.
Naresh Kumar Bajaj. The firm is engaged in processing and domestic
sale of basmati rice.


BHUMI COTTON: ICRA Assigns 'B-' Rating to INR7.43cr Loans
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B- and the short
term rating of [ICRA]A4 to INR7.50 crore1 bank facilities of Bhumi
Cotton Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Cash
   Credit                5.00         [ICRA]B- Assigned

   Long Term- Term
   Loan                  2.25         [ICRA]B- Assigned

   Long Term-
   Unallocated           0.18         [ICRA]B- Assigned

   Short Term- Bank
   Guarantee             0.07         [ICRA]A4 Assigned

The assigned ratings favourably factor in substantial experience
of the promoters in ginning industry with group companies present
in similar line of business and adequate availability of raw
cotton on account of proximity to cotton producing belt of
Maharashtra. The ratings are however constrained by losses
incurred by the company in FY12 and FY13 due to sub-optimal
capacity utilization on account of inadequate cotton availability
arising from drought like conditions in Maharashtra. However the
capacity utilization improved in FY14 resulting in profitable
financial performance and satisfactory accruals. The financial
profile of the company is stretched with leveraged capital
structure and adverse coverage indicators on account of thin
profitability inherent in the industry due to low value addition
in the business. The ratings also takes into consideration small
sale of operations in an intensely competitive and fragmented
industry, raw material price fluctuations due to dependence on
agro climatic conditions and dynamic regulatory environment
prevailing in the industry which directly impacts the
profitability of the company.

Incorporated in Dec 2008, BCPL is engaged in ginning and pressing
of cotton. The company is promoted by Bhakkad and Runwal family.
Ginning facility of the company is located at Jalna, Maharashtra
and the group companies are also involved in the similar line of
business.


CITY VIEW: CARE Downgrades Rating on INR565cr Loans to 'D'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
City View Bangalore Properties Private Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long term Bank Facilities      370        CARE D Revised from
                                             CARE BBB- (Credit
                                             Watch)

   Short term Bank Facilities     195        CARE D Revised from
                                             CARE A3
                                             (Credit Watch)

Rating Rationale

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

City View Bangalore Properties Private Limited is developing a
high-end mixed-use hospitality project, having verticals like
hotel, residential, commercial and retail space in tie up with
Four Seasons, at Ganganagara, Bangalore. CVB has Goldman Sachs
(GS) and Century Group, India as its sponsors; holding 73% and 27%
of equity capital in the company, respectively. The project cost
of INR840 crore is to be financed in the debt-equity mix of 0.79
times, term debt of INR370 crore and promoters' contribution and
internal accruals/customer advances of INR470 crore.

Project update

During April 2013, Goldman Sachs (GS), one of the sponsors for
CVB, had proposed to sell its stake in CVB in full (73% stake) and
invited bids for the same. However, there has been no development
on the stake sale by GS and the same has impacted the project
progress. Furthermore, due to the differences of opinion on the
stake sale amongst the existing sponsors of CVB, there has been a
delay in the project implementation and repayment of debt
obligations. The project cost is also expected to increase
substantially due to delay in project implementation.


FORTUNE TIRE: CRISIL Reaffirms 'B+' Rating on INR150MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Fortune Tire Tech
limited continues to reflect FTTL's weak financial risk profile
marked by moderate gearing and small net worth, and intense
competition in the tyre retreading industry. These rating
weaknesses are partially offset by the extensive industry
experience of FTTL's promoters.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Cash Credit             17       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      35.8     CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan         97.2     CRISIL B+/Stable (Reaffirmed)

CRISIL had reaffirmed its ratings on FTTL's bank facilities at
'CRISIL B+/Stable' vide its rating rationale dated May 15, 2014.
Outlook: Stable

CRISIL believes that FTTL will continue to benefit over the medium
term from its promoters' extensive industry experience in the tyre
industry. The outlook may be revised to 'Positive' if the company
records higher-than-expected revenues and profitability, leading
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company undertakes
aggressive debt-funded expansions leading to weak financial risk
profile.

Incorporated in February 2011, FTTL undertakes radial tyre
retreading work and runs a tyre showroom. The company is promoted
by Mr. M Ramesh Reddy, Mr. K V Sarma, Mr. K Vijaypal Reddy, Mr. N
Bhasker Rao and their family members. The company has commenced
commercial operations from February 2013.

For 2012-13 (refers to financial year, April 1 to March 31), FTTL
is reported a profit after tax (PAT) of INR0.2 million on net
sales of INR50 million.


GLOBAL GALVANIZERS: CRISIL Cuts Rating on INR80MM Loan to 'B+'
--------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Global Galvanizers Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
CRISIL BB-/Stable/CRISIL A4+.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            80        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit       20        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects CRISIL's belief that GGPL's liquidity will
remain stretched over the medium term marked by large working
capital requirements. GGPL has been fully utilising its cash
credit limit of INR80 million over the 18 months ended March 2014,
with ad-hocs been availed regularly. The company's working capital
requirements have remained high with estimated gross current
assets (GCA) of 172 days as on March 31, 2014, and the GCA levels
are expected to remain high over the medium term. With revenue
growth year-on-year of around 10 per cent to reach estimated
revenue of INR450 million for 2013-14 (refers to financial year,
April 1 to March 31) and high GCA days, GGPL's reliance on bank
borrowings have been high. CRISIL believes that GGPL's liquidity
will remain stretched over the medium term and material
improvement in working capital cycle will remain a rating
sensitivity factor.

The ratings reflect GGPL's below-average financial risk profile of
the company especially liquidity, company's small scale of
operations in intensely competitive galvanizing industry and
working-capital-intensive nature of its operations. The above
mentioned weaknesses are partially offset by the established
relationship with its customers like Orissa Power Transmission
Corporation Ltd and moderate order book position.

Outlook: Stable

CRISIL believes that GGPL will benefit over the medium term from
its established customer relationship, though its liquidity is
expected to remain stretched because of its working-capital-
intensive operations. The outlook may be revised to 'Positive' if
the company's liquidity improves, most likely through infusion of
fresh funds by promoters, or material improvement in its working
capital cycle. Conversely, the outlook may be revised to
'Negative' if GGPL's cash accruals are lower-than-expected,
leading to a strain on its financial risk profile, particularly
its liquidity.

In June 2010, Mr. Avinash Mohanty, Mr. Kaushik Mohanty, and Mr. B
B Nayak acquired SP Engineering & Structurals Pvt Ltd (SPESPL) and
renamed it as GGPL. SPESPL was incorporated in 2007 by the
previous promoters. GGPL is engaged in the fabrication of
galvanised structures and towers for engineering, procurement, and
construction contractors of power plants and electricity
distribution companies. Its fabrication plant is at Khorda
(Bhubaneshwar, Odisha).

GGPL reported a profit after tax of INR11 million on net sales of
INR393.9 million for 2012-13, as against net profit of INR9.3
million on net sales of INR332 million for 2011-12.


GLOBAL HEALTH: CRISIL Reaffirms 'B+' Rating on INR147.5MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Health Care
Products continue to reflect its promoters' extensive experience
in the fast-moving consumer goods (FMCG) industry. This rating
strength is partially offset by high customer concentration in
GHCP's revenue profile and modest scale of operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           2.5     CRISIL A4 (Reaffirmed)
   Cash Credit            117.5     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      30       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GHCP will maintain its financial risk
profile, backed by its contract with Glaxo Smith Kline (GSK).  The
outlook may be revised to 'Positive' in case the company ramps up
its scale of operation by expanding the customer base and securing
more long-term contracts resulting in higher than expected cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected cash accruals or large debt-funded
capital expenditure, constraining its financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
GHCP's operating income is estimated to be INR460.0 million as
against INR243.4 million for 2012-13. Also, its earnings before
interest, depreciation, tax and amortization (EBIDTA) margin is
estimated at 6.2 per cent for 2013-14 as against 3.8 per cent a
year ago. The same is on account of improvement in scale of
operations leading to better fixed costs absorption. The firm's
contract with GSK is due to be renewed by the end of 2014-15.
Timely renewal of contract with GSK and addition of new customers
will remain the key rating sensitive factors.

The firm's operations are moderately working capital intensive
reflected in gross current assets of 140 days, estimated as on
March 31, 2014. The firm offers credit of 45 to 60 days to its
customers; as against this it receives a credit of 30 to 35 days
from the suppliers. In order to meet its working capital
requirements, the firm used to depend on bank limits; GHCP's bank
limit utilization has been moderate at an average 73 per cent for
the 12 months ended December 31, 2013. However, it does not have
any term debt obligations, which supports its liquidity.

GHCP has strong financial risk profile, marked by healthy gearing,
estimated at 0.78 times as on March 31, 2014, lower than 1.6 times
as on March 31, 2013. The firm's financial risk profile will
remain healthy on account of absence of any capital expenditure
programs and term debt obligations.

GHCP has reported a profit after tax (PAT) of INR14.5 million on
net sales of INR460.3 million for 2013-14, as against a PAT of
INR(0.1) million on net sales of INR243.4 million for 2012-13.

Established in 1997, GHCP is a partnership firm promoted by Mr.
Vasudev Baburao Prabhu and his family. The firm manufactures
toothpaste and has a manufacturing facility in Silvassa (Dadra and
Nagar Haveli).

GHCP has a three-year contract with GSK (ending in 2014-15) for
manufacturing toothpaste under its Sensodyne brand which caters to
the export market. In January 2013, GHCP had entered in to a one-
year contract with Colgate Palmolive for manufacturing toothpaste
to cater to the domestic market which ended in January 2014.


GLOBAL REBARS: CRISIL Lowers Rating on INR120MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Global Rebars Pvt Ltd to 'CRISIL D' from CRISIL BB-/Stable.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           120        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects GRPL's overdrawn cash credit limits for
more than 30 consecutive days; the limits have been overdrawn
because of the company's weak liquidity.

The rating also reflects GRPL's weak liquidity, and vulnerability
to cyclicality in the steel industry. These rating weaknesses are
partially offset by extensive experience of its promoters in the
industry.

GRPL, incorporated in August 2009, operates a steel rolling mill
at Panichhattra (Odisha). It commenced commercial production
from April 2011. The company is promoted by Mr. Kaushik Mohanty,
Mr. Abinabh Mohanty, and Mr. Bidhu Bhushan Nayak, who have been in
the minerals trading business since 2006.

For 2011-12 (refers to financial year, April 1 to March 31), GRPL
reported a profit after tax (PAT) of INR11.9 million on net
revenue of INR440.4 million.


GUPTA OVERSEAS: ICRA Assigns 'B' Rating to INR9.28cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR9.28
crore fund-based bank facilities of Gupta Overseas Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Facilities      9.28         [ICRA]B Assigned

The assigned rating is constrained by the company's weak financial
profile which is on account of weak accruals, capitalisation and
large scheduled debt repayments which has resulted in weak debt
coverage. While the operating profitability of GOPL remains
satisfactory at ~13%, however high interest charges owing to large
debt levels results in low net profitability of ~0.7% and thereby
weak cash accruals. The working capital intensity of operations
for the company has remained significantly higher than the
industry average due to high level of stocking of raw-material.
Given the weak accruals; the funding requirements toward working
capital has been funded through debt which along with regular debt
funded capital expenditure (capex) for modernising the
manufacturing facility and accumulated losses has resulted in weak
capital structure as reflected in gearing of 12.6x on Mar-14. The
assigned rating is also constrained by the stretched liquidity
profile of the company, which is due to weak accruals, high
working capital requirement, revenue growth and large scheduled
debt repayments as also reflected in consistently high utilization
of working capital limits and current ratio of 0.97 as on Mar-14.
Notwithstanding the above concerns, the rating factors in the
experience of the promoters in the textile industry and the
improvement in the capacity utilization in FY 2014 to ~77% from
~68% in FY 2013 due to modernization of the manufacturing unit
which along with improvement in the realization has resulted in
healthy revenue growth in FY2014.

Going forward, infusion of long term funds to improve the
liquidity and improvement in the capacity utilization, given the
large scheduled debt repayments would be critical for debt
servicing and would be the key rating sensitivities.

Gupta Overseas Private Limited was incorporated in 1995 which was
taken over by the current promoters, Garg family, in 2009. The
company is engaged in manufacturing of coarse count open end
cotton yarn at its manufacturing facility located in Panipat
(Haryana) with an installed capacity of 1,320 rotors which can
manufacture ~10 MT (metric tonnes) of yarn per day with count in
the range of 4s to 8s.


HAYWARD SYNTHETICS: ICRA Suspends 'B' Rating on INR19cr Loans
-------------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings to the
INR19.00 crore bank facilities of Hayward Synthetics Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        11.00       [ICRA]B Suspended
   Based Limit-
   Cash credit

   Long Term Fund         8.00       [ICRA]B Suspended
   Based Limit-
   Term Loan

Established in 1991 by Mr. Nilesh Goyal and Mr. Pramod Daga,
Hayward Synthetics Pvt Ltd (HSPL) is engaged in the manufacturing
of high end fabric for suitings and shirtings from yarn along with
trading in both finished and grey fabrics. The company has a
registered office in Mumbai and two manufacturing facilities at
Umbergaon in Gujarat and Tarapur in Maharashtra.


ICICI BANK: Tap Bond Offering No Impact on Moody's Baa2 Rating
--------------------------------------------------------------
Moody's Investors Service has said that the Baa2 rating of ICICI
Bank's existing USD$750 million notes issued on November 22, 2013
remain unchanged following the announcement of a tap bond offering
on these notes.

The ratings outlook is stable.

The tap bond offering has the same terms and conditions as the
exiting notes, and is being issued from its Dubai Branch.

The Baa2 senior unsecured debt rating is anchored on ICICI's baa3
baseline credit assessment (BCA) and the high likelihood of
systemic support in the event of a crisis. The Baa2 rating is at
the same level as the foreign currency debt ceiling for India. The
bank's foreign currency deposit ratings of Baa3/P-3 are
constrained by the sovereign ceiling.

ICICI's BCA is underpinned by the bank's solid franchise as
India's largest private sector bank by assets, as well as its
strong capitalization, liquidity, and earnings profile. It also
takes into consideration (1) the bank's high borrower
concentration in the form of its mandatory government securities
portfolio; (2) its improving but still weak asset quality when
compared to its global peers; (3) the challenging domestic
operating environment; and (4) the intense competition it faces in
its operating markets.

The principal methodology used in this rating was Global Banks
published in May 2013.

ICICI is headquartered in Mumbai. As of March 31, 2014, ICICI
reported standalone assets of INR5,946 billion (approximately
USD102 billion).

The full list of ratings for ICICI Bank Limited are:

Bank Financial Strength Rating / Baseline credit assessment:
D+/baa3

Long-Term / Short-Term Bank Deposit Rating (Foreign Currency):
Baa3/P-3

Long-Term / Short-Term Bank Deposit Rating (Local Currency):
Baa2/P-2

Senior unsecured MTN (Foreign Currency): (P)Baa2

Subordinate MTN (Foreign Currency): (P)Ba1

Junior Subordinated MTN (Foreign Currency): (P)Ba2

The rating of ICICI Bank Limited, Dubai branch, are:

Senior unsecured MTN (Foreign Currency): (P)Baa2

Senior unsecured debt rating (foreign currency): Baa2

Subordinate MTN (Foreign Currency): (P)Ba1

Junior Subordinated MTN (Foreign Currency): (P)Ba2

All ratings have a stable outlook.


JP FOIL: ICRA Suspends 'D' Rating on INR73cr Bank Loan
------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR73.00 crores
bank facilities of JP Foil Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


KUTTI SPINNERS: CRISIL Reaffirms 'B+' Rating on INR277MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Kutti Spinners Pvt Ltd
continue to reflect KSPL's modest scale of operations, large
working capital requirements, and below-average financial risk
profile marked by a highly leveraged capital structure and average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of KSPL's promoters in the
textile industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         120       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      87       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' in case of
significant improvement in the company's revenue and profitability
along with improvement its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of considerable
decline in yarn realisations, translating into lower accruals, or
if KSPL's working capital management deteriorates, resulting in
stretched liquidity, or if KSPL undertakes a large debt-funded
capital expenditure programme, weakening its financial risk
profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
KSPL's operating income increased to INR395.8 million from
INR361.5 million in 2012-13. However, KSPL's operating
profitability declined to 14.0 per cent in 2013-14 from 21.1 per
cent in 2012-13. CRISIL believes that KSPL will maintain operating
margin in the range of 14 to 15 per cent over the medium term.

The company's business is working-capital-intensive, as reflected
in its gross current assets (GCAs) of 169 days as on March 31,
2014, against 148 days as on March 31, 2013, primarily on account
of increase in debtors. As per the management, the company
generally holds inventory of around three months because of the
seasonal nature of its raw material. The company provides credit
of 45 to 60 days to customers, resulting in large GCAs of 160 to
180 days. Increase in working capital requirements and decline in
profitability have resulted in higher dependence on external funds
to fund working capital requirements. As a result, KSPL utilised
its working capital limits extensively over the 12 months through
April 2014.

KSPL has a modest financial risk profile, marked by a highly
leveraged capital structure and average debt protection measures.
The company has a negative net worth as large inventory losses in
2011-12 resulted in significant decline in its net worth. As a
result, its gearing deteriorated significantly. KSPL's debt
protection measures remain average, with interest coverage ratio
and net cash accruals to total debt ratio at 1.89 times and 0.19
times, respectively, for 2013-14.

KSPL reported a profit after tax (PAT) and net sales of INR1.1
million and INR350.8 million, respectively, for 2013-14, against a
PAT of INR23.9 million on net sales of INR311.8 million for 2012-
13.

KSPL, set up in 1990 and based in Namakkal (Tamil Nadu),
manufactures cotton yarn. Its day-to-day operations are managed by
Mr. T Gunasekharan.


MUTHU PIPES: CRISIL Reaffirms 'B' Rating on INR120MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Muthu Pipes Pvt Ltd
continue to reflect MPPL's modest scale of operations in the
intensely competitive pipes and fittings industry and its below-
average financial risk profile, marked by a small net worth and
high gearing. These rating weaknesses are partially offset by its
promoters' extensive experience in the pipes and fittings
industry, and its established customer relationships.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           5        CRISIL A4 (Reaffirmed)
   Cash Credit             30        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        20        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      87        CRISIL B/Stable (Reaffirmed)
   Standby Line of
   Contract                 5        CRISIL A4 (Reaffirmed)
   Term Loan                3        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if MPPL registers higher than expected cash accruals
driven by significant growth in revenues, while it improves its
working capital cycle, resulting in improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company undertakes any larger than expected debt-funded
capital expenditure (capex) or its working capital requirements
increase, weakening its credit risk profile.

Update
MPPL has reported provisional operating income of INR169.5 million
in 2013-14 (refers to financial year, April 1 to
March 31) as against INR182 million in 2012-13. The operating
income marginally declined on account of intense industry
competition. The operating margin is estimated at 4.25 per cent in
2013-14. CRISIL expects the company's business risk profile to
remain constrained over the medium term owing to its small scale
of operations.

MPPL's financial risk profile remains weak owing to its small
estimated net worth of about INR27.4 million as on March 31, 2014.
The gearing is high at 2.80 times on the same date; however,
around INR31 million of the total debt is unsecured loan from
promoters, which has increased by around INR11 million in 2013-14
to support its working capital requirement. The interest coverage
ratio is moderate, estimated at 2.33 times for 2013-14. CRISIL
believes that MPPL's financial risk profile will remain weak over
the medium term owing to low accretions to reserves.

MPPL's liquidity profile is marked by working capital intensive
operations as seen from its gross current assets of about 206 days
as on March 31, 2014. However, the bank limits were moderately
used at 52 per cent for the 12 months ended March, 2014, as the
working capital is partially funded through unsecured loans from
promoters.

MPPL, incorporated in 1999, is promoted by Mr. M Palanivelu and
his family. The company manufactures polyvinyl chloride pipes
under the Muthu brand. The company's manufacturing facility is at
Tanjavur (Tamil Nadu) and its registered office is in Chennai
(Tamil Nadu).


MICON VALVES: ICRA Suspends 'B-' Rating on INR4.50cr Loans
----------------------------------------------------------
ICRA has suspended the [ICRA]B- and [ICRA]A4 ratings to the
INR6.00 crore bank facilities of Micon Valves (India) Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long Term Fund Based
   Limit - Cash credit       2.00          [ICRA]B- Suspended

   Long Term Fund Based
   Limit - Term Loan         1.00          [ICRA]B- Suspended

   Long Term Non Fund
   Based Limit - Bank
   Guarantee                 1.50          [ICRA]B- Suspended

   Short Term Non Fund
   Based Limit - Letter
   of credit                 1.50          [ICRA]A4 Suspended

Incorporated in the year 1998, MVIPL is promoted by Mr. Mohd.
Ilyas Yusuf Sheikh and is engaged in the manufacture of industrial
valves of varied grades and sizes. The manufacturing facility of
MVIPL is located at Rabale in Navi Mumbai, Maharashtra and its
products mainly find application in the power, petrochemical and
fertilizer industries. The company caters to reputed customers
which include Bharat Heavy Electricals Limited, Hindustan
Petroleum Corporation Limited etc.


PAYAL POLYPLAST: CRISIL Reaffirms 'B' Rating on INR228MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Payal Polyplast Pvt Ltd
(Poly; part of the Payal group) continue to reflect the Payal
group's weak financial risk profile, marked by high gearing and
weak debt protection metrics, working-capital-intensive
operations, and exposure to fluctuations in raw material prices.
These rating weaknesses are partially offset by the group's long
track record in the plasticiser industry, its diversified industry
base, and the financial support it receives from its promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           200        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      292        CRISIL A4 (Reaffirmed)
   Term Loan              28        CRISIL B/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Poly, Payal Petropack Pvt Ltd (Petro),
Payal Petrochem Pvt Ltd (Petrochem), and Payal Polycompounds Pvt
Ltd (Polycompunds). This is because all these companies, together
referred to as the Payal group, have a common management and
considerable operational linkages with each other. Also, the
group's management has plans to merge all the companies over the
medium term.

Outlook: Stable

CRISIL believes that the Payal group will continue to benefit over
the medium term from its long track record in the plasticiser
industry. However, the group's financial flexibility is expected
to remain constrained over this period due to its working-capital-
intensive operations. The outlook may be revised to 'Positive' if
the Payal group improves its working capital management, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a significant increase in the
group's working capital requirements, leading to deterioration in
its financial risk profile, particularly its liquidity.

Update
The Payal group is expected to report a healthy operating revenue
growth of over 25 per cent to an estimated INR4.3 billion in 2013-
14 (refers to financial year, April 1 to March 31), against INR3.3
billion in 2012-13; the increase is driven by the ramp up of
operations in Petrochem's business. The group's operating margin
has also improved to 3.9 per cent in 2012-13, after declining to
2.8 per cent in the previous year mainly because of volatility in
raw material prices and foreign exchange (forex) rates. The
operating margin for 2013-14 is estimated at 4.5 to 5.0 per cent;
the margin is now immune to volatility in forex rates as the group
has started hedging its exposure completely.

The Payal group's financial risk profile remains weak. The group
has high working capital requirements, mainly on account of
stretched recoveries from debtors and large inventory which is not
order-backed. To support these, the group avails letter of credit
(LC) and buyer's credit (BC) facilities from its bank; against
these, it has high repayment obligations at regular intervals. The
group had an outstanding of INR700 million against its LC and BC
facilities as on April 30, 2014, which is due for repayment in the
following three months.

The Payal group's net cash accruals are estimated to remain
tightly matched with the repayment obligations towards term loans
availed by Pertochem to fund its capex.  With high working capital
debt and term loan outstanding, as against low profitability, the
group's financial risk profile is marked by high gearing and weak
debt protection metrics.

Petro was originally established as a proprietorship firm (Payal
Petropack) by Mr. R P Gupta in 1994. The firm was reconstituted as
a private limited company in 2008-09. It trades in solvents (such
as eythyl hexanol and butanel), plasticisers (dioctyl phthalate),
and polyvinyl chloride (PVC). Its office is in Delhi.

Poly was established as a partnership firm (Payal Polymers) by Mr.
R P Gupta and his family members. The firm was reconstituted as a
private limited company in January 2009. It manufactures primary
plasticisers, such as di-octyl phthalate, di-butyl phthalate, and
di-iso-nonyl phthalate at its facility in Daman.

Polycompounds was established as a partnership firm (Nikhil
Plastics) in 1990 by Mr. R P Gupta and his family members, and was
reconstituted as a private limited company in 2008-09. It
manufactures PVC compounds at its facility in Delhi.

Petrochem was established by Mr. R P Gupta and his family members
in 2010-11. The company manufactures primary and secondary
plasticisers in Dahej (Gujarat). The plant commenced commercial
operations in February 2013 post the trial run in November 2012.

Petropack reported a net profit of INR19.11 million on net sales
of INR1206.3 million for 2012-13, against a net loss of INR28.90
million on net sales of INR1187.85 million for 2011-12.



PMR CONSTRUCTION: ICRA Reaffirms 'B+' Rating on INR5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR5.0 crore long
term fund-based facilities of M/s PMR construction Company. ICRA
has also reaffirmed the short term rating assigned to the INR15.0
crore non fund based limits (enhanced from INR5 crore) of PMR at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-
   based facilities      5.0         [ICRA]B+ reaffirmed

   Short-term, non
   fund-based
   facilities           15.0         [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the small
scale of operations of the firm; and the substantial geographical
and sectoral concentration risks, with the firm's operations
mostly restricted to road projects in north Kerala. The ratings
further consider the stretched liquidity position of the firm
resulting from the delays in release of payments and bill
certification activities by the clients, who are predominantly
Government Agencies; and, the vulnerability of the profit margins
to volatility in raw material prices and labour costs. ICRA also
notes that being a partnership firm, any significant withdrawals
from the capital account by the promoters would have an adverse
bearing on the firm's gearing levels and thus remains a key rating
sensitivity.

The ratings, however, take comfort from the longstanding
experience and track record of the promoters in the construction
industry for over four decades, the firm's comfortable order book
position which provides revenue visibility for the near term and
the adequate man power and equipment resource base available with
the firm to back execution of ongoing projects.

PMR Constructions was incorporated as a partnership firm in 2002,
by Mr. PM Alavi Haiji and his sons. Mr. Haji is a class 'A' (PWD)
civil contractor in the state of Kerala, and has more than four
decades of experience in the contracting industry. The firm
undertakes civil government contracts involving construction of
roads, bridges and buildings. However, in the last few years the
firm had been primarily involved with construction and improvement
of roads in Kerala.

Recent Results
In 2013-14, as per the provisional unaudited financials, the
company reported net after-tax profit of INR1.13 crore on
operating income of INR32.8 crore as compared to net after-tax
profit of INR0.9 crore on operating income of INR20.0 crore in
2012-13.


RUIA RAYONS: ICRA Suspends 'D' Rating on INR32.02cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR32.02
crore long term loans, working capital facilities & short term non
fund based facilities of Ruia Rayons Pvt. Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Ruia Rayons Private Limited is a private limited company
incorporated on 6th March 1997 and is engaged in the business of
manufacturing and trading of synthetic fibre products. The Company
is promoted and directed by Shri Ram Niranjan Ruia and Shri Rajesh
Ruia. The company has a registered office in Mumbai and a
manufacturing facility at Dadra & Nagar Haveli set up in the year
1998. RRPL is into the business of manufacturing texturised yarn,
72D and 80D roto yarn and is also engaged in trading of grey
fabric in the local markets.


S.R. MOTEL: CRISIL Assigns 'B+' Rating to INR90MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of S.R. Motel and Resort.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              50         CRISIL B+/Stable

   Cash Credit             3         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility     37         CRISIL B+/Stable

The rating reflects SRMR's modest scale of operations in highly
competitive and fragmented industries with customer concentration
in revenue profile. The rating also factors in firm's below
average financial risk profile marked by small networth, high
gearing and moderate debt protection measures. These rating
weaknesses are partially offset by diverse revenue segments and
extensive industry wide experience of the promoters.

Outlook: Stable

CRISIL believes that SRMR will maintain its business risk profile
over the medium term backed by diverse revenue segments. The
outlook may be revised to 'Positive' in case of increase in scale
of operations on back of addition of new clients in cloth trading
segment and sustained increase in occupancy and average room rates
resulting in higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' if the financial risk profile
deteriorates due lower than expected cash accruals due to lower
than expected occupancy level or lower than expected average room
rates, or higher than expected debt funded capital expenditure.

SRMR is a partnership firm run by Mr. Shiv Kumar Gupta and Mr.
Rajeev Gupta. The firm registered in 2005, trades in cloth and
operates a motel by the name of 'Carnival Motel' on G.T. Karnal
Road, Delhi.

SRMR reported profit after tax (PAT) of INR0.1 million on net
operating income of INR68.5 million for 2012-13 (refers to
financial year, April 1 to March 31) as against PAT of INR0.1
million on net operating income of INR13.6 million for 2011-12.


SANGITA SALES: CRISIL Raises Rating on INR150MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Sangita Sales Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            80        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     70        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating upgrade reflects improvement in SSPL's financial risk
profile, particularly liquidity, driven by increasing cash
accruals, efficient working capital management and funding support
from the promoters. SSPL's cash accruals doubled to more than
INR13 million in 2013-14 which has been ploughed back in to the
business. Moreover, the tightening of the working capital cycle to
100 days of gross current assets from over 130 days earlier had
reduced its fund requirements; this, coupled with unsecured loans
from promoters has enabled the company achieve strong growth in
turnover. CRISIL believes that continued prudent working capital
management and need-based funding support from promoters will
strengthen its liquidity over the medium term.

The ratings continue to reflect SSPL's modest scale of operations
and below-average financial risk profile marked by a small net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by its promoters' extensive experience in the
coal trading industry and established relationships with
customers.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit from its
promoters' extensive industry experience and established
relationships with customers over the medium term. The outlook may
be revised to 'Positive' in case SSPL's capital structure improves
significantly through infusion of additional equity, coupled with
an increase in cash accruals. Conversely, the outlook may be
revised to 'Negative' if SSPL faces unprecedented delay in
realisation of receivables or unanticipated hurdles in refinancing
the debt, leading to weak liquidity, or the company's sales and
profitability decline driven by subdued demand for its products.

SSPL, incorporated in 1992, is based in Nagpur (Maharashtra). It
trades in coal, which it procures mainly from different
subsidiaries of Coal India Ltd (CIL). The company supplies to end
users in the steel, power and various other sectors. The day-to-
day operations of the company are managed by Mr. Anant Kumar
Agarwal, Mr. Sushil Bansal and Mr. Pradeep Bansal.

SSPL is estimated to report a profit after tax (PAT) of INR12
million on net sales of INR1.4 billion for 2013-14 (refers to
financial year, April 1 to March 31), as against a PAT of INR3.4
million on net sales of INR527 million for 2012-13.


SANTUKA VYAPAAR: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Santuka Vyapaar Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            80        CRISIL B/Stable

The rating reflects the SVPL's limited track record of operations
in the intensely competitive gold and diamond jewellery retailing
segment. The rating also reflects SVPL's below average financial
risk profile. These rating weaknesses are partially offset by
SVPL's promoter's extensive entrepreneurial experience and the
benefits SVPL is expected to derive from its association with the
brand Maya (Gitanjali Group).

Outlook: Stable

CRISIL believes that SVPL will benefit from the strong brand
presence of its franchisor Maya (Gitanjali Group) in the gold and
diamond jewelry business over the medium term. The outlook may be
revised to 'Positive' if the company records a significant and
sustained improvement in its revenues and operating margins
resulting in improvement in capital structure and debt-protection
metrics. Conversely, the outlook may be revised to 'Negative' if
there is lower-than-expected growth in revenues and margins, or
its working capital cycle lengthens or it undertakes a large debt
funded capex leading to weaker than expected financial risk
profile.

SVPL, based in Jagatpur, Odisha was incorporated in 2012 by Mr.
Avinash Santuka and Mr Sushil Kumar Santuka. The company is
engaged in retailing of gold and diamond studded jewelry including
necklaces, earrings, rings, and bracelets, pendants through its
outlets at Cuttack and Bhubneshwar under a franchise agreement
with Maya (Gitanjali Group).


SHAKTI DEVELOPMENT: ICRA Withdraws LT 'B-' Rating on INR10cr Loan
-----------------------------------------------------------------
ICRA has withdrawn long term rating of [ICRA]B- and short term
rating of [ICRA]A4 to the INR10.00 crore fund based and non-fund
based facilities of Shakti Development Private, as the company is
no longer availing these facilities and there is no amount
outstanding against the rated instruments. The withdrawal is at
the request of the company.


SREE VISHNUPRIYA: ICRA Reaffirms 'B+' Rating on INR6.80cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR6.80 crore fund based limits of Sree Vishnupriya Motors.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     6.80        ICRA]B+ (reaffirmed)

The rating reaffirmation factors in the high geographic
concentration of SVM's operations which are focused on the
Visakhapatnam area where the firm has been facing increased
competition in the recent past from new dealers of Honda
Motorcycle & Scooter India Private Limited (HMSI) which has
adversely affected its sales volumes. In addition, SVM's revenues
are directly dependent on the demand for HMSI products, which is
vulnerable to competition from Bajaj Auto Limited and Hero
MotoCorp Limited among others. ICRA also notes that, high
inventory holding has further stretched SVM's financial profile
which continues to remain modest -- characterised by small scale
of operations, high working capital requirements which are
primarily debt funded and the inherently low profitability of an
auto dealership business.

The rating, however continues to draw comfort from the long track
record of the promoter in the auto dealership business and
established position of SVM as an authorized dealer for HMSI which
has been consistently gaining market share in the domestic two
wheeler segment.

SVM is an authorized dealer of HMSI a 100% subsidiary of Honda
Motor Company, Japan. Having commenced operations in 2007, the
firm at present operates 4 outlets in and around Visakhapatnam.
Operations of the firm are managed by its proprietor Mr. Nagubandi
Ranga. Mr. Ranga is a Chartered Accountant by qualification and
also holds prior experience in auto dealership business having run
the dealership of Massey Ferguson Tractors (TAFE) for nearly four
years.


SRINIVASA CIVIL: ICRA Lowers Rating on INR18.50cr Loans to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR2.00
crore cash credit facility of Srinivasa Civil Works Private
Limited to [ICRA]D from [ICRA]B-. ICRA has also revised the short
term rating assigned to the INR16.50 crore non fund based limits
of SCWPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.00        Revised to [ICRA]D from
                                     [ICRA]B-

   Non-Fund Based
   Limits               16.50        Revised to [ICRA]D from
                                     [ICRA]A4

The revision in rating takes into account the recent delays in
debt servicing by the entity on account of stretched liquidity due
to delays in debtor realization.

SCWPL was incorporated in 1990 as a partnership firm in the name
of M/s. Srinivasa Constructions & Co. with Sri. P. Ramachandra
Raju as the managing partner. The firm was subsequently converted
into a private limited company in 1998 and renamed as Srinivasa
Civil Works Private Limited.

The company is a civil contractor and has successfully completed
irrigation and water supply contracts in Andhra Pradesh. In order
to reduce its dependence upon Andhra projects, the company has
actively bid and executed projects in Maharashtra, Tamil Nadu and
Madhya Pradesh in the last few years. Besides, to reduce sectoral
concentration, the company has ventured into the construction of
roads, bridges etc.


SWIFT FABRICS: CRISIL Reaffirms 'D' Rating on INR113.5MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swift Fabrics Private
Limited (SFPL; previously known as Suift Dealers Pvt Ltd) continue
to reflect instances of delay by SFPL in servicing its debt
obligations; the delays have been caused by the company's weak
liquidity.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          0.2       CRISIL D (Reaffirmed)

   Cash Credit            40         CRISIL D (Reaffirmed)

   Export Bill Purchase
   Discounting            20         CRISIL D (Reaffirmed)

   Letter of Credit        5         CRISIL D (Reaffirmed)

   Term Loan             0.9         CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan          47.4         CRISIL D (Reaffirmed)

SFPL also has a weak financial risk profile, marked by a modest
net worth, high gearing, and weak debt protection metrics.
However, the company benefits from the extensive experience of its
promoters in the textile industry.

Incorporated in 2004 by Mr. Maheshkumar Nangalia, SFPL processes
cotton and synthetic yarn into grey fabric and also manufactures
furnishings and women's garments. The company's day-to-day
operations are managed by Mr. Manish Nangalia, son of Mr.
Maheshkumar Nangalia. SFPL has its manufacturing unit in Surat
(Gujarat)


TARINI EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR99.8MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Tarini
Educational Trust continue to reflect instances of delay by TET in
servicing its debt obligations; the delays have been caused by the
trust's weak liquidity. TET also has a weak financial risk
profile, marked by high gearing and moderate debt protection
metrics, and is susceptible to any adverse regulatory changes in
the education sector. However, TET benefits from its established
regional position and promoters' extensive experience in the
educational segment.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan        99.8        CRISIL D (Reaffirmed)

Update
TET has an outstanding term debt of about INR90 million estimated
as on Mar 31, 2014. The trust continues to delays on its term debt
repayments. The principal and interest obligations for March-2014
and April-2014 are yet to be paid.

Set up as a charitable trust in 2007, TET runs three colleges '
Gandhi Institute of Industrial Technology (GIIT), Gandhi Academy
of Technology and Engineering, and Gandhi Polytechnic ' in
Berhampur (Odisha). The colleges are affiliated to the Biju
Patnaik University of Technology, Odisha and approved by the All
India Council for Technical Education, New Delhi. The colleges
offer engineering courses; GIIT also offers a three-year
postgraduate degree course in computer applications.


TEXTREND LIFESTYLE: ICRA Assigns 'B-' Rating to INR6cr Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR6.00
crore cash credit facilities of Textrend Lifestyle Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based facility        6.00         [ICRA]B-; Assigned

The assigned rating takes into account the high financial risk
profile of Textrend Lifestyle Private Limited as reflected in
recent losses, highly stretched capital structure, weak coverage
indicators and the stressed liquidity position of the company.
ICRA also takes a note of the low value additive trading nature of
business as well as the high competitive intensity of industry,
which restricts the company's profit margins. The assigned rating
is further constrained by the vulnerability of business operations
to volatility in foreign exchange and raw material prices.

However, the assigned rating positively takes into account the
sustained growth of the company during period under study,
significant experience of the promoters within the industry as
well as the locational advantage achieved by the company due to
its presence in Surat, which is a textile hub of Gujarat.

Tex Trend was established as a partnership firm in May 2009 by
three partners. The partnership deed was then revised in April
2011 as four more partners were added after which the firm was
converted into a private limited company by part 9 conversion in
November 2011. The company is engaged in the trade of linen,
cotton shirting and TR (Polyester Rayon) suiting. Mr. Rakesh
Agarwal, Mr. Pramod Agarwal and Mr. Suryakant Shah are the key
directors with more than two decades of experience in textile
industry.

Recent updates
The company has achieved an Operating Income (OI) of ~Rs. 23.46
crore and net loss after tax of INR0.41 crore as per FY13 audited
figures. Further, it has achieved a turnover of ~Rs. 13.18 crore
as per the FY14 provisional figure shared by the company.


TIRUPATI COTTON: CRISIL Reaffirms 'B' Rating on INR80MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tirupati
Cotton Industries continues to reflect TCI's modest scale of
operations in highly fragmented cotton industry, below-average
financial risk profile marked by modest net worth, high gearing
and weak debt protection metrics. The rating also factors
vulnerability of TCI's operating performance to changes in
government policy. These rating weaknesses are partially offset by
extensive experience of the partners in the cotton industry and
established relationship with suppliers and customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            45        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     35        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TCI will continue to benefit over the medium
term from its promoter's extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the company
registers significant and sustained growth in its revenues and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case TCI's revenues
and margins decline significantly, or if its working capital cycle
lengthens leading to further deterioration in its financial risk
profile.

TCI was established as a partnership firm in 2002 by Mr.
Durgashankar Agarwal and his mother Chandrakalabai Agarwal. The
firm is engaged in ginning and pressing of raw cotton (kapas) to
make cotton bales, it also trades in cotton bales. TCI has a
manufacturing facility at Paratwada (Maharashtra).

TCI reported a profit after tax (PAT) of INR3.7 million on net
sales of INR1.02 billion for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR3 million on net
sales of INR624.4 million for 2011-12.


TOYOP RELIEF: ICRA Assigns 'B-' Rating to INR5cr Cash Credit
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to INR5.00 crore
fund based bank facilities of Toyop Relief Private Limited.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Fund based limits          5.00        [ICRA]B- Assigned
   (Cash Credit)

   Unallocated Limits         7.50        [ICRA]B- upgraded from
                                          [ICRA]D

   Non-fund based limits      10.00       [ICRA]A4 upgraded from
   (Letter of Credit)                     [ICRA]D

   Fund based limits          10.00       [ICRA]A4 Assigned
   (EPC/PCFC/FBP)

ICRA has also upgraded the long term rating outstanding on the
INR7.50 Crore (enhanced from INR2.10 Crore) unallocated limits of
TRPL from [ICRA]D to [ICRA]B-. ICRA has also assigned a short-term
rating of [ICRA]A4 to the INR10.00 crore fund based bank
facilities of TRPL. ICRA has also upgraded the short term rating
outstanding on the INR10.00 crore non fund based bank facilities
of TRPL from [ICRA]D to [ICRA]A4.

The ratings upgrade favorably factors in the improvement in the
liquidity position of the company owing to timely receipt of
payments from Jaipur Vidyut Vitaran Nigam Limited (JVVNL), which
has resulted in regularization of servicing of debt obligation of
the company during FY14.

The ratings, however, are constrained by the weak financial
profile as evidenced by thin profitability levels, stretched
capital structure with gearing of 4.49x as of December 2013, and
low coverage indicators. The rating also takes into account the
high working capital intensity of operations with NWC/OI of 38% in
9MFY14. Furthermore, the company is exposed to supplier and
customer concentration risks. ICRA notes that the company is
exposed to foreign exchange fluctuation risks due to absence of
hedging mechanism. However, the risk is partly mitigated due to a
natural hedge through imports.

The ratings, however, draw comfort from the long standing
experience of its promoters in the disaster relief material
industry; and the company's established relationship with its
clients, which has enabled it to garner repeat orders over the
years.

Toyop Relief Private Limited is a Mumbai-based company founded in
1994. TRPL was started as a proprietorship firm (Sabra Exim
Investments) by Mr. Sachin Shah. In 2004, the name of the firm was
changed to Toyop Relief, and was reconstituted as a private
limited company in 2008. TRPL -- a closely held company --
operates as a supplier of disaster relief material, including
kitchen accessories, plastic toiletries, hygiene kits, blankets,
buckets, tarpaulin tents, etc. TRPL caters to various non-
governmental organizations (NGOs) located abroad. It also imports
and trades in power tillers and specialty plastic granules that
have an application in the plastic industry. The specialty plastic
granules business was under Toyop & Co, a proprietorship concern
of Mr. Sachin Shah, which was merged with TRPL in 2009.



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


AGURA BOKUJO: Investors Sue Government For JPY180MM
---------------------------------------------------
The Japan Times reports that a group of investors owed money by
failed cattle farm Agura Bokujo filed a suit against the
government on May 30, seeking around JPY180 million in
compensation.

Filing the action with the Utsunomiya District Court in Tochigi
Prefecture where Agura was based, the group said the government's
inaction contributed to the scale of their losses, according to
the report.

The Japan Times relates that lawyers for the group said it is made
up of 86 people from eastern Japan, including Tochigi, Fukushima
and Saitama prefectures, who entered into contracts with Agura in
December 2007 or later.

The report says the group alleged the government knew Agura was
financially unstable before December 2007 but failed to order an
inspection.

Furthermore, the group said, even after an inspection in
January 2009 found the farm did not have enough cattle to complete
its promised operations or enough money to pay dividends, the
government allowed Agura to keep operating until it went bankrupt
in August 2011, The Japan Times notes.

Agura Bokujo, based in Tochigi Prefecture, went bankrupt in 2011
with about JPY433 billion in total liabilities, owing roughly
JPY420.7 billion of that to the 73,000 investors, Kyodo News
disclosed.  Under the scheme, Kyodo related, investors purchased
female cows from Agura Bokujo, which would continue to raise the
animals and buy them back several years later, for about JPY3
million to JPY5 million per head.



                             *********

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.

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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***