TCRAP_Public/140617.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, June 17, 2014, Vol. 17, No. 118


                            Headlines


A U S T R A L I A

ABIOKA PTY: In Administration; First Meeting Set for June 24
BANKSIA FINANCIAL: ASIC Bans Ex-Lead Auditor For 5 Years
BLUE MOUNTAINS: SV Partners Appointed as Administrators
REWARD MINERALS: Pays Penalty For Continuous Disclosure Breach
STAGSAW PTY: Hall Chadwick Appointed as Administrator

WENTWORTH SERVICES: Secured Creditor NAB OKs Kelly Group Deal


C H I N A

KU6 MEDIA: Posts $4.41 Million Net Loss in First Quarter


I N D I A

A.RAMANATHAN & CO.: CRISIL Puts Ratings on Notice of Withdrawal
APEX CONSUMER: CRISIL Assigns 'B+' Ratings to INR105MM Loans
B D OVERSEAS: CRISIL Reaffirms 'B+' Ratings on INR27.8MM Loans
BHUPINDER PAUL: CRISIL Raises Rating on INR100MM Loans to 'B+'
CACHAR ROLLER: ICRA Assigns 'B+' Rating to INR6cr Loans

GODAVARI PLASTO: CARE Assigns 'B' Rating to INR7.55cr Bank Loan
GOMATHI STEELS: CRISIL Reaffirms 'B+' Rating on INR130MM Loan
GREEN WORLD: ICRA Reaffirms 'B' Rating on INR9.0cr Loans
HINDUSTAN PRESSINGS: CRISIL Suspends B+ Rating on INR130MM Loans
IRIS VISION: CRISIL Suspends 'B' Rating on INR60.9MM Loans

J. K. RICE: CRISIL Upgrades Rating on INR140MM Loans to 'B'
KARTIKAY RESORTS: CRISIL Cuts Rating on INR73.4MM Loan to 'D'
KHUSHI ENTERPRISES: CRISIL Assigns 'B' Rating to INR65MM Loans
MAHAVIR RICE: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
MAS ENTERPRISES: CRISIL Suspends 'D' Rating on INR219MM Loans

MGM STEELS: ICRA Suspends 'B' Rating on INR2.50cr Loan
MIRADOR COMMERCIAL: CRISIL Suspends B Rating on INR360MM Loan
NAV ENGINEERS: CRISIL Cuts Rating on INR64.2MM Loans to 'B'
NUCON INDUSTRIES: CRISIL Suspends 'B' Rating on INR229.2MM Loans
PCH LIFESTYLE: CRISIL Suspends 'D' Rating on INR350MM Loans

PELICAN INT'L: CRISIL Reaffirms 'B+' Rating on INR2.5MM Loan
PRATHYUSHA CHEMICALS: CRISIL Reaffirms B- Rating on INR361M Loans
RANA POLYCOT: ICRA Reaffirms 'D' Rating on INR370MM Loans
SAI VENKATESHWARA: ICRA Reaffirms B+ Rating on INR12.25cr Loans
SAUMYA MINING: CRISIL Suspends 'D' Rating on INR870MM Loans

SHAKTI INDUSTRIES: ICRA Reaffirms 'B' Rating on INR9.25cr Loan
SHIV SHAKTI: ICRA Assigns 'B+' Rating to INR2.50cr Bank Loan
SHREE BALAJI: ICRA Suspends 'D' Rating on INR13.50cr Loans
SOUTHERN POWER: CRISIL Reaffirms 'D' Rating on INR15.5BB Loans
SOVA METALS: CRISIL Suspends 'D' Rating on INR140MM Loans

ULTRA DIMENSIONS: ICRA Reaffirms 'B' Rating on INR40cr Loans
WESTERN PETROLEUM: CRISIL Suspends 'D' Rating on INR80MM Loans
WIN-TEL CERAMICS: CRISIL Assigns 'D' Rating to INR200MM Loans
XICON INTERNATIONAL: ICRA Reaffirms 'B+' Rating on INR3cr Loan


J A P A N

AIFUL CORP: Wins Creditor Support For Debt Restructuring


T A I W A N

CTBC BANK: Fitch Retains 'BB+' Support Rating Floor


T H A I L A N D

KRUNG THAI: Fitch Affirms 'B' Intl. Rating for Hybrid Tier 1 Sec.


X X X X X X X X

* BOND PRICING: For the Week June 9 to June 13, 2014


                            - - - - -


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A U S T R A L I A
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ABIOKA PTY: In Administration; First Meeting Set for June 24
------------------------------------------------------------
Adam Farnsworth of Farnsworth Shepard was appointed as
administrator of Abioka Pty Ltd on June 12, 2014.

A first meeting of the creditors of the Company will be held at
Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, on
June 24, 2014, at 10:00 a.m.


BANKSIA FINANCIAL: ASIC Bans Ex-Lead Auditor For 5 Years
--------------------------------------------------------
The Australian Securities and Investment Commission has accepted
an enforceable undertaking (EU) from Warren John Sinnott of
Kennington, Victoria, as part of an ongoing investigation into the
collapse of Banksia Financial Group.

Under the EU, Mr. Sinnott is prevented from practising as a
registered auditor until June 11, 2019.

Mr. Sinnott was the lead auditor responsible for the audits of
companies in the Banksia Group -- which included Securities Holdco
Limited and its subsidiaries, Banksia Securities Limited (Banksia)
and Cherry Fund Limited -- for the financial years 2009-2012 (the
audits).

As a result of ASIC's investigation, ASIC formed the view that
Mr. Sinnott failed to carry out or perform adequately and properly
the duties of an auditor. In particular, ASIC found that Mr
Sinnott did not conduct the audits in accordance with the
Australian Auditing Standards as required of him under the
Corporations Act 2001.

In relation to each audit ASIC formed the view that Mr. Sinnott
failed, among other things, to:

   * perform sufficient audit procedures in relation to loan
     receivables and obtain sufficient appropriate audit
     evidence to reduce the risk of material misstatement of
     loan receivables to an acceptably low level;

   * display an appropriate level of professional skepticism
     when auditing the valuation of, and provision for
     impairment of loans receivable, and adequately document
     his conclusion about the reasonableness of the provision
     for impairment;

   * remain alert through the audits that the risk of the
     potential impairment of loan receivables may cast doubt
     over Banksia Group's ability to continue as a going
     concern;

   * take responsibility for the overall quality of the audit
     and provide an appropriate level of supervision and
     review; and

   * appropriately conclude that he had obtained reasonable
     assurance to form an appropriate opinion on the financial
     report.

Under the EU, Mr. Sinnott agreed, among other things, to:

   * participate in a further 10 hours of continuing professional
     development on audit methodology each year during the period
     of suspension in addition to the mandatory professional
     requirements;

   * provide to any client or employer a copy of the EU where he
     is engaged by them to perform any audit and/or review work
     for which registration as an auditor under the Corporations
     Act is not required; and

   * submit for review to a registered auditor, approved by ASIC,
     the first three audits conducted by him following the period
     of suspension that are required to be conducted by a
     registered company auditor under the Corporations Act and
     implement any recommendations made by the review auditor.

"Auditors are important gatekeepers who are relied upon to provide
assurance and market confidence in the quality of financial
reports. Auditors who fail to adequately perform their duties will
be held to account," ASIC Commissioner, John Price, said.

ASIC's investigation into the collapse of Banksia is continuing.

                     About Banksia Securities

Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately $660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


BLUE MOUNTAINS: SV Partners Appointed as Administrators
-------------------------------------------------------
Thomas John Joachim Atkinson -- joe.atkinson@svp.com.au -- and
Stephen Wesley Hathway -- stephen.hathway@svp.com.au -- of SV
Partners were appointed as administrators of Blue Mountains
Megacinema Pty Ltd, trading as The Edge Cinema, on June 16, 2014.

A first meeting of the creditors of the Company will be held at
Level 7, 151 Castlereagh Street, in Sydney, New South Wales, on
June 24, 2014, at 10:00 a.m.


REWARD MINERALS: Pays Penalty For Continuous Disclosure Breach
--------------------------------------------------------------
Reward Minerals Ltd has paid a AUD33,000 penalty after ASIC served
an infringement notice for the company's alleged failure to comply
with continuous disclosure obligations.

The conduct relates to Reward's ASX announcement on Dec. 10, 2013.

ASIC alleged that by Dec. 2, 2013, Reward was aware of analysis
results showing samples of near-surface brines taken from lakes in
Western Australia's Telfer-Lake Disappointment area contained
encouraging potassium levels.

Reward paid the penalty on June 9, 2014, in compliance with the
infringement notice.

"Continuous disclosure is crucial to market integrity and to
making sure investors are confident and informed, and if we think
companies are falling short of the mark, we will take action,"
ASIC Commissioner John Price said.

The Corporations Act 2001 (Corporations Act) provides that
compliance with the infringement notice is not an admission of
guilt or liability. Reward is not, by reason of its compliance
with the infringement notice, regarded as having contravened
section 674(2) of the Corporations Act.

Details of the infringement notice will be published in the ASIC
Gazette.

Reward Minerals Ltd is an Australia-based company. The Company is
engaged in mineral exploration. The Company operates in potash
mineral exploration within Australia. The Company's projects
include Lake Disappointment Potash Project, Lake Mackay Potash
Project, Karinga Creek Potash Project and Officer Basin Evaporites
Project.


STAGSAW PTY: Hall Chadwick Appointed as Administrator
-----------------------------------------------------
David Ingram and Blair Pleash of Hall Chadwick were appointed as
administrators of Stagsaw Pty Limited, trading as The Nova Team,
on June 12, 2014.

A first meeting of the creditors of the Company will be held at
The Business Centre, The Board Room, 265 King Street, in Newcastle
West, on June 24, 2014, at 11:30 a.m.


WENTWORTH SERVICES: Secured Creditor NAB OKs Kelly Group Deal
-------------------------------------------------------------
Sunraysia Daily reports that agreement has been reached but the
hard work has only just begun to revive the Wentworth Services
Club.

The report says the Kelly Group has 30 days from June 13 to
implement the deed of company arrangement (DOCA) agreed upon by
the secured creditor of the club -- National Australia Bank (NAB).
According to the report, the club appeared set to go into
liquidation on June 13 before an eleventh hour about-face saw NAB
agree in principal to release its security based on a revised
offer put to it earlier that day.

Sunraysia Daily relates that the bank had initially rejected the
DOCA made by the Kelly Group to save the club, which sparked
considerable community backlash and public pressure to reverse the
decision.

According to Sunraysia Daily, Mildura solicitor Lindsay Anderson,
representing the Kelly Group, said provisions had been made with
the bank and it had reconsidered the DOCA.

Mr. Anderson said the terms of the deed were agreed upon late
Friday [June 13] and he understood it had now been signed, the
report relays.

"There is a whole range of matters that need to be worked out,
discussed and resolved . . . to give implementation to the DOCA,"
the report quotes Mr. Anderson as saying.

George Georges and Brendan Richards at Ferrier Hodgson were
appointed as administrators of Wentworth Services Sporting Club
Limited on Feb. 27, 2014.



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KU6 MEDIA: Posts $4.41 Million Net Loss in First Quarter
--------------------------------------------------------
Ku6 Media Co., Ltd. on June 13 reported unaudited financial
results for the first quarter of fiscal year 2014, ended
March 31, 2014.

First Quarter 2014 Highlights

The Company generated substantially all of its revenues from
online advertising, primarily through an advertising agency
agreement with Shanghai Shengyue Advertising Ltd. ("Shengyue"), a
company formerly wholly owned by Shanda Interactive, pursuant to
which Shengyue acted as the Company's exclusive advertising agency
for standard media resources and as its non-exclusive advertising
agency for highly interactive advertising resources.

GAAP net loss was US$4.41 million (RMB27.43 million), as compared
to a net loss of US$26.78 million in the fourth quarter of 2013
and US$1.67 million in the first quarter of 2013.  Non-GAAP net
loss, which the Company defines as net loss excluding expenses
(benefits) associated with share-based compensation, was US$4.17
million (RMB25.94 million) in the first quarter of 2014, as
compared to non-GAAP net loss of US$25.57 million in the fourth
quarter of 2013 and US$2.32 million in the first quarter of 2013.

Basic and diluted loss per ADS was US$0.09(RMB0.58) in the first
quarter of 2014, as compared to US$0.57 in the fourth quarter of
2013 and US$0.04 in the first quarter of 2013.

Cash and cash equivalents were US$4.45 million (RMB27.65 million)
as of March 31, 2014.

Net cash provided by operating activities was US$2.50 million
(RMB15.55 million) in the first quarter of 2014, as compared to
net cash used in operating activities of US$4.46 million in the
fourth quarter of 2013 and net cash used in operating activities
of US$2.27 million in the first quarter of 2013.

(1) The reporting currency of the Company is the United States
dollar ("U.S. dollar"), but solely for the convenience of the
reader, the amounts of Renminbi ("RMB") presented throughout the
release were calculated at the rate of US$1.00=RMB6.2164,
representing the noon buying rate as of March 31, 2014 in the City
of New York for cable transfers of RMB as certified for customs
purposes by the Federal Reserve Bank of New York.  This
convenience translation is not intended to imply that the U.S.
dollar amounts could have been, or could be, converted, realized
or settled into RMB at that rate on March 31, 2014, or at any
other rate.

"It's my pleasure to announce Ku6's earnings release of first
quarter of 2014," Mr. Xudong Xu, Chief Executive Officer of Ku6
Media, commented.  "In the first quarter of 2014, Ku6 Media
experienced a very difficult time because of the big operational
adjustment and uncertainty of cash flow.  In order to turn around
the situation, we have established partnership with Qinhe and
entered new advertising agreement with advertising agent to try to
improve the cash collection.  We also have adopted a plan to
reduce our headcount and have taken other cost reduction measures,
including reduce infrastructure costs and content acquisition
costs, to reduce our operational cash outflows.  In the mean time,
we have been actively seeking additional financing."

First Quarter 2014 Financial Results

Total revenues were US$2.81 million (RMB17.44 million) in the
first quarter of 2014, representing a decrease of 13.7% from
US$3.25 million in the fourth quarter of 2013 and a decrease of
8.5% from US$3.07 million in the first quarter of 2013.

In the second quarter of 2011, the Company started to generate
advertising revenues primarily from performance advertising
services using a system called Application Advertisement ("AA").
Performance advertising revenue is realized through Shengyue, an
advertising agent which until March 31, 2014 was under the common
control of Shanda Interactive Entertainment Limited, the Company's
majority shareholder at that time.  The Company generated 96.3% of
total revenues in the first quarter of 2014 through this
advertising agent, as compared to 96.0% of total revenues in the
fourth quarter of 2013.

Cost of revenues was US$3.94 million (RMB24.50 million) in the
first quarter of 2014, representing a decrease of 25.1% from
US$5.26 million in the fourth quarter of 2013 and an increase of
25.8% from US$3.13 million in the first quarter of 2013.  The
increase in cost of revenues as compared to the fourth quarter of
2013 was primarily due to the video production costs incurred for
the UGC Entertainment Awards Ceremony held by the Company in
Beijing in December 2013.

Gross loss was US$1.14 million (RMB7.06 million) in the first
quarter of 2014, as compared to a gross loss of US$2.01 million in
the fourth quarter of 2013 and a gross loss of US$0.07 million in
the first quarter of 2013.  Non-GAAP gross loss, which is herein
defined as a gross loss excluding expenses (benefits) associated
with share-based compensation, was US$1.10 million (RMB6.83
million) in the first quarter of 2014, as compared to a non-GAAP
gross loss of US$1.66 million in the fourth quarter of 2013 and a
non-GAAP gross loss of US$0.26 million in the first quarter of
2013.

Operating expenses were US$3.59 million (RMB22.29 million) in the
first quarter of 2014, representing a decrease of 88.4% from
US$30.93 million in the fourth quarter of 2013 and an increase of
58.0% from US$2.27 million in the first quarter of 2013.  Non-GAAP
operating expenses , which is herein defined as operating expenses
excluding expenses (benefits) associated with share-based
compensation, were US$3.38 million (RMB20.02 million) in the first
quarter of 2014, as compared to non-GAAP operating expenses of
US$30.07 million in the fourth quarter of 2013 and US$2.72 million
in the first quarter of 2013.  The decrease in operating expenses
as compared to the fourth quarter of 2013 was mainly attributable
to the impairment charges of US$6.23 million and US$20.99 million
for goodwill and for definite-lived intangible assets (mainly
trademark), respectively, in the fourth quarter of 2013.

Operating loss was US$4.72 million (RMB29.34 million) in the first
quarter of 2014, representing an decrease of 85.7% from US$32.94
million in the fourth quarter of 2013 and an increase of 102.2%
from US$2.33 million in the first quarter of 2013.  Non-GAAP
operating loss, which reflects the exclusion of expenses
(benefits) associated with share-based compensation, was US$4.48
million (RMB27.85 million) in the first quarter of 2014, as
compared to the non-GAAP operating loss of US$31.73 million in the
fourth quarter of 2013 and US$2.98 million in the first quarter of
2013.

Net loss was US$4.41 million (RMB27.43 million) in the first
quarter of 2014, representing a decrease of 83.5% from US$26.78
million in the fourth quarter of 2013 and an increase of 163.9%
from US$1.67 million in the first quarter of 2013.  Non-GAAP net
loss , which reflects the exclusion of expenses (benefits)
associated with share-based compensation, was US$4.17 million
(RMB25.94 million) in the first quarter of 2014, as compared to
US$25.57 million in the fourth quarter of 2013 and US$2.32 million
in the first quarter of 2013.  The decrease in net loss as
compared to the fourth quarter of 2013 was primarily attributable
to the impairment charges of US$6.23 million and US$20.99 million
for goodwill and for definite-lived intangible assets (mainly
trademark), respectively, partially offset by an associated income
tax benefit of US$4.83 million for the fourth quarter of 2013.

Net loss per basic and diluted ADS was US$0.09(RMB0.58) in the
first quarter of 2014, as compared to US$0.57 in the fourth
quarter of 2013 and US$0.04 in the first quarter of 2013.
Weighted average ADSs used to calculate basic and diluted net loss
per ADS were 47.3 million in the first quarter of 2014, 47.3
million in the fourth quarter of 2013 and 47.3 million in the
first quarter of 2013.

Adjusted EBITDA loss , which is herein defined as net loss
attributable to Ku6 Media before interest income, interest
expenses, income taxes, depreciation and amortization (excluding
amortization and write-down of licensed video copyrights), further
adjusted for share-based compensation expenses (benefits), and
other non-operating items, was US$4.18 million (RMB25.95 million)
in the first quarter of 2014, as compared to adjusted EBITDA loss
of US$30.99 million in the fourth quarter of 2013 and US$2.04
million in the first quarter of 2013.  Adjusted EBITDA loss for
the fourth quarter of 2013 is larger than non-GAAP net loss as
described previously due to the exclusion of the income tax
benefit recorded in the fourth quarter of 2013.

As of March 31, 2014, the Company had US$4.45 million (RMB27.65
million) in cash and cash equivalents, compared to US$1.67 million
as of December 31, 2013.  The increase was primarily attributable
to US$2.50 million (RMB15.55 million) of net cash provided by
operating activities, as a result of the collection of significant
amounts of receivables from Shengyue in the first quarter of 2014.

Liquidity and Going Concern

Substantial doubt exists as to the Company's ability to continue
as a going concern, primarily due to (1) uncertainties of cash
collection associated with the revenue sharing cooperation with
Qinhe and the new advertising agency agreement with Shengyue; (2)
uncertainties associated with the Company's cost reduction
measures, including improving the efficiency of CDN network to
reduce infrastructure costs, as well as reducing the content
acquisition costs; (3) uncertainties as to the availability and
timing of additional financing with terms acceptable to the
Company.

Recent Business Developments

Advertising Agency Agreement with Shengyue

On March 31, 2014, the Company's previous advertising agency
agreement with Shengyue, which originally expired on December 31,
2013 and was amended and restated for an additional period of
three months spanning the first quarter of 2014, expired and was
not renewed.  Shengyue, as of April 10, 2014, is no longer owned
by Shanda Interactive and is currently an independent third party.
In addition, on April 30, 2014, the Company entered into a new
advertising agency agreement with the new non-related party
Shengyue following Shengyue's change in ownership.  The minimum
guarantees amount under this new agreement is substantially lower
than the minimum revenue guarantees under the previous advertising
agency agreement with Shengyue prior to March 31, 2014.  This new
advertising agency agreement is effective from April 25 and will
expire on December 31, 2014.

Share Transaction between Shanda and Mr. Xudong Xu

On March 31, 2014, the Company's controlling shareholder, Shanda
Media, a wholly owned subsidiary of Shanda Interactive, entered
into a share purchase agreement with Mr. Xudong Xu to sell
1,938,360,784 ordinary shares (approximately 41% of the Company's
issued and outstanding ordinary shares) to Mr. Xu, the founder and
controlling shareholder of Sky Profit Limited, a Caymans Islands
company engaged in online business ventures (the "Transaction").

On April 3, 2014, the transfer of the ordinary shares was
completed. The aggregate consideration for these ordinary shares
was US$47.4 million.  Mr. Xu funded the purchase price through a
loan from Shanda Media, which is secured by a pledge of all of the
Company's ordinary shares beneficially owned by Mr. Xu. Mr. Xu has
also provided powers of attorney over the shares to Shanda
Interactive.  The powers of attorney over the shares can be
exercised after occurrence of an event of default which is
continuing.

On April 3, 2014, in connection with the acquisition of shares by
Mr. Xu, Shanghai Shengda Network Development Co., Ltd. ("Shanghai
Shengda"), Shanda Media's affiliate, entered into agreements to
provide a loan of RMB20.0 million to the Company.  This loan does
not bear any interest and was due on April 2, 2015.  The loan was
immediately forgiven in order to satisfy one of the closing
conditions under the share purchase agreement; therefore, this
amount will be reflected as an increase in the Company's equity
capital (additional paid in capital) in the second quarter. In
partial exchange therefore, a related party receivable from
Hurray! Media Co., Ltd., a wholly owned affiliate of Shanda,
amounting to US$1,246,641, was waived by the Company and this
amount will also be reflected as a charge to the Company's
additional paid in capital in the second quarter.  On April 10,
2014, the Company received the monies from Shanghai Shengda.

As part of the Transaction, Mr. Xu has undertaken in the share
purchase agreement to procure additional equity or debt financing
in the amount of no less than US$10.0 million by October 30, 2014.
There is no guarantee as to if and when this financing will occur
and none has yet been procured.  The uncertainties surrounding the
successful consummation, if at all, of this financing (or of any
other financing) may further exacerbate the Company's liquidity
challenges and deficit position and cast further doubt on the
Company's ability to continue as a going concern.

Headcount Reduction Plan

On April 22, 2014, the Company filed a plan with relevant
authorities to reduce its headcount by approximately 40% in
various departments in order to reduce future operating cash
outflows.  The Company may incur additional severance costs in
relation to headcount reductions; however, as the Company's
agreements with affected employees do not contain explicit
severance formulae, the amounts may vary and are currently not
estimable.

Revenue Sharing Cooperation with Qinhe

On April 30, 2014, the Company entered into an agreement with
Qinhe, a company controlled by Mr. Xu, which operates iSpeak, a
social platform that allows users to engage in real-time online
group activities through voice, text and video. This agreement
stipulates that the Company will assist Qinhe by providing online
game marketing services.  Qinhe will share a portion of its
profits that are generated from the Company's video viewers who
play Qinhe's games after linking to them through advertisements on
the Company's websites.  Profits are calculated as revenues from
the games operated by Qinhe, net of licensing fees payable to game
developers.  The Company has provided these game marketing
services to Qinhe from April 3, 2014 onward. This agreement
expires on March 31, 2015.

On May 4, 2014, the Company entered into a separate agreement with
Qinhe to provide interactive entertainment marketing services
under a similar arrangement to that described above.  Pursuant to
this agreement, the Company will share a certain percentage of
Qinhe's revenues generated from its video viewers who visit the
iSpeak platform by linking thereto from advertisements on the
Company's website and spend monies with iSpeak.  On May 4, 2014,
the Company started to provide these marketing services to Qinhe.
This agreement expires on May 3, 2015.

Loan from Related Party

On May 19, 2014, Shanghai Shengda entered into agreements to
provide a loan of RMB21.4 million to the Company.  This loan does
not bear any interest and is due within twelve months.  However,
similar to the previous forgiven loan of RMB20.0 million in early
April, this loan was immediately forgiven. In partial exchange,
related party payables to certain companies under the common
control of Shanda, amounting to RMB5.3 million, were offset
against this loan.  The benefit from the forgiven loan will be
reflected as an increase in the Company's equity capital
(additional paid in capital).  On May 30, 2014, the Company
received the net amounts of RMB16.1 million from Shanghai Shengda.

Share Repurchase Program of 2011

Pursuant to a share repurchase program announced on December 30,
2011, the Company's Board of Directors have authorized the Company
to repurchase up to an aggregate of US$3.2 million of its
outstanding ADSs from time to time following the date thereof,
based on market conditions.  As of March 31, 2014, the Company has
repurchased 157,567 ADSs from open market under this program.
There were no share repurchases in the first quarter of 2014.

                    About Ku6 Media Co., Ltd.

Ku6 Media Co., Ltd. -- http://ir.ku6.com-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video website,  www.ku6.com , Ku6
Media provides online video uploading and sharing service, video
reports, information and entertainment in China.



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A.RAMANATHAN & CO.: CRISIL Puts Ratings on Notice of Withdrawal
---------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of
A.Ramanathan & Co. on 'Notice of Withdrawal' for a period of 180
days, at ARC's request. The ratings will be withdrawn at the end
of the notice period. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         15        CRISIL A4 (Placed on 'Notice
                                    of Withdrawal')

   Cash Credit            27.5      CRISIL B/Stable (Placed on
                                    'Notice of Withdrawal')

   Proposed Long Term    141.3      CRISIL B/Stable (Placed on
   Bank Loan Facility               'Notice of Withdrawal')

Outlook: Stable

CRISIL believes that ARC will improve its business risk profile,
backed by its promoter's extensive industry experience and
established market position. The outlook may be revised to
'Positive' if the firm strengthens its business risk profile by
extending its geographical reach and diversifying its customer
base, and if it is able to significantly improves its revenues and
profitability along with a comfortable capital structure.
Conversely, the outlook may be revised to 'Negative' if ARC's
revenues and profitability decline significantly, if there are
considerable delays in realisation of receivables, or if the firm
undertakes a larger-than-expected, debt-funded capital expenditure
programme, thereby weakening its financial risk profile,
particularly its liquidity.

ARC was set up as a partnership firm in 1955 by Mr. R
Panneerselvam, Mr. P A Paranthaman, Mr. G Ganeshan, and their
family members to execute civil contracts. The firm is based in
Trichy (Tamil Nadu).


APEX CONSUMER: CRISIL Assigns 'B+' Ratings to INR105MM Loans
------------------------------------------------------------
CRISIL has assigned its CRISIL B+/Stable/CRISIL A4 ratings on the
bank facilities Apex Consumer Appliances Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               7.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     67.5       CRISIL B+/Stable
   Cash Credit*           30         CRISIL B+/Stable
   Letter of Credit       15         CRISIL A4

The rating reflects Apex's exposure to intense competition in the
fragmented home appliance industry, subdued financial risk
profile, marked by high gearing and weak debt protection metrics
and working-capital-intensive operations. These rating weaknesses
are partially offset by Apex's promoters' extensive experience in
the home appliance industry.

Outlook: Stable

CRISIL believes that Apex will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if the company reports significantly
better than expected revenues and margins leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the company's revenues or margins decline
or if its working capital cycle lengthens, resulting in further
deterioration in its financial risk profile.

Apex was incorporated in June 2010, by Mr. Dhaval Shah and his
wife, Mrs. Kinjal Shah, and took over the business of the
erstwhile firm 'Apex Home Appliances' which was operational since
1990. Apex is engaged in manufacturing of home and kitchen
appliances. The company's manufacturing facilities are located in
Mumbai and Bhiwandi (Maharashtra).

Apex reported a profit after tax (PAT) of INR 2.1 million on net
sales of INR 129.1 million for 2012-13 (refers to financial year,
April 1 to March 31); against a PAT of INR0.9 million on net sales
of INR52.9 million for 2011-12.


B D OVERSEAS: CRISIL Reaffirms 'B+' Ratings on INR27.8MM Loans
--------------------------------------------------------------
CRISIL's rating continues to reflect B D Overseas (BDO; part of
the MRM group) weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. The ratings
also factor in the group's susceptibility to risks related to
changes in regulatory policies, volatility in raw material prices,
and dependence on the monsoon. These rating weaknesses are
partially offset by the extensive experience of the MRM group's
partners in, and healthy growth prospects for, the rice industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            --------    -------
   Purchase-Discounting     15      CRISIL A4 (Reaffirmed)
   Facility

   Packing Credit           70      CRISIL A4 (Reaffirmed)

   Term Loan                12.8    CRISIL B+/Stable (Reaffirmed)

   Cash Credit              15      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Mahavir Rice Mills (MRM) and BDO,
together referred to as the MRM group. This is because the two
entities have common partners, are engaged in a similar line of
business, and have strong business and financial linkages.

Outlook: Stable

CRISIL believes that the MRM group's financial risk profile will
remain constrained over the medium term, marked by a small net
worth and high gearing. The group's business risk profile will,
however, continue to be supported by its partners' extensive
industry experience. The outlook may be revised to 'Positive' if
there is a significantly greater-than-expected improvement in the
MRM groups' scale of operations and profitability, leading to
larger-than-expected cash accruals, or in case of infusion of
capital by the partners, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile weakens, most
likely because of a decline in sales, large debt-funded capital
expenditure, or sizeable capital withdrawals by the partners.

The MRM group mills, processes, and sells basmati rice in India
and abroad. It produces only parboiled rice, which has strong
demand in the Middle East and Iran. MRM was set up in 1984 as a
partnership firm by Mr. Jai Kumar Garg and his sons, Mr. Anil
Kumar and Mr. Parveen Kumar. BDO was set up by the Garg family to
increase the group's installed capacity. The group has a capacity
of 4 tonnes per hour (tph) for milling and 8 tph for sorting
(including BDO's 2 tph and 5 tph capacities for milling and
sorting, respectively, that were commissioned in June 2011).


BHUPINDER PAUL: CRISIL Raises Rating on INR100MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Bhupinder Paul Mahajan to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the firm's short-term
facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)

   Cash Credit            30        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

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

The rating upgrade reflects the more-than-expected improvement in
BPM's scale of operations in 2014-15 (refers to financial year,
April 1 to March 31) on the back of its improved order book of
INR570 million as on May 31, 2014, to be executed over the next
four years, in comparison with INR120 million for the next two
years as on January 31, 2014. The increased order book is largely
because of an order of INR350 million received from Himachal
Pradesh Road Development Corporation (HPRDC). This project is
being funded by World Bank and hence is expected to support BPM's
liquidity in the form of timely and assured payments.

The improved order book will result in an increase in BPM's scale
of operations. Also, the mobilisation advances received from the
project will lead to lower dependence on bank funding, and hence
to no major increase in interest costs and to an improvement in
its profit after tax. With this, the firm's financial risk profile
is also expected to improve, with lower gearing and comfortable
debt protection metrics. However, timely execution of orders is
dependent on the firm being able to contract higher bank guarantee
limits from the bank.

The ratings reflect BPM's small scale of operations in the highly
fragmented civil construction segment and its large working
capital requirements, constraining its liquidity. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's proprietor, its healthy order book, and
its above-average financial risk profile.

Outlook: Stable

CRISIL believes that BPM will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if BPM diversifies its
revenues and achieves higher-than-expected revenue growth, while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if the firm increases its
reliance on debt to fund its incremental working capital
requirements, thereby weakening its capital structure and debt
protection metrics. A stretch in BPM's working capital cycle,
leading to weakening of its liquidity, may also result in a
'Negative' outlook.

BPM was established as a proprietorship by Mr. Bhupinder Paul
Mahajan in 1998. The firm constructs roads and bridges for
government entities in Himachal Pradesh. It is currently managed
by Mr. Bhupinder Paul Mahajan and his nephew, Mr. Nishant Mahajan.

BPM is estimated to report a book profit of INR5.5 million on net
sales of INR90 million for 2013-14, against a book profit of
INR6.6 million on net sales of INR93 million for 2012-13.


CACHAR ROLLER: ICRA Assigns 'B+' Rating to INR6cr Loans
-------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.00 crore cash
credit facility (including INR2.50 crore of proposed cash credit
facility) of Cachar Roller Flour Mills Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-     3.50        [ICRA]B+ assigned
   Cash Credit

   Fund Based Limit-     2.50        [ICRA]B+ assigned
   Proposed Cash
   Credit

The assigned rating takes into account CRFML's small scale of
current operations and low productivity from the mill due to
inadequate power supply from Assam State Electricity Board (ASEB),
which increases its dependence on DG set; thereby impacting the
productivity, top-line growth and margins. The rating is also
constrained by the highly fragmented nature of industry along with
the presence of a large number of small and mid-sized players
leading to intense competition pressurizing margins and the
company's exposure to agro climatic risks associated with the
availability of quality wheat. ICRA also takes note of the
vulnerability of the company's margins to fluctuations in raw
material prices as the company needs to hold substantial
inventory. The rating, however, favourably considers the
experience of the promoter for more than two decades in the flour
milling industry and the stable demand outlook of wheat flour, as
it forms an important part of the staple Indian diet. The rating
also takes into account CRFML's wide customer base and established
relationship with them over the years which ensure repeat orders,
though; sales are restricted to the states of Assam and Tripura
which leads to high geographical concentration risks.

Incorporated in 1987, CRFML is engaged in the manufacturing of
flour milling products:  maida (refined all purpose flour), atta
(whole wheat flour), suji (semolina), and bran from wheat. The
company commenced its commercial production in 1990 with an
installed wheat milling capacity of 28,800 metric tons per annum
(MTPA). CRFML sells its finished products under the brand name of
'SUN'. The registered office-cum-manufacturing facility is
situated at Silchar, Assam.

Recent Results

During 2013-14, the company reported a net profit of INR0.10 crore
(provisional) on an operating income of INR19.67 crore
(provisional), as compared to a net profit of INR0.06 crore on an
operating income of INR14.42 crore in 2012-13.


GODAVARI PLASTO: CARE Assigns 'B' Rating to INR7.55cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B/CARE A4' rating to bank facilities of
Godavari Plasto Containers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.55       CARE B Assigned
   Short term Bank Facilities    4.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Godavari Plasto
Containers Private Limited (GCPL) are constrained by the
company's highly leveraged capital structure on account of the
working capital intensive nature of operations, low profitability
margins and customer concentration risk. The ratings, however,
derive strength from the company's experienced promoters, healthy
growth in revenues during FY12-FY14 (refers to the period April 01
to March 31) and the established customer base.

The ability of the company to scale up its operations along with
improvement in profitability margins and capital structure
is the key rating sensitivity.

Incorporated in 1997, Godavari Plasto Containers Private Limited
was promoted by Mr C Chandra Prakash, Mr M Ramesh and Mr C
Janardhan Rao. The company is engaged in the manufacturing of HDPE
drums and containers ranging from 20 litres to 270 litres. GCPL
operates from two manufacturing units; one located at Hyderabad
with a total capacity of around 3,000 MTPA and the second unit
being located at Vishakhapatnam with a total capacity of around
1,600 MTPA.

The final products being high-density polyethylene drums and
containers are majorly sold to pharma-based industries which are
used for bulk drug packaging.

During FY13 (audited), GCPL reported a PAT of INR0.06 crore on a
total operating income of INR33.46 crore as against a total
operating income and PAT of INR19.28 crore and INR0.01 crore
respectively in FY12. Furthermore, the company has achieved a
total operating income of INR41.09 crore during FY14
(provisional).


GOMATHI STEELS: CRISIL Reaffirms 'B+' Rating on INR130MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Gomathi Steels
continue to reflect GS's modest scale of operations in the highly-
competitive steel products industry, and its below-average
financial risk profile, marked by a modest net worth, high
gearing, and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of the firm's
proprietor in the steel products industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting        20       CRISIL A4 (Reaffirmed)
   Cash Credit            130       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GS will continue to benefit over the medium
term from the industry experience of its proprietor. The outlook
may be revised to 'Positive' if the firm substantially increases
its scale of operations while improving its margins and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in GS's revenue and margins or
lengthening of its working capital cycle, leading to further
deterioration in its financial risk profile.

GS is a proprietorship concern of Mr. Govindasamy established in
2003. The firm manufactures various steel products such as nails,
bolts, couplers, and mild steel wires, and also trades in steel
wire rods. Its manufacturing units are near Chennai (Tamil Nadu).


GREEN WORLD: ICRA Reaffirms 'B' Rating on INR9.0cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' and a short-
term rating of '[ICRA]A4' for the INR11.08 Crore bank facilities
of Green World International Private Limited.

                    Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loan            6.80         [ICRA]B reaffirmed
   Cash Credit          2.20         [ICRA]B reaffirmed
   Bank Guarantee       2.08         [ICRA]A4 reaffirmed

The rating reaffirmation takes into account the experience of
promoters in the e-waste recycling business, adequate market and
reduced raw material risk. In the backdrop of significant
competition from unorganized sector, the raw material procurement
risk is reduced to an extent because of provision of six months
consumables from supplier in the project cost as well as service
level agreements signed with companies operating in Information
Technology (IT), Telecom space. However, the ratings are
constrained due to the delay in project commencement by six
months, cost overrun caused due to adverse forex movement for the
imported machinery. The industry remains highly unorganized, with
smaller local players posing high competition to the few organized
players. Also, the regulatory framework for the industry in which
GWIPL operates is still evolving and there exists limited
awareness among consumers regarding e-waste handling. The ability
of the company to achieve moderate capacity utilization in early
phase of operations in order to generate healthy cash flows would
be key rating sensitivities going forward.

Recent results
In FY14 (provisional), GWIPL recorded an operating income of
INR31.7 Crore. The operating proof before interest depreciation
interest and tax (OPBIDTA) stood at INR1.7 Crore. The profit after
tax (PAT) was INR0.6 Crore.

Established in 2010 as a partnership firm, Green World
International was reconstituted as a private limited company,
Green World International Private Limited (GWIPL) in October 2012.
It is a closely held company, being promoted by Mr. Anurag
Srivastava, Mr. Vaibhav Agarwal, Mr. Ujwal Gupta and Mr. Vipul
Gupta along with other directors. GWIPL was incorporated with the
objective of carrying on the business of recycling of scrapped
motherboards, computers, electronic items, televisions and other
kinds of electronic waste. The firm has an operational e-waste
recycling unit at Manesar. The new facility, with state of the art
equipments has been set up at Bahadurgarh (Haryana) which has
become operational from February 2014.


HINDUSTAN PRESSINGS: CRISIL Suspends B+ Rating on INR130MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hindustan Pressings Pvt. Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           30.6       CRISIL B+/Stable (Suspended)

   Proposed Long Term
   Bank Loan Facility     8.3       CRISIL B+/Stable (Suspended)

   Term Loan             90.1       CRISIL B+/Stable (Suspended)

   Working Capital
   Demand Loan            1         CRISIL B+/Stable (Suspended)

   Letter of credit &    20         CRISIL A4 (Suspended)
   Bank Guarantee

The suspension of ratings is on account of non-cooperation by HPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HPPL is yet to
provide adequate information to enable CRISIL to assess HPPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

HPPL was set up in 1985 as Mittal Fabricators Pvt Ltd by Mr.
Satishkumar Agarwal and his brothers. The company got its present
name in 1998. Currently, HPPL is being managed by Mr. Rakesh
Agarwal. The company manufactures sheet metal pressed components,
and is engaged in fabrication and laser cutting. It has three
units at MIDC Bhosari in Pune (Maharashtra) and is currently
setting up a fourth unit. HPPL supplies sheet metal products to
Tier 1 automobile players, original equipment manufacturers, and
earth mover equipment manufacturers; it also has a small presence
in the export market. In the export market, HPPL supplies cable
trays and other parts to companies engaged in the building of
ships or railway bogies.


IRIS VISION: CRISIL Suspends 'B' Rating on INR60.9MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Iris
Vision Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           57.7        CRISIL B/Stable Suspended
   Term Loan              3.2        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by IVPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, IVPL is yet to
provide adequate information to enable CRISIL to assess IVPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

IVPL was established in 2005 as a private limited company by Mr.
Zakir Hussain and his family. The company is a retailer in
electronic goods (television sets, air conditioners, mobiles,
camera, computers, laptops and other IT products) manufactured by
various leading brands. Currently, the company has six exclusive
outlets and one multi-brand outlet in Patna (Bihar). The company
plans to set up about four more stores in the region, which are
expected to become operational in the second quarter of 2012-13
(refers to financial year, April 1 to March 31).


J. K. RICE: CRISIL Upgrades Rating on INR140MM Loans to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
J. K. Rice Mills to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           105        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term      5        CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Working Capital        30        CRISIL B/Stable (Upgraded
   Demand Loan                      from 'CRISIL B-/Stable')

The rating upgrade reflects the more-than-expected improvement in
JKRM's revenue to INR395.2 million in 2012-13 (refers to financial
year, April 1 to March 31), driven by healthy orders from its key
domestic customers; its revenue is estimated to have increased
further by 35 per cent year-on-year in 2013-14, despite its
closing down of direct exports during the year due to significant
foreign exchange rate fluctuations. However, its operating
profitability has reduced to 3.3 per cent in 2012-13 from 6.0 per
cent in 2011-12.

JKRM's liquidity has improved as it has fully repaid its term
loans and does not have any debt repayment obligations as on date.
The firm also received support from its promoters in the form of
equity infusion of INR10 million in 2013-14 to fund its working
capital requirements. However, due to its incremental working
capital requirements, its bank limits have continued to be highly
utilised.

JKRM's financial risk profile has also improved as reflected in
its lower gearing of 2.46 times as on March 31, 2013, as against
2.96 times as on March 31, 2012; the gearing is estimated to have
improved further to 2.23 times as on March 31, 2014, on account of
equity infusion of INR10 million and repayment of its entire term
debt in 2013-14. The firm's debt protection metrics, though, have
remained weak, in line with CRISIL's expectations and past trends
on account of a weak capital structure and a low operating margin.

The ratings reflect JKRM's weak financial risk profile, and its
modest scale and working-capital-intensive nature of operations.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the rice industry and the
funding support received from them, along with moderate liquidity
supported by no term debt obligations.

Outlook: Stable

CRISIL believes that JKRM will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established relationships with customers. The outlook may be
revised to 'Positive' in case of a significant improvement in the
firm's scale of operations and operating margin, leading to an
improvement in its debt protection metrics and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
slowdown in JKRM's revenue or more-than-expected increase in its
working capital requirements, leading to significant deterioration
in its financial risk profile.

Set up in 1998, JKRM processes paddy into basmati rice. Its
facility is in Jalalabad (Punjab). The firm is managed by its
partners, Mr. Vijay Kumar and Mr. Amit Kumar.

JKRM reported a book profit of INR0.9 million on net sales of
INR395.2 million for 2012-13, against a book profit of INR0.8
million on net sales of INR279.3 million for 2011-12. The firm is
expected to report revenue of INR535.3 million for 2013-14.


KARTIKAY RESORTS: CRISIL Cuts Rating on INR73.4MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Kartikay Resorts and Hospitality Pvt Ltd to 'CRISIL D' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             73.4       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects KRHPL's delay in servicing the
interest on its term loan on account of weak liquidity driven by
time and cost overrun in its ongoing hotel project in Nainital
(Uttarakhand). This is mainly because of uneven landscaping at the
project site. The hotel was expected to be operational from
January 2013.

CRISIL's rating continues to reflect KRHPL's weak financial risk
profile, and exposure to risks related to commercialisation of the
project. These rating weaknesses are partially offset by the
benefits KRHPL is expected to derive from its operational and
management tie-up with Country Inn Resorts (Carlsons Group), one
of the leading global hospitality groups.

Set up in 2006 by Mr. Manoj Verma, KRHPL is managing two budget
hotels, Hotel Rajhans in Manali and Hotel Anchal in Kasauli (both
in Uttarakhand), on a lease basis. These hotels, with 22 rooms
each, were started in December 2008 and August 2010, respectively.
The company is setting up a hotel at Mukteshwar in Nainital.

KRHPL is estimated to report a profit after tax (PAT) of INR0.42
million on net sales of INR4.20 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.46
million on net sales of INR4.14 million for 2011-12. The company
is estimated to report net sales of INR3.8 million in 2013-14.


KHUSHI ENTERPRISES: CRISIL Assigns 'B' Rating to INR65MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-term
bank facilities of Khushi Enterprises- Vapi (KE).

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

   Proposed Long Term
   Bank Loan Facility      5        CRISIL B/Stable

The ratings reflect KE's exposure to intense competition in the
fragmented polyester yarn waste trading industry and below-average
financial risk profile marked by modest networth and high gearing.
These rating weaknesses are partially offset by extensive
experience of KE's proprietor in polyester yarn waste trading
industry.

Outlook: Stable

CRISIL believes that KE will maintain its stable business risk
profile over the medium term, backed by its proprietor's extensive
industry experience and established supplier relationship. The
outlook may be revised to 'Positive' in case of substantial
improvement in KE's scale of operations, resulting to better-than-
expected cash accruals, or any large equity infusion leading to
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in the firm's
financial risk profile due to lengthening of working capital cycle
or due to decline in revenues and profitability.

KE is a proprietorship concern of Mr. Gautam Jain. KE was formed
in the year 2010. The concern is engaged in trading of polyester
yarn waste which is mainly used as a raw material for making
packaging materials. KE is based out of Vapi, Gujarat.

KE reported a profit after tax (PAT) of INR5.8 million on net
sales of INR273.5 million For 2012-13 (refers to financial year,
April 1 to March 31); the concern reported a PAT of INR5.3 million
on net sales of INR278.3 million for 2011-12.


MAHAVIR RICE: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
----------------------------------------------------------
CRISIL's rating continues to reflect Mahavir Rice Mills (MRM; part
of the MRM group) weak financial risk profile, marked by a small
net worth, high gearing, and weak debt protection metrics. The
ratings also factor in the group's susceptibility to risks related
to changes in regulatory policies, volatility in raw material
prices, and dependence on the monsoon. These rating weaknesses are
partially offset by the extensive experience of the MRM group's
partners in, and healthy growth prospects for, the rice industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)
   Packing Credit        120        CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MRM and BD Overseas (BDO), together
referred to as the MRM group. This is because the two entities
have common partners, are engaged in a similar line of business,
and have strong business and financial linkages.

Outlook: Stable

CRISIL believes that the MRM group's financial risk profile will
remain constrained over the medium term, marked by a small net
worth and high gearing. The group's business risk profile will,
however, continue to be supported by its partners' extensive
industry experience. The outlook may be revised to 'Positive' if
there is a significantly greater-than-expected improvement in the
MRM groups' scale of operations and profitability, leading to
larger-than-expected cash accruals, or in case of infusion of
capital by the partners, leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile weakens, most
likely because of a decline in sales, large debt-funded capital
expenditure, or sizeable capital withdrawals by the partners.

The MRM group mills, processes, and sells basmati rice in India
and abroad. It produces only parboiled rice, which has strong
demand in the Middle East and Iran. MRM was set up in 1984 as a
partnership firm by Mr. Jai Kumar Garg and his sons, Mr. Anil
Kumar and Mr. Parveen Kumar. BDO was set up by the Garg family to
increase the group's installed capacity. The group has a capacity
of 4 tonnes per hour (tph) for milling and 8 tph for sorting
(including BDO's 2 tph and 5 tph capacities for milling and
sorting, respectively, that were commissioned in June 2011).


MAS ENTERPRISES: CRISIL Suspends 'D' Rating on INR219MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mas
Enterprises Ltd.

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Bank Guarantee               2.5       CRISIL D Suspended
   Cash Credit                147.5       CRISIL D Suspended
   Foreign Bill Discounting     7.5       CRISIL D Suspended
   Long Term Loan              31.8       CRISIL D Suspended
   Packing Credit              29.7       CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by MEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MEL is yet to
provide adequate information to enable CRISIL to assess MEL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Set up in 1978 by Mr. T.T Jose as a partnership firm, MEL got its
current name in 1992. The company exports spices, predominantly
cardamom, and also trades in fast-moving consumer goods, such as
curry powder and jams, under the Palat and Mas brands. MEL is also
a Bharat Sanchar Nigam Ltd (BSNL) distributor and franchise holder
in Idduki district (Kerala). MEL sells and markets BSNL's cash
cards, subscriber identity module, and talktime recharge cards.


MGM STEELS: ICRA Suspends 'B' Rating on INR2.50cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR2.50 crore fund based facility, and the short term rating of
[ICRA]A4 assigned to the INR6.50 crore non-fund based facilities
of MGM Steels. The suspension follows ICRA's inability to carry
out a rating surveillance, in the absence of the requisite
information from the entity.


MIRADOR COMMERCIAL: CRISIL Suspends B Rating on INR360MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mirador Commercial Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        100        CRISIL A4 Suspended
   Term Loan             360        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by MCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MCPL is yet to
provide adequate information to enable CRISIL to assess MCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

MCPL, incorporated in 1994, has recently started undertaking
Engineering, Procurement and Construction (EPC) contracts for
erection of power transmission towers and laying power
transmission lines. For this business MCPL acquired the
engineering division of Southern Petrochemical Industries
Corporation Ltd in September 2011 for INR570 million. Before
starting this business, MCPL used to trade in raw jute and mutual
fund. MCPL's main customers are Power Grid Corporation of India
Ltd (PGCIL; rated 'CRISIL AAA/Stable/CRISIL A1+'), the Indian
Railways, Rajasthan Rajya Vidyut Prasaran Nigam Ltd and Coastal
Energen Pvt Ltd.


NAV ENGINEERS: CRISIL Cuts Rating on INR64.2MM Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nav Engineers Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            11         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        7.4       CRISIL A4 (Reaffirmed)

   Term Loan              49.7       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Working Capital         3.5       CRISIL B/Stable (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in NEPL's business
risk profile, leading to a below-average financial risk profile.
The company's revenue has declined to an estimated INR49.8 million
in 2013-14 (refers to financial year, April 1 to March 31) from
INR70.2 million in 2010-11. Furthermore, its operating
profitability has declined to about 22 per cent from about 31 per
cent over this period.  Due to the decline in scale of operations
and operating margin, the company has been booking net losses over
the three years through 2013-14.

NEPL's financial risk profile has also deteriorated, reflected in
the erosion of its net worth mainly due to the net losses, its
weak debt protection metrics, and its high gearing. However, its
financial risk profile is supported by unsecured loans from its
promoters.

The ratings reflect NEPL's small scale of operations in an
intensely competitive industry, the vulnerability of its operating
margin to volatility in raw material prices, and its weak
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
label manufacturing and embroidery industry.

Outlook: Stable

CRISIL believes that NEPL's scale of operations will remain small
over the medium term. The outlook may be revised to 'Positive' if
the company scales up its operations substantially, leading to
strengthening of its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if NEPL's liquidity weakens
significantly, most likely because of less-than-expected cash
accruals as a result of a decline in revenues, or if it undertakes
a larger-than-expected debt-funded capital expenditure programme,
thereby weakening its capital structure.

NEPL was incorporated in 1988, promoted by Mr. Navin Gupta. It
manufactures woven and printed labels used in the garment and home
furnishing segments. The company also undertakes schiffli
embroidery on a job-work basis. Its plant is in Noida (Uttar
Pradesh).


NUCON INDUSTRIES: CRISIL Suspends 'B' Rating on INR229.2MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nucon
Industries Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        84         CRISIL A4 Suspended
   Letter of Credit      50         CRISIL A4 Suspended
   Cash Credit          220         CRISIL B/Stable Suspended
   Term Loan              9.2       CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Nucon with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Nucon is yet to
provide adequate information to enable CRISIL to assess Nucon's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Nucon manufactures compressed air treatment and pneumatic
solutions. Based in Hyderabad, the company is managed by promoter
director Mr. Hemant Jalan, who has experience of around two
decades in the business. Nucon also has capability to manufacture
cylinders in sizes of more than 20 inches (heavy duty cylinders).
Nucon's manufacturing unit in Hyderabad has installed capacity of
around 2000 cylinders per month.


PCH LIFESTYLE: CRISIL Suspends 'D' Rating on INR350MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of PCH
Lifestyle Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           250         CRISIL D Suspended
   Term Loan             100         CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
PCHLPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PCHLPL is yet to
provide adequate information to enable CRISIL to assess PCHLPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in September 2009, PCHLPL is in the branded garments
distribution business. It began operations in January 2009. PCHLPL
is a sister concern of PCH and is promoted by PCH's promoters, Mr.
Balwinder Singh and Mrs. Baljit Kaur. Since inception, PCHLPL has
been distributing fabrics procured from manufacturers/dealers in
Mumbai (Maharashtra). The company has a sub-dealer network of 100.
It plans to set up 10 to 15 showrooms for retail sale of branded
readymade garments in Andhra Pradesh (AP). PCHLPL has also signed
agreements with reputed garment manufacturers such as Arvind Ltd,
Turtle Ltd, and Levi Strauss & Co, for exclusive distribution in
the AP market.


PELICAN INT'L: CRISIL Reaffirms 'B+' Rating on INR2.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pelican International
Pvt Ltd continue to reflect PIPL's below-average financial risk
profile marked by its small net-worth, high total outside
liabilities to tangible net worth ratio, and below-average debt
protection metrics. The ratings of the company are also
constrained on account its exposure to intense competition in the
tyre trading industry resulting in its low profitability margins.
These rating weaknesses are partially offset by the extensive
industry experience of its promoters, the company's efficient
working capital management, and its low exposure to risks related
to inventory losses on account of the order-backed nature of its
operations.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            2.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     137.5       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's profitability margins, while it
registers a healthy revenue growth, or there is a substantial
improvement in its capital structure on the back of sizeable
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely because of a stretch in its working
capital cycle.

PIPL was incorporated in 2005 by Mr. Girish Aggarwal. The company
trades in tyres and mild steel products. Trading of tyres
contribute to around 75 per cent of the company's revenues. The
company is based in Hyderabad, Andhra Pradesh.

PIPL's promoters have been in the tyre industry for more than 20
years through another group company - Pelican Rubber Ltd (PRL).
PRL manufactures butyl rubber tubes used in tyres for two- and
three-wheelers, passenger cars, jeeps, trucks, and earth movers
and sold under the Avis brand.


PRATHYUSHA CHEMICALS: CRISIL Reaffirms B- Rating on INR361M Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Prathyusha Chemicals
and Fertilisers Ltd continue to reflect Prathyusha's below-average
financial risk profile marked by its small net worth, high
gearing, and weak debt protection metrics. The ratings are also
constrained on account of the company's large working capital
requirements, its exposure to implementation and off-take related
risks associated with its debt-funded capacity expansion project,
and the susceptibility of its operations to erratic monsoons and
changes in government regulations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the fertiliser industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B-/Stable (Reaffirmed)

   Foreign Letter
   of Credit             180        CRISIL A4 (Reaffirmed)

   Term Loan             291        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Prathyusha will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
substantial and sustained improvement in its profitability
margins, or there is a substantial improvement in its capital
structure on the back of sizeable equity infusion from its
promoters. Conversely, the outlook may be revised to 'Negative' if
there is a steep decline in the company's profitability margins,
or the offtake from the enhanced capacities is lower-than-expected
thereby resulting in weakening in its liquidity profile.

Prathyusha was set up in 1999 in Vishakhapatnam (Andhra Pradesh)
by Mr. A Visweswara Rao. In 2004, Prathyusha was referred to the
Board for Industrial and Financial Reconstruction (BIFR), and was
categorised as a sick unit. In 2009, Mr. Y T Raja and associates,
approached BIFR and took over Prathyusha.

Prathyusha manufactures single super phosphate, di calcium
phosphate, and nitrogen, phosphorous, and potassium granulated
mixed fertilisers. The company is setting up its own sulphuric
acid plant and captive power plant of 1.5 megawatt.


RANA POLYCOT: ICRA Reaffirms 'D' Rating on INR370MM Loans
---------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]D rating for
INR137.60 crore fund based limits and short term rating of [ICRA]D
for INR169.40 crore fund based limits and INR63.00 crore non-fund
based limits of Rana Polycot Limited.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Long term fund         137.60       [ICRA]D reaffirmed
   based limits

   Short term fund        169.40       [ICRA]D reaffirmed
   based limits

   Short term non-fund     63.00       [ICRA]D reaffirmed
   based limits

The ratings reflect continued delay in servicing of term loans and
lower than optimum capacity utilization across spinning and
knitting units of the company. Over the two years, the company has
been able to generate ~Rs. 40 crore of cash accruals on account of
favourable business environment however profitability remains
susceptible to cotton prices and exchange rates. Earlier in May
2009, RPL's term loans were restructured under corporate debt
restructuring (CDR) scheme as the company faced liquidity issues
due to substantial debt-funded expansion. Debt funded expansion
coupled with delays in project execution and low capacity
utilisation of the expanded facilities resulted into stretched
liquidity. ICRA's ratings factor in the company's vulnerability to
cotton price increase, foreign exchange fluctuations, limited
pricing ability and strong competitive intensity. The rating also
factors in the vulnerability of RPL's earnings and debt coverage
(given its high leverage) in near term to policy level decision in
China regarding availability of cotton at free market prices to
Chinese spinners which may lead to slowdown in yarn demand, given
that China imported significant volumes of yarn from India in
FY2014. The ratings also takes into account market position of the
company and promoter's support through equity infusion and
unsecured loans as exhibited in the past. Going forward, timely
debt servicing and achieving optimum capacity utilization would be
the key rating sensitivity for the rating.

Rana Polycot Limited promoted by Mr. Rana Gurjeet Singh and Mr.
Rana Ranjit Singh is part of Rana group which also has interests
in sugar through Rana Sugar Limited (rated at [ICRA]D). RPL is a
manufacturer of yarn of count-25-30 which is largely exported. The
company's manufacturing facilities are located in Ambala, Punjab,
where it has 72,768 spindles for yarn manufacturing and 4.8 mt/
day of yarn dying capacity. The company also has a knitting unit
in Mohali (Punjab) having ~475 knitting machines.


SAI VENKATESHWARA: ICRA Reaffirms B+ Rating on INR12.25cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR5.47 crore (revised from INR6.25 crore) fund based limits and
INR6.78 crore (revised from NIL) unallocated limits of Sai
Venkateshwara Rice Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based Limits       5.47        [ICRA]B+ reaffirmed
   Unallocated             6.78        [ICRA]B+ reaffirmed

The reaffirmation of rating factors in the intensely competitive
nature of rice industry in Andhra Pradesh with presence of several
small-scale players which increases pressure on the operating
margins ; and government policy restrictions in the segment which
limit sales and realizations in the open market. Further, the
rating continues to be constrained by the modest financial profile
of the firm characterized by small scale of operations and low
profitability .This apart, the rating is also constrained by the
susceptibility of profitability & revenues to agro-climatic risks
which impact the availability of paddy in adverse weather
conditions. The rating, however, takes comfort from the long track
record of the promoters in the rice mill business, healthy growth
in revenue in FY2014 on account of increased sales volume coupled
with improved price realizations and favourable demand prospects
for rice with India being the second largest producer and consumer
of rice internationally.

Going forward, the ability of the firm to strengthen its financial
profile by sustaining revenue growth and improving profitability
levels remains the key rating sensitivity.

Founded in the year 2011 as a partnership firm, Sai Venkateshwara
Rice Industries (SVRI) is engaged in milling of paddy and produces
raw rice and boiled rice. The rice mill is located at Anisetty
Duppalapalli village of Nalgonda district, Andhra Pradesh. The
installed production capacity of the rice mill is 6 tons per hour.

Recent Results

For FY2014 (Unaudited & Provisional), the firm reported profit
after tax of INR0.10 crore on operating income of INR33.16 crore
as against profit after tax of INR0.04 crore on operating income
of INR15.84 crore in FY2013(audited).


SAUMYA MINING: CRISIL Suspends 'D' Rating on INR870MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Saumya
Mining Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           195        CRISIL D Suspended

   Letter of credit &
   Bank Guarantee        675        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SML is yet to
provide adequate information to enable CRISIL to assess SML's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

SML was established by Mr. Anoopchand Jain in 1955. The company
executes turnkey projects for mining and extraction minerals such
as coal, limestone, and uranium. The company had orders of around
INR7 billion as on December 31, 2011, to be executed over the next
two to three years. SML's area of expertise is coal mining and
excavation; it has been executing projects for Coal India Ltd
(CIL; rated 'CRISIL AAA/Stable/CRISIL A1+' by CRISIL) for the past
10 years, and derives around 50 per cent of its revenues from CIL.
The nature of its work includes drilling, control blasting,
excavation, transportation, and dumping.


SHAKTI INDUSTRIES: ICRA Reaffirms 'B' Rating on INR9.25cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR9.25
crore fund based facilities of Shakti Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits      9.25        [ICRA]B reaffirmed

The rating continues to be constrained by SI's weak financial
profile, reflected by low profitability metrics and consequently
weak debt coverage indicators. The rating also takes into account
high intensity of competition in the industry and agro climatic
risks, which can affect the availability of paddy in adverse
weather conditions. The rating, however favorably takes into
account long standing experience of promoters in rice industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy. Further consistent growth in sales
also provides comfort to the assigned rating.

Shakti Industries is a partnership firm, was set up in 1996 by Mr.
Pawan Kumar, Mr. Sudhir Kumar Midha and Mr. Sandip Kumar Midha.
The firm is engaged in processing and export of basmati rice to
countries in the Middle East. It has a plant at Jalalabad (Punjab)
which has a milling capacity of 3 tonnes per hour.

Recent Results

During the financial year 2012-13, the firm reported profit after
tax (PAT) of INR0.09 crore on an operating income of INR30.71
crore as against PAT of INR0.03 crore on an operating income of
INR25.41 crore in FY12. As per the provisional results for
financial year 2013-14 the firm has reported sales of INR45.10
crore.


SHIV SHAKTI: ICRA Assigns 'B+' Rating to INR2.50cr Bank Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR2.50
crore fund-based facilities and a short term rating of [ICRA]A4 to
the INR5.00 crore non-fund based facilities of Shiv Shakti Fibre
Udyog.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        2.50         [ICRA]B+ Assigned
   Based Limits

   Short-Term Non        5.00         [ICRA]A4 Assigned
   Fund Based Limits

The assigned rating is constrained by firm's modest financial
profile which is on account of low profitability, leveraged
capital structure and stretched liquidity position. While the firm
is operating since 2001, however the scale of operations remain
small (OI of ~INR24 crore in FY-14) and the profitability is low
as reflected in OPM of ~5.5% and NPM of ~2.5%. The long cash
conversion cycle of 130~140 days on account of stocking of raw-
materials for order based production and credit period extended to
customers results in high working capital requirements, which are
met through borrowings and raw material procurement on elongated
credit basis. Given low profitability, the incremental working
capital requirements while achieving the revenue growth are
expected to be met through these sources; and hence will continue
to result in leveraged capital structure as reflected in TOL/TNW
of 3.4x on Mar-13 as well as modest debt coverage. The high
working capital requirements also results in stretched liquidity
as reflected in high utilisation of working capital limits. While
the Net cash accruals (NCA) of the firm are limited on account of
low profitability and pay-outs to partners (salary and interest on
capital); however such pay-outs are redeployed in the firm as
fresh capital. The rating also favorably factors in the experience
of the firm in manufacturing of pre-structured products and
established relationship with reputed clientele as evident in
repeat orders from them.

Going forward, the ability of the company to improve
profitability, effectively manage working capital cycle and
maintain adequate liquidity position while increasing its scale of
operations would remain the key rating sensitivities.

Shiv Shakti Fibre Udyog (SSFU) was established in 2001 as a
proprietorship concern which was later converted in to partnership
firm in 2007 with Mr. Vinay Bansal and Mr. Rajesh K. Prasad as
partners having equal profit-sharing in the firm. The firm is
engaged in the manufacturing of pre-structured products at its
manufacturing facilities located at Faridabad and Rohtak in
Haryana state. The product profile largely comprises of FRP (Fibre
Reinforced Plastic) roofing sheets while other products include -
turbo ventilators, water gutters, doors, frames etc.


SHREE BALAJI: ICRA Suspends 'D' Rating on INR13.50cr Loans
----------------------------------------------------------
ICRA has suspended the [ICRA]D ratings assigned to the INR13.50
crore bank facilities of Shree Balaji Agencies. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the firm.

                       Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term fund
   based facilities       8.93          [ICRA]D Suspended

   Short-term non
   fund based facility    3.00          [ICRA]D Suspended

   Unallocated
   Facilities             1.57          [ICRA]D Suspended

Shree Balaji Agencies (SBA) is a civil contracting agency engaged
in construction activities for the government irrigation
department which includes construction of dams, barrages, canals,
etc.

The firm has its registered office in Thane and branch at
Alleppey.


SOUTHERN POWER: CRISIL Reaffirms 'D' Rating on INR15.5BB Loans
--------------------------------------------------------------
CRISIL has placed its ratings on the long term bank loan
facilities of Southern Power Distribution Company of Andhra
Pradesh Ltd on 'Rating Watch with Developing Implications', while
reaffirming its short term rating at 'CRISIL D'. The rating watch
follows the carving out of a new state, Telangana, from Andhra
Pradesh on June 2, 2014.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           230.3      CRISIL BB+/Watch Developing
   Rupee Term Loan     15919.7      CRISIL BB+/Watch Developing
   Short Term Loan     15500        CRISIL D (Reaffirmed)

The rating watch follows the carving out of a new state,
Telangana, from Andhra Pradesh on June 2, 2014. The bifurcation of
Andhra Pradesh has resulted in the need to reconstitute Andhra
Pradesh Power Coordination Committee (APPCC) and effect power-
sharing between the newly formed Telangana and Andhra Pradesh
which are yet to be concluded and operationalized. CRISIL will
evaluate any change in the structure of APPCC and directives with
respect to power-sharing between Andhra Pradesh and Telangana. The
ratings will be removed from watch and a final rating view will be
taken once there is adequate clarity regarding these parameters.

CRISIL expects Southern Discom to be located in its entirety in
Andhra Pradesh as articulated in 'The Andhra Pradesh
Reorganisation Act, 2014' and its license area to include
Anantapur and Kurnool, which were originally part of the Central
Power Distribution Company of Andhra Pradesh. The APPCC, which
oversaw the coordination of funds for working capital and the
allocation of power to each of the four distribution companies of
the erstwhile Andhra Pradesh, has been reconstituted. Similarly,
the power-sharing formula between Telangana and Andhra Pradesh has
been conceptualized as per the provisions in the Andhra Pradesh
Reorganization Act, 2014. However, both these measures are yet to
be operationalized leading to lack of clarity on the working
capital management and the power procurement position of Southern
Discom.

The ratings continue to reflect Southern Discom's monopoly in the
power distribution business in its service area; its steady cash
flows, driven by a regulated tariff regime; and moderate
distribution losses. These rating strengths are offset by its sub-
par financial risk profile, principally on account of arrears and
delay in subsidy receipt from the government of Andhra Pradesh.

Southern Discom distributes and supplies power in its operating
circles of Vijayawada, Guntur, Ongole, Nellore, Tirupati, and
Cuddapah. The company supplies power to over 6.71 million
consumers across categories, through a network of 1058 sub-
stations, about 147,403-kilometre lines, and over 276,420
distribution transformers. After the reorganisation of Andhra
Pradesh, Kurnool and Anantapur are expected to be included in
Southern Discom's license area.

For 2012-13 (refers to financial year, April 1 to March 31),
Southern Discom reported a net loss of INR48.08 billion on an
operating income of INR80.94 billion, against a net loss of
INR1.10 billion on an operating income of INR77.92 billion for the
previous year.


SOVA METALS: CRISIL Suspends 'D' Rating on INR140MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sova
Metals & Power Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            30        CRISIL D Suspended
   Term Loan             110        CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMPL is yet to
provide adequate information to enable CRISIL to assess SMPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SMPL was set up in 2008 by Mr. Amiya Kanta Das. The company is
engaged in production of high-carbon ferro chrome with a
production capacity of about 700 tonnes per month. The promoter
also owns AK Das Pvt Ltd, which was incorporated in 1996 and
primarily undertakes construction of transmission lines and
substations and also electrical and civil work of various natures.
The plant is located in Bhubaneswar (Orissa).


ULTRA DIMENSIONS: ICRA Reaffirms 'B' Rating on INR40cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR38.00 crore (INR10.00 crore earlier) fund based and non fund
based limits and the INR2.00 crore (INR5.00 crore earlier)
unallocated limits of Ultra Dimensions Private Limited. The total
rated amount has been enhanced from INR15.00 crore to INR40.00
crore.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     18.00      [ICRA]B (reaffirmed)

   Non Fund based
   limits                20.00      [ICRA]B (reaffirmed)

   Unallocated            2.00      [ICRA]B (reaffirmed)

The rating reaffirmation continues to factor in UDPL's, modest
scale of operations and weak order book (OB) position with OB/ FY
14 OI ratio of 0.23 times providing limited revenue visibility in
the near term, however ICRA notes that the OB position may improve
if the company wins a major portion of the orders in pipeline for
which UDPL has attained technical qualification. Further, the
rating is constrained by the stretched liquidity as reflected by
the consistent cent percent utilization of the cash credit
facility to support the high working capital requirements owing to
procedural delays in billing and collections given the relatively
large number of approvals in defence contracts. The customer and
geographical concentration continues to remain high for UDPL with
a major proportion of revenues being derived from the Andhra
Pradesh based projects of the Indian Navy. Being a small company
in a tender based industry, financial profile of UDPL is
characterized by volatility in revenues and profitability and high
dependence on orders in hand at a given point in time. Given the
low cash accruals, the company relies on external borrowings to
meet its working capital requirements and consequently high
interest costs have resulted in moderate coverage indicators.
Besides, the rating also factors in the continued funding support
to the group companies. The rating however, favourably factors in
the presence of a team of experienced professionals to look after
the operations and promoter's established relationship with the
Indian Navy.

UDPL, owned by Mr. L.G.T. Rao and his wife Mrs. L Navya is
headquartered in Visakhapatnam and undertakes contracts for
manufacturing Titanium Valves, setting up of Sewage Treatment
Plants, equipment supplies and Civil, Electrical Engineering works
mostly for the Indian Navy. It has branch offices at Hyderabad and
Port Blair (Andaman & Nicobar Islands). These operations were
being carried out under a proprietorship firm, Ultra Dimensions
(UD) since 1994. Later, due to increase in scale of operations,
the promoters floated UDPL in August 2008, after which the
operations were gradually shifted to UDPL.


WESTERN PETROLEUM: CRISIL Suspends 'D' Rating on INR80MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Western
Petroleum.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           30         CRISIL D (Suspended)
   Letter of Credit      50         CRISIL D (Suspended)

The suspension of ratings is on account of non-cooperation by WP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WP is yet to
provide adequate information to enable CRISIL to assess WP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

WP, set up in 1960 by Mr. Ishwar Garodia, trades in base oils and
petroleum products. The firm's current partners are Mr. Ishwar
Garodia and his son, Mr. Vijay Kumar Garodia. WP is a distributor
for HindustanPetroleum Corporation Ltd in Mumbai, and sells
petroleum products through petrol pump stations.


WIN-TEL CERAMICS: CRISIL Assigns 'D' Rating to INR200MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Win-tel Ceramics Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              30        CRISIL D

   Proposed Long Term
   Bank Loan Facility     25        CRISIL D

   Bank Guarantee         25        CRISIL D

   Cash Credit           120        CRISIL D

The ratings reflect instances of delay by WCPL in servicing its
debt; the delays have been caused by the company's weak liquidity,
driven by its working-capital-intensive operations and inadequate
accruals to meet large repayment obligations.

WCPL also has a modest scale of operations in the highly
competitive ceramic industry and its operations are working-
capital-intensive. However, it benefits from its promoters'
extensive industry experience.

Incorporated in 2008, WCPL is promoted by the Morbi (Gujarat)-
based Kundariya family and others. The company manufactures
vitrified tiles at its production facilities in Morbi.

For 2013-14 (refers to financial year, April 1 to March 31), WCPL
reported, on provisional basis, a profit after tax (PAT) of
INR1.05 million on net sales of INR300 million, as against a net
loss of INR49.5 million on net sales of INR271.2million in 2012-
13.


XICON INTERNATIONAL: ICRA Reaffirms 'B+' Rating on INR3cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ to the INR3.00 crore
(earlier INR2.90 crore) long term fund based bank facility of
Xicon International Limited.  ICRA has also reaffirmed the rating
of [ICRA]A4 to the INR4.00 crore short term non-fund based bank
facility of XIN.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits         3.00          [ICRA]B+; Reaffirmed

   Short Term Non
   Fund Based Limits    4.00          [ICRA]A4; Reaffirmed

The ratings reaffirmation continues to reflect Xicon International
Limited's small size of operations in a competitive and fragmented
industry which limits its bargaining power with the customers who
are mostly large corporate, resulting in intense pressure on
margins and the fixed priced nature of orders exposing its
profitability to fluctuation in raw material prices. Given the
high client concentration, XIL's operations remain vulnerable to
any deferment in capex plans or slowdown in the investment pattern
by its major customer which can adversely impact the financial
performance of the company. Further, given its weak bargaining
power, the liberal credit period provided to customers has
resulted in stretched receivables.

The ratings, however, continue to draw comfort XIL's conservative
capital structure on account of low reliance on external borrowing
and the long experience of the promoters in civil construction
business.

Xicon International Limited, an ISO 9001:2008 certified entity, is
a closely held public limited company established in 1986. It is
engaged in the business of providing products & services to
infrastructure projects in the field of electric heat tracing and
turnkey project services covering instrumentation, mechanical and
electrical projects for captive power plants, oil, metallurgical
and process industries. It is also engaged in Balance of
Plant/Equipment (BOP) for DG sets and carries out thermal
insulation works.

The company has its own fabrication facility at Murbad, Thane
admeasuring about 4050 sq mt. and registered office at Andheri,
Mumbai.

Recent Results:

XIN recorded a net loss of INR1.40 crore on an operating income of
INR10.55 crore for the year ending 31st March 2013 and a net
profit of INR0.64 crore on an operating income of INR14.54 crore
for the year ending 31st March 2014 (provisional).



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


AIFUL CORP: Wins Creditor Support For Debt Restructuring
--------------------------------------------------------
Reuters reports that Aiful Corporation said its creditors had
agreed with the company's plans to restructure JPY52.7 billion
($517.22 million) of the company's total JPY162 billion in debt.

Aiful will repay the rest of the debt by taking out other loans
and will buy back debt from creditors, the report says.  According
to Reuters, conditions on the buybacks were not disclosed, but the
company said it will exchange outstanding debt for newly issued
bonds that will pay 8 percent and mature in 2020.

Aiful, like other Japanese consumer lenders, was hit hard in 2006
when Japan imposed new regulations on the industry by cutting
maximum interest rates and limiting the amount customers could
borrow, Reuters says.

Reuters notes that Aiful in 2009 had won the backing from its
creditors to reschedule JPY272 billion ($2.7 billion) in debt
through the program known as "alternative dispute resolution", or
ADR.

Aiful then went through a drastic restructuring to cut costs and
the Kyoto-based company was expected to provide new debt repayment
plans to its creditors this year, the news agency adds.

Headquartered in Kyoto, Japan, Aiful Corporation --
http://www.ir-aiful.com/english/index.cfm-- provides financial
service.  The company is engaged in the provision of small-lot
uncollateralized loan for individual consumers, business loan for
individuals, as well as mortgage collateral and credit card
services, in addition to the collection and management of debts.
Other business activities the Company is involved in include the
development, investment and nurture of venture companies, as well
as the leasing of real estates.  The Company has 29 subsidiaries
and two associated companies.



===========
T A I W A N
===========


CTBC BANK: Fitch Retains 'BB+' Support Rating Floor
---------------------------------------------------
Fitch Ratings has published the National Long-Term Rating on CTBC
Bank Co., Ltd.'s (CTBC Bank) upcoming TWD15bn subordinated bonds
at 'AA-(twn)', on Rating Watch Negative (RWN).

The company's subordinated bonds will be issued in two tranches:
15-year TWD13.5bn and 10-year TWD1.5bn.  They carry a fixed coupon
rate of 2% and a floating coupon rate respectively, with
maturities on 26 June 2029 and 26 June 2024.  The proceeds, which
qualify as Taiwanese Basel III Tier 2 capital, will be used to
refinance maturing debts and enhance the bank's capitalization.

KEY RATING DRIVER - Debt Rating

Fitch rates the bonds two notches down from CTBC Bank's anchor
rating, its Viability Rating (VR) of 'a' that is equivalent to
'AA+(twn)' on the National Rating scale.  The notching reflects
poor recovery prospects at the point of non-viability or
government receivership and absence of terms for coupon omission
and deferral.  Fitch views the recovery prospects for the bonds
are poor as Taiwan's authorities would only move a bank into
insolvency administration when it reaches a very low capital level
or a 2% capital adequacy ratio.  The notching is in accordance
with Fitch's criteria on rating bank subordinated and hybrid
securities.

The bank's VR is currently on RWN because the acquisition of The
Tokyo Star Bank, Ltd. by CTBC Bank will probably weaken the bank's
core capitalisation and consolidated earnings quality.  Fitch will
resolve the Rating Watch when there is greater clarity on CTBC
Bank's consolidated financials, likely in August 2014.  Tokyo Star
Bank follows Basel II standards for its capital requirements and
Japanese GAAP for its financial reporting, while CTBC Bank uses
Basel III standards and IFRS.

RATING SENSITIVITIES - Debt Rating

Any rating action on CTBC Bank will trigger a similar move on the
debt rating.

The other ratings on CTBC Bank are unchanged and are as follows:

Long-Term Foreign Currency IDR at 'A'; on RWN
Short-Term Foreign Currency IDR at 'F1'; on RWN
National Long-Term Rating at 'AA+(twn)'; on RWN
National Short-Term Rating at 'F1+(twn)'; on RWN
Viability Rating at 'a'; on RWN
Support Rating at '3'
Support Rating Floor at 'BB+'
Senior unsecured bonds' National Long-Term Rating at 'AA+(twn)';
on RWN
Subordinated bonds' Long-Term Rating at 'A-'; on RWN, and National
Long-Term Rating at 'AA(twn)'; on RWN
Perpetual cumulative New Taiwan dollar subordinated bonds' Long-
Term Rating at 'BBB'; on RWN, and National Long-Term Rating at
'A+(twn)'; on RWN
Perpetual cumulative US dollar subordinated bonds' Long-Term
Rating at 'BBB'; on RWN
Perpetual non-cumulative New Taiwan dollar subordinated bonds'
National Long-Term Rating at 'A(twn)'; on RWN



===============
T H A I L A N D
===============


KRUNG THAI: Fitch Affirms 'B' Intl. Rating for Hybrid Tier 1 Sec.
-----------------------------------------------------------------
Fitch Ratings has assigned an expected 'BBB-(EXP)' rating to Krung
Thai Bank Public Company Limited's (KTB; BBB/Stable) proposed US
dollar-denominated Basel III-compliant Tier 2 subordinated notes
under the bank's USD2.5bn euro medium-term note (MTN) programme.
The notes will be issued out of KTB's Cayman Islands branch, and
are the first publicly-transacted US dollar-denominated Basel III-
compliant Tier 2 subordinated notes out of Thailand.

The final rating is subject to the receipt of final documentation
conforming to information already received.

KEY RATING DRIVERS

Fitch's typical anchor rating for Basel III Tier 2 securities is
the issuer's Viability Rating, which does not factor in any
extraordinary state support for this type of instrument.  However,
the anchor that is used could be a support-driven Issuer Default
Rating (IDR) if Fitch views that there would be an extremely
strong likelihood of state action to prevent non-viability.

In this case, Fitch views that there would be pre-emptive equity
injections by the Thai government to maintain KTB as a going
concern, without triggering non-viability.  Hence its support-
driven IDR at 'BBB' is the rating that best reflects the risk of
the bank becoming non-viable, and is used as the anchor for the
Basel III Tier 2 notes.

KTB is 55%-held by the Thai government's Financial Institutions
Development Fund.  It is the only state-owned commercial bank,
with no prospects of any significant changes in the shareholding
structure.  KTB has close operational links with the Finance
Ministry, and acts as the main payments and cash management
provider to the government.  The bank has also previously played a
quasi-policy role to support government initiatives and
activities, and although KTB has become increasingly commercial in
its focus, we expect the bank to be called upon to perform policy
functions in future, if necessary.

The Basel III Tier 2 notes are rated one notch below the anchor
rating to reflect their higher loss-severity risk relative to
senior unsecured instruments arising from their subordinated
status.

Key terms of the notes include a non-viability trigger (defined as
emergency capital assistance from the central bank or other
empowered government agency), with a partial rather than mandatory
full write-down feature.  The Tier 2 notes would be written down
after any outstanding Additional Tier 1 securities with loss-
absorption features have been fully written off or converted to
equity, and on a pari passu basis with all other Tier 2 loss
absorbing instruments of the issuer.

RATING SENSITIVITIES

Any change in KTB's IDR would have an impact on the rating of
these notes.  KTB's IDR is driven by its Support Rating Floor, and
any material shift in the ability or propensity of the Thai
government to support KTB would have an impact on the IDR.  Any
reduction in the strategic importance of KTB to the Thai
authorities could lead to a lower rating on the IDR and on the
notes.

The other ratings of KTB are unaffected and are as follows:

Long-term IDR: 'BBB'; Outlook Stable
Short-term IDR: 'F3'
Viability Rating: 'bbb-'
Support Rating: '2'
Support Rating Floor: 'BBB'
National Long-Term Rating: 'AA+(tha)'; Outlook Stable
National Short-Term Rating: 'F1+(tha)'
Senior unsecured USD 2.5bn EMTN programme: 'BBB'
Long-term foreign currency senior unsecured notes: 'BBB'
International rating for hybrid Tier 1 securities: 'B'
National THB 30bn Short-Term Debenture Programme: 'F1+(tha)'
National long-term subordinated debt: 'AA(tha)'
National rating for hybrid Tier 1 securities: 'BBB(tha)'



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


* BOND PRICING: For the Week June 9 to June 13, 2014
----------------------------------------------------

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


  AUSTRALIA
  ---------


BOART LONGYEAR MAN    7.00     04/01/21    USD    74.88
BOART LONGYEAR MAN    7.00     04/01/21    USD    76.38
GRIFFIN COAL MININ    9.50     12/01/16    USD    72.13
GRIFFIN COAL MININ    9.50     12/01/16    USD    72.13
MIDWEST VANADIUM P   11.50     02/15/18    USD    54.00
MIDWEST VANADIUM P   11.50     02/15/18    USD    53.03
MIRABELA NICKEL LT    8.75     04/15/18    USD    24.00
MIRABELA NICKEL LT    8.75     04/15/18    USD    24.00
NEW SOUTH WALES TR    0.50     09/14/22    AUD    73.78
NEW SOUTH WALES TR    0.50     10/07/22    AUD    73.56
NEW SOUTH WALES TR    0.50     12/16/22    AUD    73.96
NEW SOUTH WALES TR    0.50     10/28/22    AUD    73.37
NEW SOUTH WALES TR    0.50     03/30/23    AUD    72.95
NEW SOUTH WALES TR    0.50     11/18/22    AUD    73.17
NEW SOUTH WALES TR    0.50     02/02/23    AUD    74.13
RELIANCE RAIL FINA    2.95     09/26/18    AUD    73.88
RELIANCE RAIL FINA    2.97     09/26/20    AUD    63.38
RELIANCE RAIL FINA    2.95     09/26/18    AUD    73.88
RELIANCE RAIL FINA    2.97     09/26/20    AUD    63.38
TREASURY CORP OF V    0.50     03/03/23    AUD    73.43
TREASURY CORP OF V    0.50     11/12/30    AUD    52.49


CHINA
-----

CHINA GOVERNMENT B    1.64     12/15/33    CNY    63.66


INDONESIA
---------

DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.50
DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.50
INDONESIA TREASURY    6.38     04/15/42    IDR    75.03
PERUSAHAAN PENERBI    6.75     04/15/43    IDR    74.80
PERUSAHAAN PENERBI    6.10     02/15/37    IDR    70.50


INDIA
-----

3I INFOTECH LTD       5.00     04/26/17    USD    34.25
CORE EDUCATION & T    7.00     05/07/15    USD     9.50
COROMANDEL INTERNA    9.00     07/23/16    INR    16.09
GTL INFRASTRUCTURE    2.53     11/09/17    USD    31.63
INDIA GOVERNMENT B    0.23     01/25/35    INR    19.68
JCT LTD               2.50     04/08/11    USD    20.00
MASCON GLOBAL LTD     2.00     12/28/12    USD    10.00
PRAKASH INDUSTRIES    5.25     04/30/15    USD    73.63
PRAKASH INDUSTRIES    5.63     10/17/14    USD    74.50
PYRAMID SAIMIRA TH    1.75     07/04/12    USD     1.00
REI AGRO LTD          5.50     11/13/14    USD    55.88
REI AGRO LTD          5.50     11/13/14    USD    55.88
SHIV-VANI OIL & GA    5.00     08/17/15    USD    27.04
SUZLON ENERGY LTD     5.00     04/13/16    USD    73.24


JAPAN
-----

ELPIDA MEMORY INC     0.70     08/01/16    JPY     8.63
ELPIDA MEMORY INC     0.50     10/26/15    JPY    14.75
ELPIDA MEMORY INC     2.10     11/29/12    JPY    11.75
ELPIDA MEMORY INC     2.03     03/22/12    JPY    15.63
ELPIDA MEMORY INC     2.29     12/07/12    JPY    15.63
JAPAN EXPRESSWAY H    0.50     03/18/39    JPY    71.13
JAPAN EXPRESSWAY H    0.50     09/17/38    JPY    71.72


KOREA
------

EXPORT-IMPORT BANK    0.50     10/23/17    TRY    71.79
EXPORT-IMPORT BANK    0.50     12/22/17    BRL    66.78
EXPORT-IMPORT BANK    0.50     12/22/17    TRY    70.21
EXPORT-IMPORT BANK    0.50     12/22/16    BRL    74.96
EXPORT-IMPORT BANK    0.50     11/21/17    BRL    67.64
GREAT KODIT SECURI   10.00     09/29/14    KRW    70.33
HYUNDAI MERCHANT M    7.05     12/27/42    KRW    45.90
KIBO ABS SPECIALTY   10.00     08/22/17    KRW    32.30
KIBO ABS SPECIALTY   10.00     02/19/17    KRW    29.78
KIBO ABS SPECIALTY   10.00     09/04/16    KRW    30.44
KOREA LAND & HOUSI    3.99     03/26/44    KRW    73.69
SINBO CONSTRUCTION   10.00     09/29/14    KRW    70.33
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.08
SINBO SECURITIZATI    5.00     08/16/16    KRW    30.09
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.08
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.84
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.84
SINBO SECURITIZATI    5.00     02/21/17    KRW    27.94
SINBO SECURITIZATI    5.00     02/21/17    KRW    29.44
SINBO SECURITIZATI    5.00     01/29/17    KRW    29.55
SINBO SECURITIZATI    5.00     06/29/16    KRW    30.06
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.14
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.14
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.19
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.19
SINBO SECURITIZATI    5.00     09/28/15    KRW    70.78
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.82
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.82
SINBO SECURITIZATI    5.00     06/07/17    KRW    28.66
SINBO SECURITIZATI    5.00     06/07/17    KRW    28.66
SINBO SECURITIZATI    5.00     12/13/16    KRW    29.64
SINBO SECURITIZATI    5.00     08/24/15    KRW    70.84
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.51
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.51
SINBO SECURITIZATI    5.00     09/13/15    KRW    73.13
SINBO SECURITIZATI    5.00     09/13/15    KRW    62.23
SINBO SECURITIZATI    8.00     02/02/15    KRW    74.95
SINBO SECURITIZATI    5.00     02/02/16    KRW    73.05
SINBO SECURITIZATI    5.00     01/19/16    KRW    72.47
SINBO SECURITIZATI    5.00     12/07/15    KRW    72.54
SINBO SECURITIZATI    5.00     03/14/16    KRW    72.40
SINBO SECURITIZATI    8.00     03/07/15    KRW    74.26
SINBO SECURITIZATI    5.00     07/19/15    KRW    70.97
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.45
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.45
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
TONGYANG CEMENT &     7.50     07/20/14    KRW    70.00
TONGYANG CEMENT &     7.30     06/26/15    KRW    70.00
TONGYANG CEMENT &     7.50     04/20/14    KRW    70.00
TONGYANG CEMENT &     7.50     09/10/14    KRW    70.00
TONGYANG CEMENT &     7.30     04/12/15    KRW    70.00
U-BEST SECURITIZAT    5.50     11/16/17    KRW    29.80
WOONGJIN ENERGY CO    2.00     12/19/16    KRW    60.47


SRI LANKA
---------

SRI LANKA GOVERNME    5.35     03/01/26    LKR    65.18


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35     02/20/24    MYR    64.14


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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50     05/07/15    USD    11.10
BAKRIE TELECOM PTE   11.50     05/07/15    USD     9.88
BLD INVESTMENTS PT    8.63     03/23/15    USD    30.13
BUMI CAPITAL PTE L   12.00     11/10/16    USD    44.80
BUMI CAPITAL PTE L   12.00     11/10/16    USD    43.00
BUMI INVESTMENT PT   10.75     10/06/17    USD    42.75
BUMI INVESTMENT PT   10.75     10/06/17    USD    41.04
ENERCOAL RESOURCES    9.25     08/05/14    USD    44.32
INDO INFRASTRUCTUR    2.00     07/30/10    USD     1.88



THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRA    1.00     10/10/25    USD    50.50



                             *********

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

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

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


                            *********


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

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

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

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

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



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