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                      A S I A   P A C I F I C

            Friday, June 6, 2014, Vol. 17, No. 111


                            Headlines


A U S T R A L I A

ALTERED STATE: Federal Court Winds Up Soundwave Promoter
PACIFIC SERVICES: Tasmanian Gov't. Offers to Help Axed Workers
PD DESIGNER: SV Partners Appointed as Administrators
RED MAKO: Worrells Solvency Appointed as Administrators


C H I N A

LAI FUNG HOLDINGS: S&P Affirms 'B+' CCR; Outlook Stable
LOGAN PROPERTY: Fitch Assigns 'BB-' Rating to USD300MM Notes
MAOYE INTERNATIONAL: Moody's Rates $300MM Sr. Unsec. Notes 'Ba2'


I N D I A

AMRIT DWELLERS: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
ASSET CARS: CARE Assigns B- Rating to INR16.88cr Bank Loan
COGENT ENGINEERS: CRISIL Assigns 'B-' Rating to INR43MM Loans
DASHMESH MOTORS: ICRA Suspends 'B' Rating on INR5.17cr Loan
DHARMARATHINA TEXTILE: CRISIL Puts 'B' Rating on INR210MM Loans

FAIRLIE HOTELS: CRISIL Ups Rating on INR93.8MM Loans to 'B'
FIELDKING POLYMERS: CRISIL Assigns 'B' Rating to INR50MM Loans
FRIENDS TEA: ICRA Assigns 'B+' Rating to INR6.18cr Cash Credit
GEETHA COTTON: ICRA Reaffirms 'B' Rating on INR7cr Loans
GLOBAL FARM: CRISIL Downgrades Rating on INR112MM Loan to 'D'

GULZAR EDUCATIONAL: ICRA Cuts Rating on INR44cr Loans to 'B+'
JINDAL SPINNING: CRISIL Assigns 'B+' Rating to INR31MM Loans
JINDAL STAINLESS: CARE Cuts Rating on INR16,363.45cr Loans to 'D'
KALINGA PACKERS: CRISIL Reaffirms B Rating on INR91.5MM Loans
KHANNA PROPERTIES: CRISIL Reaffirms B Rating on INR402MM Loans

KISSAN POULTRY: CRISIL Lowers Rating on INR75MM Loans to 'D'
MOENUS TEXTILE: CARE Revises Rating on INR10.13cr Loan to 'B+'
NUTRI BIO: CRISIL Reaffirms 'D' Rating on INR80MM Loans
PRASHA TECHNOLOGIES: CRISIL Reaffirms B Rating on INR140MM Loans
RAJA MOTORS: CRISIL Reaffirms 'B' Rating on INR59.5MM Loans

RICHLOOK GARMENTS: ICRA Lowers Rating on IRN39.5cr Loans to 'D'
VIJAYASREE FOODS: CRISIL Reaffirms B+ Rating on INR80MM Loans


J A P A N

HAKUGEN CO: Files For Bankruptcy Protection


N E W  Z E A L A N D

KING TOYOTA: Unsecured Creditors Unlikely to Get Paid
STRATEGIC FINANCE: FMA Confirms Accord With Directors, Auditors


S I N G A P O R E

PACNET LIMITED: Fitch Affirms 'B' IDR; Outlook Stable


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALTERED STATE: Federal Court Winds Up Soundwave Promoter
--------------------------------------------------------
Tim Clarke at The West Australian reports that a brutal legal
battle over a AUD340,000 bar takings debt has culminated in the
organisers of the Soundwave music festival having its West
Australia promoters Altered State declared insolvent.

A Federal Court judgment last week granted an application from
Soundwave and its boss AJ Maddah to have Altered State, run by
brothers Chris and Ken Knight, wound up, the West Australian says.

And court documents reveal a rarely seen glimpse behind the
curtain of some of Australia's major one-day music events --
including how last year's festival featuring Metallica and Blink
182 made almost AUD1 million profit behind the bar alone,
according to the report.

The West Australian notes that Soundwave claimed Altered State
owed it AUD340,690.46 under an agreement which would pay
Mr. Maddah's company 70 per cent of the bar profit from the
Claremont Showground.

The report relates that Altered State paid one instalment of
AUD350,000, but failed to pay another -- claiming it was owed
almost AUD500,000 from unpaid expenses and management fees from
previous festivals.  According to the report, Federal Court
Justice Michael Wigney was amazed at the lack of business records
able to be produced by Mr. Chris Knight on behalf his company,
which has been promoting big music events in Perth for more than a
decade.

"Given the size of the events and the amount of revenue generated,
it is somewhat surprising that the arrangements between the
parties appear, at least on Altered State's version of events, to
have been dictated by nothing more than discussions, custom and
practice," Justice Wigney, as cited by The West Australian, wrote.
"Counsel for Altered State sought to explain this by the
submission: 'That's rock'n'roll'."

Justice Wigney ruled the Knights' company should be declared
insolvent, the report says.

Soundwave, which began in Perth in 2004, will not return to Perth.
Mr. Maddah said earlier this year that the 2014 event, held at
Arena Joondalup in March, would be WA's last, the report relays.


PACIFIC SERVICES: Tasmanian Gov't. Offers to Help Axed Workers
--------------------------------------------------------------
Emily Bryan and Claire Todd at ABC News reports that the State
Growth Minister, Matthew Groom, said he is cautiously optimistic
Tasmanians made redundant by a failed electrical company Pacific
Services Group Pty Ltd will find more work.

ABC says the national company PSG went into administration on June
2, affecting 180 staff at its Tasmanian branch, PSG Russel-Smith.

According to the report, PSG's southern regional manager Martin
Jackson spent most of May 29 meeting representatives from
Ballarat-based McKnight's Electrical, which might take on some
worker.

"[It's] a very large well established family business," the report
quotes Mr. Jackson as saying.  "They're basically looking at our
business, going through all the nuts and bolts and dollars today
with the hope that we might be able to open the doors soon.

"I'm a lot happier today than what I was over the last couple of
days."

ABC relates that Mr. Jackson said the company is not looking for a
government handout but needs an incentive to get staff re-
employed.

Mr. Groom said he is doing what he can, the report relays.

"We've made contact with other businesses that might be able to
provide alternative employment or take on contracts," ABC quotes
Mr. Groom as saying.  "We've also made contact with labour hire
firms to see what opportunities there might be so that's the
immediate assistance the Government can provide."

The Opposition leader Bryan Green said some taxpayer support may
be needed, the report adds.

Pacific Services Group Pty Ltd provides manufacturing,
construction and maintenance services to the electrical and
communications industry.  It has approximately 700 employees
across Australia.

PSG and six of its subsidiaries have appointed Craig Crosbie, Phil
Carter, Daniel Walley and Martin Ford of PPB Advisory as
Administrators, effective June 2, 2014.

PPB Advisory's appointment preceded the appointment of
Scott Kershaw, Michael Brereton, and Craig Shepherd of KordaMentha
as Receivers and Managers. The Receivers and Managers have control
of PSG's assets.


PD DESIGNER: SV Partners Appointed as Administrators
----------------------------------------------------
Michael Carrafa and David J Lofthouse of SV Partners were
appointed as administrators of PD Designer Pty Ltd, trading as
Total Blinds Manufacturing and PD Designer, on June 3, 2014.

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, Level 17, 200 Queen Street, in
Melbourne, Victoria, on June 16, 2014, at 11:00 a.m.


RED MAKO: Worrells Solvency Appointed as Administrators
-------------------------------------------------------
Raj Khatri -- raj.khatri@worrells.net.au -- and Chris Cook --
chris.cook@worrells.net.au -- of Worrells Solvency & Forensic
Accountants were appointed as administrators of Red Mako Support
Services Pty Ltd on June 4, 2014.

A first meeting of the creditors of the Company will be held at
8th Floor 102, Adelaide St, in Brisbane, on June 17, 2014, at
10:30 a.m.



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C H I N A
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LAI FUNG HOLDINGS: S&P Affirms 'B+' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' foreign currency long-term corporate credit rating on China-
based developer Lai Fung Holdings Ltd.  The outlook is stable.  At
the same time, S&P affirmed its 'cnBB' long-term Greater China
regional scale rating on the company.  S&P also affirmed its 'B+'
long-term issue rating and 'cnBB' long-term Greater China regional
scale rating on Lai Fung's outstanding senior unsecured notes.

"We affirmed the ratings on Lai Fung to reflect our expectation
that the company's operating scale and land reserves will remain
small, and its project and geographic concentration and debt
leverage will remain high over the next 12 months," said Standard
& Poor's credit analyst Dennis Lee.  "The company's stable
recurring income and good profitability and product diversity
should temper these weaknesses."

S&P assess the group credit profile of Lai Fung's parent eSun
Holdings Ltd. as 'b+'.  S&P believes that Lai Fung will remain a
"core" subsidiary of eSun over the next 12 months.  The credit
profile of Lai Fung is a key factor in S&P's assessment of the
group credit profile.  As of Jan. 31, 2014, Lai Fung accounts for
over 90% of the group's debt and about 80% of its assets.  Lai
Fung also generates more than 100% of the group's EBITDA.

S&P's assessment of Lai Fung's business risk profile as "weak"
reflects its view that the company's small operating scale and
high project and geographic concentration expose it to volatility
in cash flow and revenue.  S&P believes the company's strong
rental-led strategy and conservative approach to land acquisitions
temper these weaknesses.

S&P believes that Lai Fung will continue to generate stable
recurring income from its good-quality investment properties.  S&P
forecasts that Lai Fung's rental income will grow steadily because
of rental reversions, changes in tenant mix, and the launch of new
serviced apartments and office buildings.

Lai Fung's gross margin of over 50% is good, when compared with
industry peers.  Despite Lai Fung's high gross margin, S&P expects
the company's overall EBITDA margin to be in line with the
industry average because of high selling, general, and
administrative expenses.  Lai Fung acquired many of its projects
several years ago.  The low land costs support its gross margins.
However, margin trends could change quickly if the company
acquires new land.

S&P's assessment of Lai Fung's financial risk profile as
"aggressive" reflects its view that the company's debt leverage
will remain high over the next 12 months.  In S&P's base-case
scenario, it forecasts that the company's total debt will decline
to Hong Kong dollar (HK$) 4 billion in 2014 because the company
repaid US$200 million in senior notes due in April 2014.  However,
S&P believes the company will increase its capital expenditure on
land acquisitions and construction over the next few years.
Nevertheless, S&P estimates that the company's stable rental
income from its high-quality investment properties will
sufficiently cover its interest expenses.  S&P considers this
factor to be a critical support to the rating.

"The stable outlook reflects our expectation that Lai Fung's
investment properties will continue to generate enough cash flows
to cover most of the company's interest expenses over the next 12
months at least," said Mr. Lee.  "We also estimate a gradual
improvement in property sales over the next 12 months, but sales
should remain volatile."

S&P also expect the company will maintain disciplined financial
management while pursuing expansion.

S&P may lower the rating if: (1) Lai Fung's rental income declines
for a prolonged period; or (2) the company's debt-funded growth
becomes more aggressive than S&P expects.  These factors could
cause Lai Fung's leverage and interest expenses to increase
significantly.  EBITDA interest coverage below 2.0x for a
prolonged period could indicate such weakness.  S&P could also
downgrade the company if its contributions to eSun decline
significantly because of the expansion of the group's non-property
business, such that S&P no longer assess Lai Fung to be a core
subsidiary of the group.

Rating upside is limited over the next 12 months because of Lai
Fung's small operating scale.  S&P could raise the rating if the
company: (1) expands its investment portfolio and materially
increases its recurring income; (2) improves its project


LOGAN PROPERTY: Fitch Assigns 'BB-' Rating to USD300MM Notes
------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Logan Property
Holdings Company Limited's (Logan; BB-/Stable) USD300m 11.25%
notes due 2019 a final rating of 'BB-' and Recovery Rating of
'RR4'.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on
May 26, 2014.

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

KEY RATING DRIVERS

Established Market Position: Logan's ratings reflect its
established business position with contracted sales of CNY13.2bn
in 2013, and strong execution ability in large-scale mass-market
residential developments in key cities where it operates.  About
75% of Logan's existing land bank is located in Huizhou, Nanning
and Shantou, where Logan has been ranked among the top five
developers by sales value in the past three years.  Logan will
continue to use its strong track record in these locations to
expand over the medium term.

Large Land Bank Gives Flexibility: Logan's large land bank of 11
million square metres (sqm) that it purchased at an average cost
of CNY1,045/sqm is sufficient for five to six years' worth of
sales.  This large low-cost land reserve, with minimal land
premium outstanding of CNY340m as at end-2013, gives the company
operational flexibility in terms of land purchases over the medium
term.  The leeway is especially important at a time when land
prices are rising rapidly.

Stable Margins: Logan has been generating EBITDA margins of around
30% (2013: 30.7%), driven by its low land costs, stable average
selling prices (ASPs) and savings from using its in-house
construction arm. As land costs increase over time, Fitch expects
the company's overall EBITDA margin to remain stable at above 25%
as lower margins from fast-churn projects would be balanced by
stronger profit margins from projects with low land cost.

Balance Sheet Supports Moderate Expansion: Logan's net
debt/adjusted inventory is healthy at 33% as at end-2013.  Fitch
expects this ratio to increase as Logan takes on debt to expand,
but still be sustained below 40%.  Logan has set a moderate land
replenishment target of around 35%-40% of its annual contracted
sales, a level that is comparable to some of its peers'.

Manageable Single Project Exposure: Although plots in Huizhou make
up about 50% of Logan's land bank, sales from its main project,
Logan City (Huizhou), will be spread out over several years and
likely remain below 25% of Logan's total annual sales.  In
addition, the low land cost of CNY220/sqm for Logan City
(Huizhou), compared with the current ASP of CNY6,300/sqm, provides
a comfortable buffer against price corrections and potential
competition from nearby projects.

High Exposure in Guangdong: Logan's rating is constrained by its
concentration in Guangdong province, which accounts for more than
70% of its sales and land bank.  This increases its susceptibility
to changes in the local economy and policies.  Its exposure to
smaller cities may leave it vulnerable to higher price volatility;
however this is partially mitigated by the company's strong profit
buffer due to the low cost of its land and products that target
first-home buyers and upgraders.  Due to its proximity to Shenzhen
and to a lesser extent Guangzhou, Logan City (Huizhou) also
targets end-users from these first-tier cities in Guangdong
province.

Large Projects May Lengthen Cash Cycle: Logan's strategy is to
secure large parcels of land outside the city centre to tap demand
from urbanization in China.  The success of these projects hinges
on the continuation of the urbanization trend and demands a longer
cash cycle.  Low land costs for these projects, Logan's healthy
leverage, and cash flow from the company's fast-churn projects
will mitigate some of this risk, as demonstrated by its ability to
maintain contracted sales/total debt of 1.5 times in 2013.

RATING SENSITIVITIES

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

  -- EBITDA margin sustained below 25%
  -- Net debt/adjusted inventory sustained above 40%
  -- Contracted sales / total debt sustained below 1.0x
  -- Sustained decline in contracted sales from current levels

Positive: No positive rating action is expected unless Logan is
able to substantially increase its scale and diversify outside
Guangdong province without compromising its financial metrics.


MAOYE INTERNATIONAL: Moody's Rates $300MM Sr. Unsec. Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 rating to
Maoye International Holdings Limited's USD300 million, 7.75%, 3-
year senior unsecured notes, due 19 May 2017.

The outlook for the ratings is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation follows Maoye's
completion of its USD300 million note issuance, the final terms
and conditions of which are consistent with Moody's expectations.

The provisional rating was assigned on 12 May, and Moody's ratings
rationale was set out in a press release published on the same
day.

About 60% of the bond proceeds will be used to refinance RMB3.1
billion of onshore bank loans. The remaining proceeds will be used
for general corporate purposes.

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

Maoye International Holdings Limited is one of the leading
department store operators in China. Listed on the Hong Kong Stock
Exchange in 2008, the company is headquartered in Shenzhen, and
has expanded to China's second- and third-tier cities, targeting
the mid- to high-end retail market.



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AMRIT DWELLERS: CRISIL Assigns 'B' Rating to INR20MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Amrit Dwellers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4
   Cash Credit            20        CRISIL B/Stable

The ratings reflect ADPL's below-average financial risk profile
marked by modest net worth and high gearing. The ratings also
factor in the company's modest scale of operations in the highly
fragmented civil construction industry and the geographical
concentration in its revenue. These rating weaknesses are
partially offset by the extensive industry experience of ADPL's
promoters.

Outlook: Stable

CRISIL believes that ADPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if ADPL significantly
improves its liquidity, most likely through better-than-expected
cash accruals or equity infusion along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accruals or larger-
than-expected working capital requirements or significant debt-
funded capital expenditure, leading to further pressure on
liquidity.

Established in 2008 and based in Dehradun (Uttarakhand), ADPL is
engaged in civil construction. The company undertakes construction
of roads and bridges for government departments in Uttarakhand and
is promoted by Mr. Sanjay Sehgal and his family members.


ASSET CARS: CARE Assigns B- Rating to INR16.88cr Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Asset Cars
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    16.88       CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Asset Cars Private
Limited is constrained by the financial risk profile marked by low
profitability margin, leveraged capital structure along with
product concentration risk and operations in a highly competitive
market.

The rating, however, derives strength from the experienced
promoters, first-mover advantage with integrated nature of
service, increasing demand for Jaguar-Land Rover vehicles and
favourable industry outlook for the premium passenger vehicle
segment.

Ability to improve its scale of operations and profitability
without any further deterioration in the financial risk profile is
the key rating sensitivity.

Incorporated in July 2011, ACPL is promoted by Mr Parvinder Singh
Vijan and Ms Inderjeet Kaur Vijan, with an object of trading and
dealing in passenger vehicles. Based out of Pune, Maharashtra,
ACPL operates as an authorized dealer for the Jaguar and Land
Rover (JLR) brands of passenger vehicles imported by Tata Motors
Limited (TML; rated 'CARE AA'). It deals in all three models of
the brand 'Jaguar' and all six models of 'Land Rover'. Being the
second authorized dealer in the state, ACPL is permitted to
operate over the state of Maharashtra (except Mumbai) and Goa. The
company was awarded with the second-highest 'Target Achievement'
award from JLR. The showroom and the infrastructure facility is
also recognized and ranked the second best in India by JLR.

As per provisional results of FY14 (refers to the period April 1
to March 31), the company reported a total operating income of
INR101.25 crore and a PAT of INR1.28 crore against a total
operating income of INR83.62 crore and a PAT of INR0.60 crore in
FY13.


COGENT ENGINEERS: CRISIL Assigns 'B-' Rating to INR43MM Loans
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Cogent Engineers Pvt Lt and has assigned its 'CRISIL
B-/Stable/CRISIL A4' ratings to its bank facilities. The ratings
were previously 'Suspended' by CRISIL vide the Rating Rationale
dated December 17, 2013, since the company had not provided
necessary information required for a rating review. CEPL has now
shared the requisite information, enabling CRISIL to assign the
ratings.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           41.8       CRISIL B-/Stable (Assigned;
                                    Suspension revoked)

   Letter of credit &    30         CRISIL A4 (Assigned;
   Bank Guarantee                   Suspension revoked)

   Proposed Long Term      1.2      CRISIL B-/Stable (Assigned;
   Bank Loan Facility               Suspension revoked)

The ratings reflect CEPL's weak financial risk profile, marked by
an eroded net worth, high gearing, and weak debt protection
metrics and weak liquidity amid depressed cash accruals and large
working capital requirements. The ratings also factor in the
company's small scale and the susceptibility of its revenues to
project execution timelines of clients resulting in delay in
offtake from clients in the past. These rating weaknesses are
partially offset by the extensive experience of CEPL's promoters
in the boiler industry and the funding support it receives from
them.

Outlook: Stable

CRISIL believes that CEPL's financial risk profile will remain
constrained over the medium term due to low profitability. The
outlook may be revised to 'Positive' if there is a sustainable and
significant increase in the company's scale of operations and
profitability margins leading to improvement in its liquidity, or
a substantial improvement in its capital structure most likely due
to sizable equity infusion by the promoters. Conversely, the
outlook may be revised to 'Negative' if CEPL's financial risk
profile, especially liquidity deteriorates further, most likely
because of lower-than-expected profitability, a substantial
increase in working capital requirements, or large debt-funded
capital expenditure.

CEPL incorporated in 1984, was promoted by Mr. Suchinto Roy, Mrs.
Malobika Roy, and Mr. Supratik Roy. The company manufactures and
erects boilers for industries such as sugar, power, chemicals, and
distilleries.

CEPL reported a net loss of INR32.3 million on a net operating
income of INR39.3 million for 2012-13 (refers to financial year,
April 1 to March 31), against a profit after tax of INR5.9 million
on a net operating income of INR175.7 million for 2011-12.


DASHMESH MOTORS: ICRA Suspends 'B' Rating on INR5.17cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.17 crore
fund based facilities of Dashmesh Motors. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


DHARMARATHINA TEXTILE: CRISIL Puts 'B' Rating on INR210MM Loans
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings and assigned its
'CRISIL B/Stable' rating to the long term bank facilities of
Dharmarathina Textile Pvt Ltd. The ratings were suspended by
CRISIL on Oct. 30, 2013 since DTPL had not provided necessary
information required to maintain a valid rating. DTPL has now
shared the requisite information, enabling CRISIL to assign
ratings to the bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            45        CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

   Proposed Long Term     69        CRISIL B/Stable (Assigned;
   Bank Loan Facility               Suspension Revoked)

   Term Loan              96        CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects DTPL's below-average financial risk profile
marked by leveraged capital structure; it's modest of operations,
and the susceptibility of its margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the experience of the company's promoter in the textile industry.

Outlook: Stable

CRISIL believes that DTPL will continue to benefit over the medium
term from its promoter's experience in the textile industry and
their funding support. The outlook may be revised to 'Positive' if
the company records a significant increase in its revenue and
profitability, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is considerable decline in DTPL's accruals or deterioration
in its working capital management, or if it delays the stabilising
its expanded capacity, resulting in weakening of its financial
risk profile.

DTPL, set up in 2006, derives its revenue from supply of cotton
yarn. Its day-to-day operations are managed by Mr. Dharmarajan and
his son, Mr. D Ravi.

The company recorded revenues of INR153 million in 2012-13 (refers
to financial year, April 1 to March 31).


FAIRLIE HOTELS: CRISIL Ups Rating on INR93.8MM Loans to 'B'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Fairlie
Hotels & Resorts Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   FCNR Loan             80.3       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Overdraft Facility     4         CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Term Loan              9.5       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects expected improvement in Fairlie's
business risk profile on account of an expected increase in its
scale of operations and profitability. With improvement in
profitability the cash accruals from operations are also expected
to increase, resulting in improvement in debt servicing
capabilities and financial risk profile, especially liquidity.

The ratings continue to reflect Fairlie's limited revenue
diversity, limited track record in operating a hotel, and
susceptibility to cyclicality in the hospitality segment. These
rating weaknesses are partially offset by the benefits that
Fairlie derives from the extensive experience of its operations
and maintenance (O&M) partner, Carlson, in the hotel management
industry and funding support from promoters.

CRISIL has treated unsecured loans of INR   95.0 million extended
by the promoters as on March 31, 2014, as neither debt nor equity
as the same are undertaken to retain the loans in the business
until the company's bank loans are repaid.

Outlook: Stable

CRISIL believes that Fairlie will continue to benefit over the
medium term from its tie-up with O&M partner Carlson. The outlook
may be revised to 'Positive' if the company exhibits significant
improvement in its scale of operations and profitability, backed
by a sustained increase in its occupancy and room tariffs.
Conversely, the outlook may be revised to 'Negative' if Fairlie
reports a decline in occupancy, leading to lower-than-expected
cash accruals or undertakes any larger-than-expected debt-funded
capital expenditure programme, deteriorating its financial risk
profile and debt servicing capability.

Incorporated in 2008, Fairlie operates a three-star hotel, Country
Inn & Suites, in Chattarpur, New Delhi, under the Country Inn
brand managed by Carlson, its O&M partner. The hotel has 37 rooms,
including executive rooms. Facilities offered by the hotel include
restaurants, bar, coffee shop, banquet halls, and conference
centres. The hotel is developed on a farm house (owned by the
promoters), with two lawns that are primarily used for functions.
It commenced operations in April 2011.


FIELDKING POLYMERS: CRISIL Assigns 'B' Rating to INR50MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Fieldking Polymers.

                     Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              9.4       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility     5.6       CRISIL B/Stable

   Cash Credit           35         CRISIL B/Stable

   Letter of Credit      10         CRISIL A4

The ratings reflect Fieldking's modest scale of operations in the
fragmented plastic pipes manufacturing industry, its below-average
financial risk profile marked by leverage capital structure, and
the susceptibility of its operating margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of Fieldking's promoters in the plastic
pipes manufacturing industry and its moderate and stable working
capital requirements.

Outlook: Stable

CRISIL believes that Fieldking will continue to benefit from its
promoters' extensive experience in the plastic pipes manufacturing
industry. The outlook may be revised to 'Positive' if the firm
improves its scale of operations and profitability, or there is
substantial equity infusion leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in its financial risk
profile on account of low profitability, large working capital
requirements, or large debt-funded capital expenditure.

Established in 1999 as a partnership firm, Fieldking is managed by
co-founder Mr. Ranjit Popat, Mrs. Vashraben Popat and Mr. Hemal
Popat. The firm manufactures poly vinyl chloride (PVC) hose pipes,
garden pipes, and high-density polyethylene (HDPE) pipes. It is
based in Rajkot (Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), the
Fieldking reported a profit after tax (PAT) of INR0.2 million on
net sales of INR126.3 million, against a PAT of INR0.2 million on
net sales of INR79.1 million for 2011-12.


FRIENDS TEA: ICRA Assigns 'B+' Rating to INR6.18cr Cash Credit
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.18
crore cash credit facility (including proposed limit of INR1.21
crore) and the INR0.82 crore unallocated limit of The Friends Tea
Company Limited. The unallocated limit of INR0.82 crore has also
been rated on the short term scale, to which ICRA has assigned a
[ICRA]A4 rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
   Credit                6.18        [ICRA]B+ (assigned)

   Unallocated           0.82        [ICRA]B+/[ICRA]A4 (assigned)

The ratings take into account TFTCL's small scale of operations
with a single garden leading to asset concentration risk, its weak
financial profile as reflected by low profitability and depressed
level of coverage indicators, and the stretched liquidity position
of the company, characterized by high utilization of working
capital limits. The ratings are also constrained by the agro-
climatic risks associated with the bulk tea business and its
increasing dependence on bought leaf operations, which increases
the risk related to the availability and quality of green leaves.
The ratings draw comfort from the experience of the promoters in
the bulk tea industry, high yield of the gardens, which mitigates
risks associated with fixed cost intensive nature of the industry
to an extent and the favourable price outlook for the domestic
bulk tea industry, at least over the short to medium term.

The Friends Tea Company Limited was incorporated in 1912 and has a
tea garden "Kailashpur" in the Jalpaiguri district of West Bengal,
covering an area of around 420 hectares under tea cultivation. The
company primarily produces CTC variety of tea, which it sells in
the domestic market through a mix of auction and private sales. It
also produces green tea, though the proportion remains small at
present. During FY14, the company produced 1.78 million kg of
black tea. Apart from producing tea from its own garden, the
company also has bought leaf operations with almost 40% of total
tea produced being from bought leaves.

Recent Results

TFTCL reported an operating income (OI) of INR20.87 crore and a
PAT of INR0.15 crore during FY13 as compared to an OI of INR15.83
crore and a PAT of INR0.02 crore during FY12. TFTCL has reported a
PAT of INR0.04 crore on an OI of INR13.56 crore during the first 7
months of FY 14.


GEETHA COTTON: ICRA Reaffirms 'B' Rating on INR7cr Loans
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR7.00 crore fund
based facilities of Geetha Cotton Mills Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     7.00        [ICRA]B Reaffirmed

The reaffirmation of rating continues to factor in the low scale
of operations of the company and the thin operating profitability
indicators due to the trading nature of the business with sales
being made solely to the parent company (Amaravathi Textiles
Private Limited) at lower than market prices. The rating is
further constrained by the deterioration in working capital
intensity with NWC/OI increasing from 24% in FY12 to 27% in FY13
mainly due to increase in credit period offered to its parent
company. Given the stretched cash flows due to increase in
operational scale and working capital intensity GCM is partially
dependent on financial support from the promoters to service the
debt obligations in a timely manner. The weak capital structure
with a gearing of 4.88 times as on 31st March 2013 and the low
debt service coverage indicators with interest coverage of 1.06 to
1.08 times between FY11 and FY14 further constrains the rating.

The assigned rating however draws comfort from the long experience
of the promoters in the cotton lint trading and spinning
activities and proximity to cotton growing regions of Guntur
leading to easy availability of lint and savings in logistic
costs. Established relationships with farmers and traders helps
the company in procuring quality cotton from local suppliers
present in Guntur and other districts of Andhra Pradesh. GCM also
has the advantage of assured off-take with minimal raw material
price risk with sales being made at fixed margins solely to the
parent company, ATPL, which has an established market position in
the cotton yarn segment.

Geetha Cotton Mills Private Limited (GCM) has been promoted by Mr.
K. Srinivas Rao and his family members. The company was formerly
known as Gita Tobacco Company Private Limited which was into
tobacco trading for 17 years. Gita Tobacco Company was converted
to GCM in FY 10. Mr. K. Srinivasa Rao is in cotton trading and
spinning industry for the past 30 years. He is also the managing
director of M/s Amaravathi Textiles Private Limited (ATPL), Guntur
which is into cotton yarn manufacturing with a capacity of 126,816
spindles, 3840 rotors, 112 gins and 2 bailing presses. This is an
integrated facility comprising of Ginning and Spinning.


GLOBAL FARM: CRISIL Downgrades Rating on INR112MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Global Farm Fresh Pvt Ltd to 'CRISIL D' from 'CRISIL B-
/Stable'.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             112        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by GFFPL in
servicing its debt; the delay has been caused by the company's
weak liquidity owing to stretch in its working capital cycle.

The rating reflects GFFPL's limited track record and small scale
of operations, and its average financial risk profile marked by
its small net worth, moderate gearing and average debt protection
metrics. These rating weaknesses are partially offset by its
promoters' extensive experience in the food-processing industry.

Incorporated in 2010, GFFPL is promoted by Mr. V Umapathi. GFFPL
undertakes food processing; it primarily processes mango, guava,
and banana pulp, and tomato paste. The company started commercial
operations in 2012.


GULZAR EDUCATIONAL: ICRA Cuts Rating on INR44cr Loans to 'B+'
-------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR44.00
crore bank facilities of Gulzar Educational and Charitable Trust
from [ICRA] BB- (Stable) to [ICRA] B+.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     43.90      [ICRA]B+ (Downgraded)
   Bank Guarantee         0.10      [ICRA]B+ (Downgraded)

Rating Rationale

The rating downgrade takes into consideration the significant
decline in the fresh admissions witnessed by the society across
majority of courses in AY13-14, which in turn led to decline in
fresh admissions to 42% of the sanctioned intake in AY13-14 from
68% in AY12-13. While the current revenue receipts and surplus
levels of the society are supported by the existing student base
of ~3,000 students (which is largely on account of healthy
admissions in colleges during AY11-12 and AY12-13), in the event
of continued weak admissions and student drop-outs witnessed by
the society, revenue receipts and thus surplus levels (given that
large proportion of expenditure incurred by the society are fixed
in nature) are expected to moderate. This coupled with significant
scheduled debt repayment obligations of the society (to the tune
of ~ INR5.1 crore per annum over the next four years) are expected
to result in stretched liquidity position and hence would
necessitate additional funding requirements. The rating also
remains constrained by the continued weak financial profile of the
society characterized by high gearing and moderate debt coverage
indicators.

In ICRA's view, the ability of the society to improve its
occupancy levels as well as any debt-funded capital expenditure
would remain critical for its liquidity position and hence would
be the key rating sensitivities

The society runs Gulzar Group of institutes, which includes 3
colleges encompassing fields like engineering, management and
computer applications. The society is managed by Mr. Gurcharan
Singh and his son Mr. Gurkirat Singh. The trustee members are also
associated with car dealerships through their two group entities:
Gulzar Trading Company and Gulzar Motors Pvt. Ltd.

Recent Results

Society reported net surplus of INR3.83 crore on revenue receipts
of INR21.99 crore in FY13 as against net surplus of INR3.24 crore
on revenue receipts of INR14.48 crore in FY12.


JINDAL SPINNING: CRISIL Assigns 'B+' Rating to INR31MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Jindal Spinning Mills Ltd.

                          Amount
   Facilities             (INR Mln)     Ratings
   ----------             --------      -------
   Proposed Short Term       15         CRISIL A4
   Bank Loan Facility

   Packing Credit            54         CRISIL A4

   Cash Credit                1         CRISIL B+/Stable

   Foreign Bill Purchase     30         CRISIL B+/Stable

The ratings reflect the company's modest scale of operations in
the highly competitive and fragmented recycled acrylic yarn
manufacturing industry and its large working capital requirements.
The rating also factors in JSML's below-average financial risk
profile marked by high gearing and subdued debt protection
metrics. These rating weaknesses are partially offset by its
promoter's extensive industry experience and funding support.

Outlook: Stable

CRISIL believes that JSML will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves significantly, most likely because of
substantial increase in cash accruals or equity infusion.
Conversely, the outlook may be revised to 'Negative' if JSML
reports low cash accruals on account of decline in sales or
operating profitability, or if its working capital cycle weakens
leading to deterioration in its financial risk profile.

JSML, incorporated in 2008 by Mr. Sudip Kumar Jindal and his
family members, manufactures recycled acrylic yarn and blankets.
The company is based in Panipat (Haryana).


JINDAL STAINLESS: CARE Cuts Rating on INR16,363.45cr Loans to 'D'
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Jindal
Stainless Ltd; reaffirms the ratings assigned to ECBS and NCDS.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities  10,118.45     CARE D Revised
                                            from CARE C

   Short-term Bank Facilities  6,245.00     CARE D Revised
                                            from CARE A4

   Long-term Bank Facilities
   (ECBs)                      1,392.62     CARE C Reaffirmed

   Non Convertible Debentures
   (NCDs)                        244.25     CARE C Reaffirmed

Rating Rationale

The revision in the ratings ((i) and (ii) above) takes into
account the ongoing delays in servicing the debt obligations by
the company.

The ratings ((iii) and (iv) above) continue to be constrained by
JSL's weak financial risk profile marked by losses at the net
level amid the subdued industry scenario and the company's weak
capital structure as well as debt coverage indicators.
The ratings also take into account the company's working capital
intensive nature of operations and cyclicality inherent in
the stainless steel industry.

The ratings take note of JSL's established position in the
domestic stainless steel industry and the company's semiintegrated
nature of operations. The ratings also take cognizance of healthy
growth in JSL's total operating income over the years and some
improvement in the company's operational profitability during
9MFY14 (refers to the period April 1 to December 31).

Going forward, the company's ability to improve its debt servicing
track record while improving its profitability profile and
register an improvement in its capital structure as well as debt
coverage indicators shall remain the key rating sensitivities.

JSL, promoted by the late Mr O.P. Jindal, was originally
incorporated in 1970 as Jindal Strips Ltd. During 2002, JSL was
formed pursuant to the demerger of Jindal Strips Ltd. Currently,
JSL is the flagship company of the Ratan Jindal group. It is
the largest domestic stainless steel producer with a steel melting
capacity of 0.8 million tonnes per annum each at Hisar (Haryana)
and Jajpur (Odisha). It also has a captive thermal power plant,
captive ferro chrome facilities, stainless steel melting, hot
rolling, cold rolling and downstream value-added stainless steel
manufacturing facilities. The company produces standard and
specialty steel for commercial and industrial applications.

During FY13 (refers to the period April 1 to March 31), on a total
operating income of INR10,303 crore, the company reported a PBILDT
of INR630 crore and net loss of INR821 crore. In 9MFY14
(provisional) (refers to the period April 1 to December 31), it
reported a PBILDT of INR629 crore and net loss of INR1,188 crore
on a total operating income of INR8,884 crore.


KALINGA PACKERS: CRISIL Reaffirms B Rating on INR91.5MM Loans
-------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Kalinga
Packers Pvt Ltd continues to reflect KPPL's modest scale of
operations in a fragmented industry and its financial risk profile
is constrained by small net worth and stretched liquidity. These
rating weaknesses are partially offset by the extensive experience
of KPPL's promoter in manufacturing corrugated boxes and its
established clientele.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------      -------
   Cash Credit           33.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     7         CRISIL B/Stable (Reaffirmed)

   Term Loan             51         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KPPL's financial risk profile will remain
constrained over the medium term because of its stretched
liquidity position. The outlook may be revised to 'Positive' in
case the company records substantially high revenue and
profitability, resulting in significant improvement in cash
accruals or large infusion of fresh capital easing pressure on
liquidity. Conversely, the outlook may be revised to 'Negative' in
case the company's significantly large working capital
requirements and considerably low cash accruals weaken its
financial risk profile.

Update
KPPL is likely to report net sales of around INR168 million year-
on-year (y-o-y) growth of 20 per cent driven by healthy demand
from existing and new customers. KPPL's operating margin for 2013-
14 (refers to financial year, April 1 to March 31), estimated at
around 13.8 per cent, improved from 11.7 % in 2012-13 mainly
driven by improvement in operating efficiencies with the new fully
automated unit being fully operational. The company's operations
remained moderately working-capital-intensive, with gross current
assets expected at around 105 days as on March 31, 2014, mainly
driven by its moderate debtor and inventory days. KPPL's financial
risk profile remained below average, marked by small net worth and
high gearing estimated at INR30 million and around 2.5 times as on
March 31, 2014. The company's debt protection metrics remained
moderate. The company's liquidity remained stretched marked by its
low cash accruals which are estimated at around INR17 million
during 2014-15, though it will be sufficient to meet its debt
obligations of around INR9.6 million during the same period. The
bank limit utilisations also remained high and averaged at 91 per
cent on an average over the 12 months ended February 2014.

CRISIL believes, KPPL's top line to grow at a healthy pace over
the medium term supported by healthy demand for corrugated boxes
and established customer relationships. Operating margin is likely
to remain healthy around 14 per cent. While KPPL's financial risk
profile will improve over the medium term supported by increasing
cash accruals, the same will remain below average constrained by
its small net worth. Liquidity will remain stretched marked by
modest accruals and moderately working-capital-intensive
operations.

Incorporated in 1988, by Mr. Abani Kumar Kanungo, KPPL
manufactures corrugated boxes. The company's production units have
a total capacity of 1400 tonnes per month and are situated in
Jagatpur (Odisha). KPPL also has an in-house printing facility.
KPPL's products are used by companies manufacturing fast-moving
consumer goods. The promoter of the company has over 25 years of
experience in the industry.


KHANNA PROPERTIES: CRISIL Reaffirms B Rating on INR402MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Khanna
Properties & Infrastructures Pvt Ltd continues to reflect KPIPL's
susceptibility to demand conditions and to project implementation,
which is accentuated by slow pace of construction and bookings for
majority of its projects. The rating also factors in the company's
vulnerability to cyclicality in the Indian real estate sector.
These rating weaknesses are partially offset by the extensive
experience of KPIPL's promoters in the construction sector, its
brand recognition in the real estate market of Jabalpur (Madhya
Pradesh), and the funding support from promoters, leading to
moderate funding risk for its ongoing projects.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Long Term
   Bank Loan Facility       7       CRISIL B/Stable (Reaffirmed)

   Term Loan              395       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KPIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
construction industry. CRISIL, however, also believes that the
company will remain sensitive to the booking rate and timeliness
of inflow of customer advances for implementing its on-going and
proposed projects. The outlook may be revised to 'Positive' if
KPIPL reports better-than-expected booking of units and receipt of
customer advances, leading to higher-than-expected cash inflows.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity deteriorates significantly, either because of
delays in project completion or in receipt of customer advances.

KPIPL was set up in 2006 and is a part of the Jabalpur-based
Khanna group. The company undertakes residential real estate
development, primarily in Jabalpur. It is currently executing six
residential projects, with a total of 649 units in Jabalpur: Sukh
Sagar Blue, Sukh Sagar Solitaire, Sukh Sagar Platinum, Sukh Sagar
Sapphire, Sukh Sagar Lifestyle, and Sukh Sagar Lifespace.

Other entities in the Khanna group are Khanna Builders and
Developers (rated 'CRISIL B/Stable'), Sukh Sagar Motors Pvt Ltd,
Satyam Enterprises, and Vision Complex. The group was established
in 1977 by Mr. Baljinder Singh Khanna. Initially, the group
undertook civil construction work for the government. In 2003-04
(refers to financial year, April 1 to March 31), the promoters
diversified and entered into real estate construction. The group's
first project, Sukh Sagar Valley, was launched in 2005-06; the
same was executed under Khanna Builders and Developers. This
project consists of developing 378 duplex apartments on a 32-acre
plot. Currently, the Khanna group is managed by Mr. Baljinder
Singh Khanna, with the support of his two sons, Mr. Amandeep Singh
Khanna and Mr. Ramandeep Khanna.


KISSAN POULTRY: CRISIL Lowers Rating on INR75MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kissan Poultry Farm to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           45.9       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Term Loan             29.1       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects delay by KPF in servicing its term
loans, driven by weak liquidity on account of low cash accruals
from the poultry business, which has been impacted by weak selling
prices against high input costs and overheads. The firm's annual
sales remained stagnant, at INR   220 million in 2012-13 (refers
to financial year, April 1 to March 31) and 2013-14, but its
operating margin deteriorated to 7.4 per cent in 2012-13 and to an
estimated 6.1 per cent in 2013-14 from 8.4 per cent in 2011-12.
Declining margin led to decline in cash accruals to INR4.9 million
in 2012-13 from INR5.5 million in 2011-12, and to an estimated
INR4.3 million in 2013-14. The cash accruals are insufficient to
meet annual term loan obligations of INR7.2 million. KPF's
liquidity is also constrained by large working capital
requirements leading to full utilisation of available bank lines
and frequent use of ad hoc bank lines.

KPF has a below-average financial risk profile marked by small net
worth, high gearing, and weak debt protection metrics. The firm
also has a modest scale of operations and large working capital
requirements, and its operating profitability is vulnerable to
risks inherent in the poultry industry. However, it benefits from
its diversified customer base and its proprietor's extensive
industry experience.

CRISIL has treated KPF's outstanding unsecured loans of INR8.47
million as on March 31, 2014, from its proprietor's friends and
family as neither debt nor equity'KPF is likely to retain the
unsecured loans for the duration of its bank debt.

KPF is a proprietorship firm set up in 1989 by Mr. Prakash Chand
Singhla in Singrur (Punjab). The firm is engaged in the poultry
industry.


MOENUS TEXTILE: CARE Revises Rating on INR10.13cr Loan to 'B+'
--------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Moenus Textile Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.13      CARE B+ Revised
                                            from CARE C

   Long-term/Short-term Bank     10.00      CARE B+/CARE A4
   Facilities                               Revised from
                                            CARE C/CARE A4

   Short-term Bank Facilities     2.80      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Moenus Textile Pvt Ltd is primarily driven by the increase in its
gross cash accruals, infusion of capital during FY14 (refers to
the period April 1 to March 31) resulting in better solvency
position, debt coverage indicators as well as liquidity position.

The ratings, however, continue to be constrained by the modest
scale of operations of MTPL in the highly fragmented and
cyclical textile industry and susceptibility of operating margins
to raw material price fluctuations. The ratings are also
constrained owing to decline in turnover during FY14 with
ballooning debt repayments that might put stress on the
financial position of the company.

The ratings continue to draw strength from the wide experience of
the promoters in the textile industry coupled with an
established manufacturing setup and proximity to cotton producing
region of Madhya Pradesh.

The ability of MTPL to increase its scale of operation, improve
profitability and efficiently manage its working capital
requirement remain the key rating sensitivities.

MTPL, incorporated in 2005, is a private limited company promoted
by Mr Saket Rupramka and Mr JN Patel. Mr JN Patel is an NRI based
in London and friend of Mr NM Shukla (director of MTPL). MTPL is
engaged in the manufacturing of open-end yarn ranging from Ne2 to
Ne16 through rotor spinning technology. It has installed capacity
of 1,800 rotors or 6,000 Metric Tonnes Per Annum (MTPA) at its
facility at Mandideep (Madhya Pradesh) as on March 31, 2014. MTPL
uses virgin cotton and comber noil (produced as waste during ring
spinning) for manufacturing cotton yarn and it caters to the
demand of manufacturers of industrial fabrics and denim products
in India and abroad.

Out of the total revenue, approximately 10% was generated through
export sales during FY14. MTPL exports its materials
to China, Hong Kong, Israel, Italy and Sri Lanka.

During FY14, MTPL reported a PAT of INR1.53 crore on a total
operating income (TOI) of INR44.59 crore as against a PAT of
INR9.58 crore on a TOI of INR49.38 crore in FY13.


NUTRI BIO: CRISIL Reaffirms 'D' Rating on INR80MM Loans
-------------------------------------------------------
CRISIL's ratings on the bank facilities of Nutri Bio Pharma (NBP)
continue to reflect instances of delay by NBP in servicing its
debt; the delays have been caused by the firm's weak liquidity.
NBP also has small scale of operations in the fragmented di-
calcium phosphate manufacturing industry and large working capital
requirements. However, NBP benefits from its promoters' extensive
experience in the formulation industry and their funding support.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        20        CRISIL D (Reaffirmed)
   Cash Credit           15        CRISIL D (Reaffirmed)
   Term Loan             45        CRISIL D (Reaffirmed)

Update
NBP availed of a term loan of INR45 million (outstanding amount of
INR39 million) for funding capital expenditure of INR80 million
for setting up a plant for manufacturing di-calcium phosphate
during 2011-12(refers to financial year, April 1 to March 31). The
firm has been continuously delaying in servicing its term loan
obligations because of weak liquidity over the 12 months ended
March 31, 2014, also captured in the fully utilised bank limits.

The firm's weak liquidity is on account of the low capacity
utilisation of around 50 per cent since the commencement of its
commercial operations in August 2012. This coupled with the
interest costs on debt contracted to meet its funding requirements
has led to marginal cash accruals which have been inadequate to
meet the debt obligations.  The firm has also has working capital
intensive operations primarily driven by the large inventory
maintained which has led to fully utilised bank limits with
frequent instances of overutilization. CRISIL expects NBP's
liquidity to remain weak over the medium term on account of its
working capital intensive operations and large debt repayment
obligations.

NBP is a partnership firm set up in 2011 by Mr. N V Ramana Reddy
and his son-in-law Mr. M Bharath Reddy. The firm started
commercial operations in August 2012 expected earlier. NBP
manufactures di-calcium phosphate. It has manufacturing capacity
in Nellore (Andhra Pradesh).


PRASHA TECHNOLOGIES: CRISIL Reaffirms B Rating on INR140MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prasha
Technologies Ltd continues to reflect the company's average
financial risk profile marked by modest net worth and high
gearing; the company's debt protection metrics are weak because of
loss-making operations and its business risk profile is
constrained by sharp decline in scale of operations and
profitability, largely because of end-user industry concentration.
These rating weaknesses are partially offset by the benefits that
PTL derives from its promoters' extensive industry experience and
their funding support.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           100        CRISIL B/Stable (Reaffirmed)
   Long Term Loan         10        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     90        Withdrawal

   Proposed Long Term
   Bank Loan Facility     30        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PTL will benefit from the extensive
experience of its promoters' in the supply of sheet-metal-based
components. The outlook may be revised to 'Positive' if the
company's financial risk profile improves with significant
improvement in cash accruals or if its business risk profile
improves because of increase in its scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative' if the company generates low cash accruals or if its
promoters infuse less equity than expected, weakening its
financial risk profile, particularly its liquidity. The outlook
may also be revised to 'Negative' in case of smaller-than-expected
scale of operations and low profitability, weakening PTL's
business risk profile.

Update
PTL's revenue of INR502 million for 2012-13 (refers to financial
year, April 1 to March 31) was lower by about 5 per cent over the
previous year. PTL's revenue growth has remained muted since 2011-
12 on account of decline in orders from the telecom sector, mainly
from its major client Erricsson India and because of intense
competition in the battery industry. PTL's operations were marked
by low estimated operating margin of 8.3 per cent for 2013-14; the
operating margin is expected to deteriorate over the medium term
because of lower margins in the generator division. Despite lower-
than-expected revenue from the telecom sector, PTL is likely to
post revenue of INR510 million over the medium term supported by
its diversification into the lift division and its healthy order
book. In 2012-13, PTL's working capital management deteriorated,
with larger-than-expected gross current assets (GCAs) of 171 days
as on March 31, 2013. CRISIL believes that PTL's business will
remain working-capital-intensive but the working capital
requirements are not expected to be funded through debt. CRISIL
believes that PTL's liquidity will remain stretched because of
large working capital requirements, albeit supported by funds from
promoters.

Incorporated in 1993, PTL is engaged in sheet metal fabrication.
PTL supplies mechanical hardware for mobile base stations to
telecommunication equipment manufacturers. It also assembles and
supplies uninterrupted power supply systems (40 kilovolt amperes
[KVA] to 550 KVA) and generators (15 to 2000 KVA), and
manufactures elevators used in commercial real estate.


RAJA MOTORS: CRISIL Reaffirms 'B' Rating on INR59.5MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Raja Motors (Fatehabad)
(RMF) continues to reflect RMF's weak financial risk profile
marked by small net worth, below-average total outside liabilities
to tangible net worth (TOLTNW) ratio, average debt protection
metrics, and weak liquidity on account of tightly matched cash
accruals and term debt obligations. The rating also reflects RMF's
modest scale of operations, limited bargaining power with
principal Hyundai Motors India Ltd (HMIL), and exposure to intense
competition in the automobile dealership industry. These rating
weaknesses are partially offset by the established presence of
RMF's promoters in the automobile dealership market in Fatehabad
(Haryana).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            33        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B/Stable (Reaffirmed)

   Term Loan              21.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RMF will continue to benefit over the medium
term from its promoters' extensive experience in the automobile
dealership market. The outlook may be revised to 'Positive' if the
firm registers significant improvement in its financial risk
profile because of significant and sustainable improvement in its
revenue and accruals, and efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if RMF's
financial risk profile, particularly liquidity, deteriorates
because of low cash accruals, or large working capital
requirements or debt-funded capital expenditure.

Update
For 2012-13 (refers to financial year, April 1 to March 31), RMF
reported revenue of INR188.7 million, which is in line with
CRISIL's expectation. The revenue is estimated at INR220 million
for 2013-14. RMF's operating margin is estimated at 4.5 per cent
for 2013-14, in line with CRISIL's expectation. The firm's
operations remain moderately working-capital-intensive, with gross
current assets of 104 days as on March 31, 2013, up from 76 days
as on March 31, 2012, because of significant increase in debtors.
The receivables increased to 68 days as on March 31, 2013, from 26
days as on March 31, 2012. CRISIL believes that RMF's operations
will remain moderately working-capital-intensive over the medium
term.

RMF's financial risk profile is weak, with TOLTNW ratio estimated
at 1.9 times as on March 31, 2014. However, the ratio improved
from 2.35 times as on March 31, 2013, driven by capital infusion
of INR 6.4 million by the promoters in 2013-14. Despite capital
infusion, the firm's net worth remains small, estimated at INR35
million as on March 31, 2014, because of small accretion to
reserves on account of low operating profitability. CRISIL
believes that RMF's capital structure will remain below average,
with TOLTNW ratio expected at more than 1.8 times over the medium
term. RMF has average debt protection metrics with interest
coverage and net cash accruals to total debt ratios estimated at
1.7 times and 0.09 times, respectively, for 2013-14, on account of
moderate debt and low operating profitability.

RMF's liquidity position continues to remain weak driven by
tightly matched cash accruals against term debt obligations and
high bank limit utilization. In 2013-14 the firm's cash accruals
are estimated to be tightly matched at around INR 4.0 million
against term debt obligations of INR 4.0 million. In 2014-15 its
cash accruals are expected to be sufficient at around INR 5.0
million against term debt obligations of INR 3.6 million. Its bank
limits are highly utilized at an average of 90 per cent in the
last 12 months ended Feb 2014. CRISIL believes the firm's bank
limits to remain highly utilized over the medium term.

For 2012-13, the firm reported a book profit of INR0.3 million on
net sales of INR187.0 million, against a book profit of INR0.2
million on net sales of INR127.9 million for 2011 12. The firm is
likely to report sales of around INR220 million for 2013-14.

About the Firm

RMF, established as a partnership concern in September 2009, is an
authorised dealer for HMIL in Fatehabad. The firm is promoted by
Mr. Om Prakash Makkar and his son Mr. Rajesh Makkar. It is a part
of the Raja group, which has been in the automobile dealership
business for over two decades. Other firms in the group include
Raja Motors (Sirsa) (rated 'CRISIL B/Stable'), Raja Motors
(Bathinda) ('CRISIL B/Stable'), AVC Motors ('CRISIL B+/Stable')
and AVC Motors (Nissan) ('CRISIL B/Stable').


RICHLOOK GARMENTS: ICRA Lowers Rating on IRN39.5cr Loans to 'D'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR39.5
crore fund based facility of Richlook Garments Private Limited
from [ICRA]B+ to [ICRA]D. The rating revision factors in the
delays in debt servicing by the company on account of liquidity
constraints faced by it.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             6.0         Downgraded to [ICRA]D
                                     from [ICRA]B+

   Fund based limits    33.5         Downgraded to [ICRA]D
                                     from [ICRA]B+

Richlook Garments Private Limited (RGPL) is engaged in the
manufacturing and retailing of men's garments, and accessories. At
present, the company has 62 outlets. The company has also forayed
into cash and carry business under which it sells its products to
dealers and large retailers across the country on an outright
basis. The company carries out manufacturing through its two units
based in New Delhi which have an annual installed capacity of
500,000 shirts and 350,000 trousers. The company is also setting
up a factory in Kundli, Haryana where it has purchased land and is
undertaking construction.


VIJAYASREE FOODS: CRISIL Reaffirms B+ Rating on INR80MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vijayasree
Foods continues to reflect VF's below-average financial risk
profile marked by its small net worth, moderate gearing and weak
debt protection metrics.

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

   Proposed Long Term
   Bank Loan Facility     20        CRISIL B+/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
modest scale of operations in the intensely competitive rice
milling industry, and the susceptibility of its profitability
margins to changes in paddy prices and government regulations.
These rating weaknesses are partially offset by the extensive
experience of VF's partners in the rice milling industry.

Outlook: Stable

CRISIL believes that VF will continue to benefit over the medium
term from its partners' extensive industry experience. 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 a
stretch in its working capital cycle.

VF was established as a partnership firm in 2011 by Mr. M K V Rami
Reddy and Mr. M L G K Avathar Reddy, and their family members. The
firm mills and processes paddy into rice; the firm also generates
by-products, such as broken rice, bran, and husk. The firm is
based in Tenali district in Andhra Pradesh.



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


HAKUGEN CO: Files For Bankruptcy Protection
-------------------------------------------
Jiji Press reports that Hakugen Co. said it has sought court
protection from creditors under the Civil Rehabilitation Law.

The application was filed with the Tokyo District Court, the
report says.  Jiji Press relates that the Tokyo-based company
faced funding difficulties after sales of its mainstay products
slumped.

Jiji Press says Hakugen leaves liabilities totaling
JPY25.5 billion, according to credit research agency Teikoku
Databank Ltd. Hakugen President Makoto Kamada will resign to take
responsibility.

Since its founding in 1923, the company has released many popular
products, including Parasol moth repellent for clothing and
Hokkairo disposable pocket warmers. Jiji Press, citing Teikoku
Databank, discloses that Hakugen logged sales of JPY33.24 billion
in the year that ended in March 2010.

Its business later started to falter, says Jiji Press.  In January
this year, the report recalls, Hakugen sold its Hokkairo
operations for the domestic market to Kowa Co., based in Nagoya,
to concentrate its management resources on its mainstay repellent
operations. However, these efforts did not bear fruit.

Hakugen Co. is a Japan-based repellent maker.



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


KING TOYOTA: Unsecured Creditors Unlikely to Get Paid
-----------------------------------------------------
Hamish McNicol at The Dominion Post reports that unsecured
creditors of failed Wellington car dealership King Toyota are owed
NZ$280,000 and unlikely to get a cent back.

The Dominion Post relates that declining car sales over the start
of the year pushed high-profile Wellington car dealership King
Toyota into insolvency, owing more than NZ$5 million.

King Toyota, which has two sites in Lower Hutt and one in Upper
Hutt, went into receivership in April, after what previous owner
David Clarke called a quiet February of sales, the report
discloses.

According to the Dominion Post, receiver PwC has released its
first report on the company, from which the business and assets
were sold to Rutherford & Bond Toyota owner and director Tim
Prescott last month.

Nationally, annual car sales are on track to overtake 200,000 for
the first time in nearly a decade, and receiver John Fisk
previously described the receivership as "counter-intuitive," the
report says.

About NZ$280,000 of unsecured claims have so far been made. But
PwC said it was unlikely any funds would be available to pay them,
the report relays.

According to the report, PwC said a decline in car sales in the
three months before its appointment was the principal reason for
the insolvency.

The report says main creditor, Toyota Finance New Zealand, had a
NZ$4.1m interest over all motor vehicles and property of the
company. ANZ Bank was owed NZ$0.6 million, while Inland Revenue
was owed NZ$188,000.

Ten of the 50 staff had been laid off, with employees owed about
NZ$240,000 -- though outstanding wages had been paid, the report
discloses.  About NZ$190,000 was left owing in holiday pay.

Toyota New Zealand was supporting the firm, with all warranties
being honoured and vehicles being delivered on deposits, the
report notes.


STRATEGIC FINANCE: FMA Confirms Accord With Directors, Auditors
---------------------------------------------------------------
The Financial Markets Authority (FMA) and the Receivers of
Strategic Finance Limited, John Fisk and Colin McCloy of PwC, have
announced that they have finalised a settlement with the directors
and auditors of Strategic. Under the terms of the settlement the
directors and auditors will pay to the Receivers of Strategic
NZ$22 million.  This will enable the Receivers to make a further
distribution to investors.

As part of the settlement, the directors have each provided FMA
with an enforceable undertaking that they will not, without the
prior written approval of FMA:

   * act as a director or promoter of a public issuer of
     securities for five years; or

   * accept appointment or employment or act as a Chief Executive
     Officer or Chief Financial Officer (or equivalent position)
     of a public issuer of securities for three years.

These undertakings are provided under s46 of the Financial Markets
Authority Act 2011 and are available on FMA's website.

The directors who were the subject of FMA's claim and who have
provided undertakings are Kerry Finnigan, Graham Edward Jackson,
Marcel Aubrey Lindale, Timothy John Rich, Denis Grenville Thom and
David John Wolfenden.

In February 2013, FMA announced that its investigation into
Strategic had found that the directors are likely to have breached
the Securities Act by making untrue statements in a registered
prospectus, investment statement and in an advertisement between
March 2008 and August 2008.

Separately, the Receivers have pursued claims against the
directors, including under the Companies Act 1993, and against the
auditors in respect of the Dec. 31, 2007 audit.

"In reaching this settlement we are providing certainty and
compensation to investors. We have also been mindful of avoiding a
lengthy and costly court case, with potential litigation risk.
The terms of the settlement deliver a strong deterrence message
and include enforceable undertakings from the directors of
Strategic not to act as a director of an issuer of securities to
the public for 5 years," said FMA Director of Enforcement and
Investigations, Belinda Moffat.

"While the directors do not admit liability, FMA remains of the
view that they are likely to have breached their disclosure
obligations under the Securities Act.

"However, given the limited personal assets of the directors, this
settlement represents the best outcome for investors in the
circumstances," said Ms. Moffat.

The settlement resolves all claims as between FMA, the Receivers,
liquidators, trustees, directors and auditors.  The settlement sum
will be paid over the next 6 months to the Receivers, who will
distribute funds to investors in the same manner that the
Receivers will distribute proceeds from the realisation of assets
in the receivership. While this was a lengthy and complex process
it is noted that the directors co-operated with FMA's
investigation.

Between August 1999 and August 2008 Strategic Finance Limited
carried on the business of providing finance and other financial
services, primarily to the property sector.

Strategic's principal business involved lending money to property
developers and investors in commercial, industrial and residential
property in New Zealand, Australia and the Pacific Islands. Loans
were made through term loans, bridging loans and development and
construction loans, in a mixture of first, second and third-
ranking facilities.

On Aug. 7, 2008, Strategic placed a trading halt on all its
securities. Trading of Strategic's securities did not resume after
the trading halt.

In December 2008 Strategic went into Moratorium. In March 2010
Strategic went into receivership. Strategic's failure affected
approximately 11,000 investors with a loss of NZ$383 million. The
receivers have distributed to secured debenture investors 10 cents
in the dollar during the receivership to date.

From April 2010 FMA (and before May 1, 2011, the Securities
Commission) has investigated the conduct of the directors of
Strategic and its subsidiary Strategic Nominees Limited with
respect to Strategic's compliance with disclosure obligations
under the Securities Act.



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


PACNET LIMITED: Fitch Affirms 'B' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Pacnet Limited's (Pacnet) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B'.  At the same
time, Fitch has affirmed the company's USD350m guaranteed senior
secured notes due 2018 at 'BB/RR1'.  The Outlook is Stable.  The
telecoms network and IT infrastructure company has dual
headquarters in Hong Kong and Singapore.

KEY RATING DRIVERS

Smaller Scale, Intense Competition: The ratings reflect low
profitability, strong competition from better-capitalised market
participants, a weak financial position, and the high execution
risk of its data centre strategy.  The company competes with large
telecoms incumbents in its primary service offerings such as
managed data connectivity solutions.  Pacnet's data centre
operations are also smaller than those of its rivals in key
markets.

Limited Data Centre Contribution: To date, contribution from its
core data centres - those that are built, owned and operated by
Pacnet rather than reselling of facilities - has been limited.
Fitch expects further improvement in EBITDA will be slow in the
next few quarters, and a more meaningful contribution from core
data centres is likely to come in 2015.  The successful rollout
and rapid take-up of its new data centre capacity are important to
Pacnet's long-term strategy and could drive improvement in credit
metrics.

High Leverage: Fitch expects Pacnet's free cash flow to remain
negative for at least the next 12-18 months, and funds flow from
operations (FFO)-adjusted net leverage to be at around 4x (2013:
3.6x) and cash flow from operations (CFO)-adjusted net leverage to
remain at over 5x (2013: 5.3x) for the next 12-18 months.
However, both maintenance capex and committed capex are low, and
therefore the company has some flexibility to manage its cash
requirements should internal funds need to be retained - as the
company has demonstrated in the past.

High Recovery Rating: The 'RR1' Recovery Rating on the outstanding
USD350m guaranteed notes reflects Fitch's recovery calculation for
the proposed notes of at least 90%, and the bonds are therefore
rated three notches higher than the IDR under our recovery rating
methodology.  The notes are subordinated to any future debt raised
at non-guarantor subsidiaries.  However, Fitch understands that
the company has no plans to raise such funds.

Adequate Liquidity: Fitch believes Pacnet's liquidity remains
adequate.  At end-2013, unrestricted cash amounted to USD54m.
However, there was no major debt maturing within one year at end-
2013, except finance lease obligation of USD0.1m.  The refinancing
of USD29m in bank loans by USD50m of new bank loans in June 2013
and also the refinancing of the previous USD300m senior secured
notes with the USD350m senior secured notes in December 2013
raised the average debt maturity to over 4 years, from 2.0 years
previously.

RATING SENSITIVITIES

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

  -- FFO-adjusted net leverage rising over 5x
  -- FFO fixed charge coverage falling below 2x (2013: 2.5x), both
on a sustained basis

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- CFO-adjusted net leverage falling below 4x
  -- FFO-adjusted net leverage falling below 4x
  -- FFO fixed charge coverage rising above 2.5x, both on
     a sustained basis



===============
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.



                 *** End of Transmission ***