TCRAP_Public/140620.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 20, 2014, Vol. 17, No. 121


                            Headlines


A U S T R A L I A

GOLDPEAK INVESTMENTS: Hall Chadwick Appointed as Administrator
MCLEAN HOSPITALITY: In Administration; First Meeting Set June 27
SOUTHERN DRAINAGE: Clifton Hall Appointed as Liquidators
TERMITE RESOURCES: Placed in Administration


C H I N A

CHINA FORESTRY: Missed Interest Payment No Impact on Ca CFR


H O N G  K O N G

BANK OF EAST ASIA: Moody's Rates Amended $6BB Note Program (P)Ba1


I N D I A

BEAUTY & MORE: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
BIJASANI GINNING: CRISIL Reaffirms 'B' Rating on INR71.8MM Loans
DR. M.V. SHETTY: CRISIL Cuts Rating on INR175MM Loans to 'D'
HULDIBARI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR65MM Loans
INDIA INFRACON: CRISIL Reaffirms 'B+' Rating on INR10MM Loan

JAIMURTY MINERALS: CRISIL Puts 'B+' Rating on INR400.7MM Loans
KABRA BROTHERS: CRISIL Puts 'D' Rating on 'Notice of Withdrawal'
KRUPALI FASHIONS: ICRA Assigns 'B+' Rating to INR15cr Loans
KSR INFRACON: ICRA Suspends 'B+' Rating on INR20cr Loan
KUSMASULI MULTIPURPOSE: CRISIL Keeps B Rating on INR92.5MM Loan

MATOSHREE COTTON: ICRA Reaffirms B+ Rating on INR6.65cr Loans
METRO GOLD: CRISIL Suspends 'B-' Rating on INR36MM Term Loan
NISSAN SYNTEX: ICRA Reaffirms 'B+' Rating on INR5.05cr Loans
OLIVE HOSPITALS: ICRA Suspends 'B+' Rating on INR7.47cr Loan
OMEGA PREMISES: CRISIL Raises Rating on INR500MM Loan to 'B'

R.D DYEING: CARE Reaffirms 'B+' Rating on INR2.5cr Bank Loan
R.L.CONSTRUCTION: CRISIL Ups Rating on INR55MM Loans to 'B'
RAJAN JEWELLERY: CRISIL Cuts Rating on INR100MM Loan to 'D'
SAVITA CONSTRUCTIONS: ICRA Cuts Rating on INR19.16cr Loans to D
SHIVGANGA COTTON: CARE Assigns 'B+' Rating to INR4.49cr Bank Loan

SHRI SOMESHWARA: CRISIL Reaffirms B+ Rating on INR135MM Loans
SRI BALAMURUGAN: CRISIL Assigns 'B' Rating to INR130MM Loans
SUSEE MOTORS: ICRA Assigns 'B' Rating to INR3cr Loans
TATA STEEL: Moody's Affirms Ba3 Corp. Family Rating; Outlook Neg.
TULSI DALL: CRISIL Upgrades Rating on INR75MM Loan to 'B'

VIJAY JEWELLERS: ICRA Puts B+ Rating on 'Notice For Withdrawal'
VIJAYAKRISHNA FARMS: CRISIL Cuts Rating on INR100MM Loan to 'D'
VIJAYAKRISHNA HATCHERIES: CRISIL Cuts INR50MM Loan Rating to D


I N D O N E S I A

BUMI RESOURCES: Braces for Default Verdict as Deadline Passes
MANDALA AIRLINES: To Cease Operations on July 1


J A P A N

* Japan Ruling Party to Hold Off Regulating Bitcoin


N E W  Z E A L A N D

POSTIE PLUS: To Shut 12 Stores in New Zealand, Cull 64 Workers


S O U T H  K O R E A

KWANGJU BANK: Moody's Affirms D+ Bank Financial Strength Rating


S R I  L A N K A

SRILANKAN AIRLINES: Fitch Assigns 'BB-' Rating on USD Bonds


T A I W A N

CTBC BANK: Moody's Confirms 'C-' Bank Financial Strength Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


GOLDPEAK INVESTMENTS: Hall Chadwick Appointed as Administrator
--------------------------------------------------------------
Blair Pleash of Hall Chadwick was appointed as administrator of
Goldpeak Investments on June 16, 2014.

A first meeting of the creditors of the Company will be held at
Baroque Room, Oaks Broome Resort, 99 Robinson Street, in Broome,
West Australia, on June 26, 2014, at 1:30 p.m.


MCLEAN HOSPITALITY: In Administration; First Meeting Set June 27
----------------------------------------------------------------
Con Kokkinos -- con.kokkinos@worrells.net.au -- of Worrells
Solvency & Forensic Accountants was appointed as administrator of
McLean Hospitality Pty Ltd, trading as Bluestone Cafe/Restaurant,
on June 18, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Worrells Solvency & Forensic Accountants,
Level 12a, 45 William Street, in Melbourne, on June 27, 2014, at
3:00 p.m.


SOUTHERN DRAINAGE: Clifton Hall Appointed as Liquidators
--------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of Southern Drainage Pty Ltd on
June 19, 2014.

A meeting of creditors will be held at 10:00am on June 27, 2014 at
Clifton Hall, Level 3, 431 King William Street, in Adelaide.


TERMITE RESOURCES: Placed in Administration
-------------------------------------------
Martin David Lewis -- martin.lewis@fh.com.au -- David William
Kidman -- david.kidman@fh.com.au --- & Tim David Mableson --
tim.mableson@fh.com.au -- of Ferrier Hodgson were appointed as
administrators of Termite Resources NL on June 18, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Ferrier Hodgson, Level 6, 81 Flinders Street, in
Adelaide, on June 30, 2014, at 11:00 a.m.



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


CHINA FORESTRY: Missed Interest Payment No Impact on Ca CFR
------------------------------------------------------------
Moody's Investors Service says China Forestry Holdings Co., Ltd's
failure to make an interest payment on its $180 million notes
during the 30-day grace period has no immediate impact on the
company's Ca corporate family and senior unsecured bond ratings.

The ratings outlook remains negative.

On 16 June 2014, China Forestry announced that it failed to pay
the $9.23 million interest payment within the grace period
expiring on the same day.

"While China Forestry's failure to meet the interest payment
within the grace period constitutes an event of default both under
its note indenture and under Moody's definition of default, the
scenario was already incorporated in Moody's downgrade of the
company's ratings to Ca from Caa2 on 18 November 2013," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

The Ca ratings and negative outlook also consider the high
uncertainty over the sustainability of China Forestry's business
model, and Moody's assessment of the high economic loss of over
50% on the notes, when compared with the original payment promise
on the notes.

"China Forestry's ratings could be further downgraded if Moody's
expect the recovery values on its debt instruments to be lower
than currently estimated," says Lu.

Since the irregularities reported in its financial accounts in
early 2011, the company's operations have been severely impaired,
and cash flow from its small-scale operations has been
insufficient to service even operating expenses. Such a situation
has led to the continued reduction of its cash balance and the
company's failure to make the interest payment.

China Forestry's ratings have been assigned based on factors that
Moody's believes are relevant to the risk profile of the company,
such as its: (1) exposure to business risks and competitive
position when compared with other firms in the industry; (2)
capital structure and financial risks; (3) projected performance
over the near to intermediate term; and (4) management's track
record and tolerance for risk.

These attributes were compared against other issuers both within
and outside China Forestry's core industry; Moody's believes the
company's ratings are comparable with those of other issuers of
similar credit risk.

China Forestry Holdings Co., Ltd listed on the Hong Kong Exchange
in 2009. It is one of China's operators of naturally regenerated
forest plantations. The company has rights over plantation assets
in Sichuan and Yunnan provinces.



================
H O N G  K O N G
================


BANK OF EAST ASIA: Moody's Rates Amended $6BB Note Program (P)Ba1
-----------------------------------------------------------------
Moody's Investors Service, has assigned a provisional (P)Ba1
rating to subordinated obligations under Bank of East Asia's
amended USD6 billion medium-term note program.

The provisional subordinated program rating is positioned at two
notches below Bank of East Asia's baa2 adjusted baseline credit
assessment (BCA). The rating outlook is negative, in line with the
negative outlook for the bank's other credit ratings.

Going forward, Moody's expects all subordinated debt securities
issued under the program will be Basel III-compliant. There is no
impact on the Baa3 ratings of outstanding old-style Basel II-
compliant subordinated notes issued under the program prior to the
amendment of the program documents.

Ratings Rationale

The MTN program's conditions have been revised to incorporate
Basel III-compliant point of non-viability (PONV) language,
allowing future subordinated debt drawdown to be considered as
regulatory Tier 2 capital.

Under the program's terms, the Hong Kong Monetary Authority (HKMA)
has discretion to determine the point at which the bank is non-
viable. The principal on these capital securities would be written
down, partially or in full in the event that the HKMA notifies the
bank that without such write-off, the bank would become non-viable
or the government or a regulatory body decides to make a public
sector injection of capital without which the bank would become
non-viable.

The (P)Ba1 rating is positioned two notches below the adjusted
BCA, In line with Moody's standard notching guidance for
subordinated debt with contractual non-viability loss-absorption
language.

Ratings assigned to future drawdown will be contingent upon review
of their specific terms and conditions, which are expected to be
the in line with program terms and conditions.

Bank of East Asia's other ratings remain unaffected. The ratings
are as follows:

- BCA/Adjusted BCA: baa2/baa2

- Bank Financial Strength Rating: C-

- Local and foreign currency long-term/short-term deposits: A2/P-1

- Foreign currency senior unsecured: A2

- Foreign currency senior unsecured MTN: (P)A2

- Foreign currency subordinated debt: Baa3

The outlook for all ratings is negative

Principal Methodologies

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

Bank of East Asia is headquartered in Hong Kong and reported total
assets of HKD754 billion ($97 billion) at end-2013.



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


BEAUTY & MORE: ICRA Assigns 'B+' Rating to INR5cr Cash Credit
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR5.00
crore fund based limits (cash credit) of Beauty & More.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund Based-     5.00       [ICRA]B+ assigned
   Cash Credit

The rating favourably factors in the company's diversified and
established customer base across retail and wholesale segments,
established track record of the promoter in trading of personal
care and beauty products and healthy demand prospects for its
products, with new multi storied showrooms both at Khar and
Borivali expected to support revenue growth. ICRA also notes that
the equity infusion from promoters in July 2014 is also likely to
support the capital structure in the near term.

The ratings are however constrained by the modest size of
operations and stiff competition from other multi-brand outlets
and departmental stores in vicinity, geographic concentration
risks, and also due to weak financial profile as indicated by
moderately stretched capital structure due to high working capital
intensity.

Beauty & More (B&M) is a private limited which was incorporated in
the year 1994 however it had commenced its operations in the year
2009. The company has an exclusive store for personal care and
beauty products located at Khar; which is primarily engaged in
sale of branded and unbranded personal care and beauty products to
customers at discounted prices. B&M deals in over ~ 6000 products
and across 200 brands. Some of the prominent brands sold by B&M
are L'OREAL, Maybelline, Revlon, Lakme, Chambor, Wella,
Schwarzkopf, Toni & Guy, Bath & Body Works, Nyx, Bourjois, etc.
B&M sells across various product categories, which includes
cosmetics, hair care, hair accessories, deodorants, perfumes,
salon equipments, etc. and caters to both retail and wholesale
customers like beauty parlours, saloons, spas, Hotel chains,
Retailers e-commerce companies etc.

Recent results:
The company reported a PAT of INR1.48 crore on an operating income
of INR5.80 crore in FY 2014 as compared to a PAT of INR0.06 crore
on an operating income of INR3.79 crore in FY 2013.


BIJASANI GINNING: CRISIL Reaffirms 'B' Rating on INR71.8MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bijasani
Ginning & Pressing Factory continues to reflect BGPF's average
financial risk profile, marked by high gearing, a small net worth,
and weak debt protection metrics. The rating also factors in the
firm's modest scale of operations, exposure to intense competition
in the cotton ginning industry, and vulnerability to regulatory
changes. These rating weaknesses are partially offset by the
extensive experience of BGPF's partners in the cotton ginning
industry, leading to established customer relationships.

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

   Proposed Long Term
   Bank Loan Facility      11.3      CRISIL B/Stable (Reaffirmed)

   Standby Line of
   Credit                   7.5      CRISIL B/Stable (Reaffirmed)

   Term Loan                3.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BGPF will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's scale of operations
increases substantially along with an improvement in its
profitability, leading to larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative', if BGPF's
financial risk profile weakens, caused most likely by increase in
working capital borrowings or larger-than-expected debt-funded
capital expenditure.

Update
BGPF's operating income increased to around INR401.7 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR340.5 million in the previous year; the modest revenue growth
was driven mainly by the increase in cotton prices. The firm's
operating margin has remained stable at around 2.3 per cent in
2013-14, and is expected to remain at a similar level over the
medium term.

BGPF's working capital requirements have remained moderate as in
the past three years; its debtors, inventory, and creditors stood
at 19 days of sales, 57 days of sales, and 2 days of purchases,
respectively, as on March 31, 2014, resulting in gross current
assets of 75 days as on this date. In 2013-14, the firm's working
capital cycle has remained in line with earlier estimates, and is
expected to remain moderate over the medium term.

BGPF's financial risk profile has remained below average, marked
by high gearing, a small net worth, and weak debt protection
metrics. It had a gearing of 3.47 times as on March 31, 2014,
mainly because of sizeable bank borrowings to fund incremental
working capital requirements. The firm had a sanctioned limit of
INR50 million, which has been utilised at an average of 82 per
cent over the 12 months through March 2014. Its net worth, at
INR19.6 million as on March 31, 2014, has remained small because
of low accretion to reserves. BGPF's debt protection metrics have
remained weak because of high reliance on incremental working
capital debt. Its interest coverage and net cash accruals to total
debt ratios are 1.57 times and 0.04 times, respectively as on
March 31, 2014, and is expected to remain at similar levels over
the medium term.

BGPF's liquidity is weak. The accruals of the firm are estimated
to be in the range of INR 2.7-2.9 million in 2013-14 against which
the firm has tightly matched debt repayment obligations over the
medium term.

BGPF reported a net profit of INR1.3 million on net sales of
INR401.7 million for 2013-14, against a net profit of INR1 million
on net sales of INR340.5 million for 2012-13.

Established in 2007, BGPF is a partnership firm of Mr. Sajay
Choudhri and Mr. Umesh Choudhri. The firm has a cotton ginning and
pressing unit at Dharangaon, Jalgaon (Maharashtra).


DR. M.V. SHETTY: CRISIL Cuts Rating on INR175MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Dr. M.V. Shetty Memorial Trust to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility      2.5         CRISIL D (Downgraded
                                       from 'CRISIL A4')

   Proposed Long Term      2.5         CRISIL D (Downgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

   Term Loan             170           CRISIL D (Downgraded
                                       from 'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by DMVS in
servicing its term debt obligations; the delays have been caused
by cash flow mismatches faced by DMVS.

The trust is also exposed to the intensely competitive landscape
of education sector in and around Mangalore and has a  below
average financial risk profile marked by high gearing and subdued
debt protection metrics  However, the trust benefits from its
established position in Mangalore and its diversified course
offering.

DMVS was established in 1985 by Dr M. Ramgopal Shetty. The trust
has established 11 educational institutions in an around
Mangalore, Karnataka, and offers Physiotherapy, Nursing,
Engineering, Arts and Science course. The trust was a pioneer in
starting nursing courses in Mangalore in mid- 1980's. This trust
grew under the management of Dr M Ramgopal Shetty, who is surgeon
by profession and runs the Dr M V Shetty Hospital at Mangalore.

DMVS reported, on a provisional basis, a net surplus (excess of
income over expenditure) of INR9.6 million on operating income of
INR179.9 million for 2013-14 (refers to financial year, April 1 to
March 31), against a net deficit (excess of expenditure over
income) of INR 11.9 million on operating income of INR165.3
million for 2012-13.


HULDIBARI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR65MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Huldibari Industries &
Plantation Co Ltd continue to reflect HIPCL's small scale of
operations and weak financial risk profile marked by eroded net
worth. These rating weaknesses are partially offset by its
promoters' extensive experience in the tea industry and its stable
income from lease rentals from its properties in Kolkata (West
Bengal).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)

   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes that HIPCL will continue to benefit over the
medium term from its promoters' extensive experience in the tea
industry. The outlook may be revised to 'Positive' if the company
reports substantial improvement in its capital structure, most
likely because of equity infusion. Conversely, the outlook may be
revised to 'Negative' if HIPCL's working capital requirements
increase, or if it undertakes a large debt-funded capital
expenditure programme, or generates lower-than-expected cash
accruals over the medium term.

HIPCL was set up by Mr. C L Bajoria and his family in 1889 as an
Association of Persons named Huldibari Tea Association. The
association was reconstituted as HIPCL in 1995. The company, based
in West Bengal, processes black crush, tear, and curl tea.

HIPCL reported a profit after tax (PAT) of INR16.2 million on
operating revenue of INR210.7 million for 2012-13 (refers to
financial year, April 1 to March 31), vis-a-vis a PAT of INR1.5
million on operating revenue of INR157.5 million in 2011-12.


INDIA INFRACON: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of India Infracon Pvt Ltd
continue to reflect IIPL's limited track record of operations and
the customer concentration in its revenue. These rating weaknesses
are partially offset by IIPL's moderate financial risk profile
marked by moderate capital structure and debt protection measures.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        110        CRISIL A4 (Reaffirmed)
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IIPL will benefit over the medium term from
its promoters' support in the form of unsecured loans and equity
infusion. The outlook may be revised to 'Positive' in case of
significant increase in IIPL's scale of operations and
profitability, leading to substantial cash accruals. Conversely,
the outlook may be revised to 'Negative' in case of low
profitability or large working capital requirements, weakening its
financial risk profile.

Update
IIPL is executing a state road construction project in Madhya
Pradesh which has been subcontracted to it by Concast India Pvt
Ltd. The project commenced in 2012-13 with a six-month
construction delay because of revision in the project scope by
Madhya Pradesh Road Development Corporation; it is now expected to
be completed in 2015-16 (refers to financial year, April 1 to
March 31). For the project, IIPL is likely to report revenue of
INR265 million for 2013-14. Besides this order, the company has no
major order in hand. However, it is likely to apply for fresh
tenders during the year to secure more orders; order flow will
remain a key rating sensitivity factor as the company's existing
project provides revenue outlook for just over a year and from a
single customer.

IIPL's operations remain working capital intensive. Its liquidity
is supported by mobilisation advance of INR52 million, interest-
free unsecured loans from the promoters of INR20 million, and low
debtors of 15 to 20 days because of quick debtor realisation.
However, the financial risk profile is constrained by estimated
small net worth of INR52 million as on March 31, 2014. IIPL is
likely to report a profit after tax (PAT) of INR5.6 million on net
sales of INR265 million for 2013-14; it reported a net profit of
INR0.56 million on net sales of INR9.9 million for 2012-13.

Incorporated in 2010, IIPL is engaged in civil and road
construction activities. The company is promoted by Mr. Apurve
Goel and Ms. Vandana Goel.


JAIMURTY MINERALS: CRISIL Puts 'B+' Rating on INR400.7MM Loans
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Jaimurty Minerals and Chemicals Pvt Ltd and has
assigned its CRISIL B+/Stable/CRISIL A4 ratings on the bank
facilities of JMCPL. The rating was previously 'Suspended' by
CRISIL vide the Rating Rationale dated November 9, 2012, since
JMCPL had not provided the necessary information required for a
rating review. JMCPL has now shared the requisite information
enabling CRISIL to assign a rating on its bank facilities.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           165         CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

   Corporate Loan        125         CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

   Term Loan             110.7       CRISIL B+/Stable (Assigned;
                                     Suspension revoked)

   Letter of Credit       20         CRISIL A4 (Assigned;
                                     Suspension revoked)

The rating reflects JMCPL's promoters' extensive experience in the
calcium carbonate market. This rating strength is partially offset
by the company's subdued financial risk profile, marked by high
gearing and weak debt protection metrics, working-capital-
intensive operations and susceptibility of operating performance
to availability and volatility in prices of inputs.

Outlook: Stable

CRISIL believes that JMCPL 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 while
improving 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.

JMCPL, incorporated in 1983, is engaged in manufacturing of
calcium carbonate. The company was acquired by Mr. S. H. Budhwani
and Mr. A. J. Dodhia in 1993. From April 2013 onwards, the company
is being managed by the Budhwani family independently. JMCPL's
manufacturing facilities is located in Paonta Sahib (Himachal
Pradesh) and administrative office in Mumbai (Maharashtra).

JMCPL reported a profit after tax of INR 2.3 million on net sales
of INR 409.6 million for 2012-13 (refers to financial year,
April 1 to March 31); against a net loss of INR12.5 million on net
sales of INR441.8 million for 2011-12.


KABRA BROTHERS: CRISIL Puts 'D' Rating on 'Notice of Withdrawal'
----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Kabra
Brothers (part of the Kabra group) on 'Notice of Withdrawal' for
180 days at the firm's request. The ratings will be withdrawn at
the end of the notice period, in line with CRISIL's policy on
withdrawal of its bank loan ratings.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Letter of Credit      100         CRISIL D (Notice of
                                     Withdrawal)

CRISIL has combined the financial and business risk profiles of
Kabra Brothers and Kabra Steels Ltd (Kabra Steels). This is
because these entities, together referred to as the Kabra group,
have a common management and operate in a similar line of
business.

Kabra Brothers, incorporated in 1970 by Mr. Shyam Sunder Kabra, is
a part of the Kolkata (West Bengal)-based Kabra group. Kabra
Brothers trades in imported coal, while Kabra Steels trades in
coal, iron ore, and metals, and also undertakes mining and
crushing of stone.


KRUPALI FASHIONS: ICRA Assigns 'B+' Rating to INR15cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR15.00 crore
fund based facilities of Krupali Fashions Private Limited. ICRA
has also assigned a short term rating of [ICRA]A4 to the non-fund
based facilities of INR0.40 crore.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based-Term Loan       10.00      [ICRA]B+ assigned
   Fund Based-Cash Credit      5.00      [ICRA]B+ assigned
   Non Fund Based- Bank        0.40      [ICRA]A4 assigned
   Guarantee

The rating is constrained by Krupali Fashions Private Limited's
small scale of operations and risks associated with project
implementation. The ability of the company to commission the
project in a timely manner, operate the plant at healthy
utilization levels and market the products successfully, post-
commissioning remains critical from a credit perspective. Besides,
the liquidity position of the company is also expected to remain
tight on account of debt-funded capex plan and high working
capital intensive operations. The ratings also factor in the
company's exposure to volatility in the prices of key raw
materials and intense competition in the embroidery industry.
The rating, however, favorably takes into account the company's
established presence in the North Indian market and promoters'
experience in the embroidery sector, locational advantages in
terms of proximity to raw material availability and benefits
derived by the company from subsidies under Technology Upgradation
Fund Scheme (TUFS) of Government of India. Also, the profitability
is expected to improve owing to increased value addition and
limited reliance on third party for job work.

Incorporated in May 2013, KFPL procures fabric from vendors in
Surat and Ahmedabad and outsources dying and embroidery work to
job-work contractors located in Surat. The designing work and low
value added processes like folding, cutting, packing etc. are done
in-house and subsequently, the material is sold in the North
Indian market under the brand name ' Krupali' and 'Udaan'. From
October 2014, the management has decided to have in-house
embroidery facility to limit its reliance on third party.

Recent Results

The company has recorded a net profit of INR0.24 crore on an
operating income of INR18.56 crore in the financial year 2013-14.


KSR INFRACON: ICRA Suspends 'B+' Rating on INR20cr Loan
-------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ rating assigned to
the INR20.00 crore bank facilities of KSR Infracon Private Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KUSMASULI MULTIPURPOSE: CRISIL Keeps B Rating on INR92.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on Kusmasuli Multipurpose Cold Storage Pvt Ltd
continues to reflect its exposure to risks associated with the
nascent stage of its operations, and a weak financial risk
profile, marked by its high gearing and small net worth. These
rating weaknesses are partially offset by the promoters' extensive
experience in the cold storage industry and the company's
established customer relationships.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        1.3         CRISIL A4 (Reaffirmed)
   Cash Credit          41           CRISIL B/Stable (Reaffirmed)
   Term Loan            47           CRISIL B/Stable (Reaffirmed)
   Working Capital
   Facility              4.5         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KMCSPL will continue to benefit over the
medium term from its established customer relationships and the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company efficiently manages farmer
credit financing, and significantly enhances its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity is constrained by
delays in repayments by farmers, or significantly low cash
accruals, or additional debt-funded capital expenditure (capex).

Update
KMCSPL is likely to record year-on-year growth at an estimated 10
to 12 per cent to around INR35 million in 2013-14 (refers to
financial year, April 1 to March 31), with its nascent stage.
Moreover, given the start-up phase, the company requires time to
enhance its scale of operations. Till then, KMCSPL's cash accruals
could remain low and dependent on its ability to successfully
increase its scale of operations. The operating margin remains
healthy between 40 and 42 per cent, though vulnerable to
regulatory risks. The West Bengal Cold Storage Association
regulates the potato cold storage industry. The Department of
Agricultural Marketing, West Bengal, fixes rental rates, currently
at INR115 per quintal per season. Thus, KMCSPL's profitability
will continue to remain vulnerable to rental prices set by the
regulators.

KMCSPL's net worth could remain low at around INR40 million, as on
March 31, 2014, limiting its financial flexibility to meet any
exigency. The company contracted large debt to funding its working
capital requirements; additionally, small net worth could lead to
high gearing estimated at 3 times as on March 31, 2014.

KMCSPL, incorporated in 2011, operates a cold storage unit for
potatoes, with a capacity of 16,000 tonnes, in the Paschim
Medinipur district (West Bengal). The company occasionally trades
in potatoes to ensure optimum capacity utilisation of the cold
storage unit. KMCSPL also finances the farmers' potatoes storage;
the same is re-financed by the banks. The company was set up by
Mr. Nandalal Ghosh and Mr. Bibekananda Sannigrahi in 2011.


MATOSHREE COTTON: ICRA Reaffirms B+ Rating on INR6.65cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR6.00 crore cash credit facility and INR0.65 crore term loan
facility of Matoshree Cotton Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based-Cash Credit      6.00      [ICRA]B+ reaffirmed
   Fund Based-Term Loan        0.65      [ICRA]B+ reaffirmed

The reaffirmation of rating factors in Matoshree Cotton Private
Limited's modest scale of operation and financial profile
characterized by thin profitability, modest debt coverage
indicators and high gearing levels given the high working capital
intensity of operations. ICRA also takes note of the highly
competitive and fragmented industry structure with the limited
value additive nature of operations which leads to pressure on
profitability. The rating further incorporates the vulnerability
of margins to adverse movement in raw material prices, which in
turn are linked to the seasonal nature of the cotton industry and
government regulations on MSP and export.

The rating, also considers the experience of the promoters in the
cotton industry as well as the favourable location of the company
giving it easy access to high quality raw cotton. Another factor
to be considered is the forward integration in crushing facilities
providing additional revenues and diversification. The rating also
factors in favourable demand outlook for cotton and cottonseed in
domestic and overseas markets.

Incorporated in 2007, Matoshree Cotton Private Limited (MCPL) is
engaged in the ginning and pressing of raw cotton and crushing of
cottonseeds. The company is managed by two directors, namely, Mr.
Ashokbhai Kalotra and Mr. Laxmanbhai Kalotra. The manufacturing
unit is located in Mahuva, Bhavnagar, Gujarat. It has 18 ginning
machines, one pressing machine (automatic) and five expellers with
an installed capacity of 200 cotton bales, 4 MT cottonseed oil and
31.50 MT cottonseed oil cake per day (24 hours operation).

Recent Results

In FY13, the company reported an operating income of INR21.59
crore and a net profit of INR0.07 crore. The company reported an
operating income of INR11.64 crore and profit before depreciation
and tax (PBDT) of INR0.31 crore as per the provisional financials
provided for the period ending Nov. 9, 2013.


METRO GOLD: CRISIL Suspends 'B-' Rating on INR36MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Metro Gold Textiles Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Discounting    60         CRISIL A4 Suspended
   Bill Purchase

   Term Loan              36         CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
MGTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MGTPL is yet to
provide adequate information to enable CRISIL to assess MGTPL'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'

MGTPL was incorporated in 1997 as Metro Silk Private Ltd, promoted
by Mr. Bhagwan Das Phulwani and his family members. The company's
name was changed to the current one in 2010-11 (refers to
financial year, April 1 to March 31). The company began operations
in 2005-06. Based in Bhilwara (Rajsthan), the company is engaged
in processing and exporting polyester-viscose-blended fabrics. The
company does not have any in-house manufacturing facility and it
outsources the entire processing activities (weaving, finishing)
to entities based in Bhilwara. The company exports to two traders
based in Dubai. MGTPL is in the process of setting up an in-house
weaving unit at Bhilwara, with capacity to produce 0.25 million
meters of fabric per month. After completion, the unit's
production will be able to meet 50 per cent of MGTPL's weaving
requirements.


NISSAN SYNTEX: ICRA Reaffirms 'B+' Rating on INR5.05cr Loans
------------------------------------------------------------
ICRA has reaffirmed an [ICRA]B+ rating to the INR4.90 crore fund-
based cash credit facility and INR0.15 crore fund-based term loan
facility of Nissan Syntex Private Limited. The rating of [ICRA]A4
has also been reaffirmed to short-term fund based facilities
INR3.25 crore (sublimit of cash credit) of NSPL.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.90       [ICRA]B+ reaffirmed
   Term Loan             0.15       [ICRA]B+ reaffirmed
   PC/PCFC/FBP/FBD/
   FCBP/FCBD            (3.25)      [ICRA]A4 reaffirmed

The rating continues to be constrained by the company's modest
scale of operations with weak financial profile as reflected by
high gearing levels and weak debt coverage indicators emanating
from increased working capital requirements owing to higher
collection period and lower credit period from suppliers leading
to high utilization of bank limits. While assigning the ratings,
ICRA also takes note of high competitive intensity on account of
fragmented nature of the fabric manufacturing industry and the
exposure of the company's profitability to adverse movements in
yarn and grey fabric prices which may not fully passed on to the
customers as well as high competitive intensity on account of
fragmented nature of the textile industry. The ratings further
factors in the vulnerability of company's operations to currency
fluctuations due to company's presence in exports.

The ratings, however, favorably consider the extensive experience
as well as long track record of promoters in the textile industry
and easy availability of key raw materials like yarns, grey cloth
as well as fabrics on account of company's location in Ahmedabad -
one of the major textile belts of Gujarat. Further, the ratings
also favorably factors in the diversified product profile of NSPL
with presence in distributorship of prominent textile companies,
as well as fabric and garments manufacturing business.

Nissan Syntex Private Limited was incorporated in 1982 and is
promoted by Mr. Harkishandas P. Parekh and Mr. Sanjay H. Parekh
with its manufacturing unit located in Ahmedabad. The company is
engaged in textile business with its operations diversified into
three main segments i.e. manufacturing of poly viscose, poly
cotton, synthetic, etc. types of fabrics, manufacturing of
garments which includes denim and cotton trousers and authorized
distributorship of Mafatlal Denim Ltd. in Ahmedabad region. In
addition, from April 2013, the company has also taken up the
distributorship of cotton fabrics for Arvind Ltd.

Recent Results

During FY14 (unaudited provisional financials), the company
reported an operating income of INR25.34 crore and profit after
tax (PAT) of INR0.44 crore as against operating income of INR24.90
crore and profit after tax (PAT) of INR0.34 crore in FY13.


OLIVE HOSPITALS: ICRA Suspends 'B+' Rating on INR7.47cr Loan
------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ rating assigned to
the INR7.47 crore bank facilities of Olive Hospitals Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company


OMEGA PREMISES: CRISIL Raises Rating on INR500MM Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Omega Premises Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term     500         CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

The upgrade in rating reflects an improvement in Omega's liquidity
resulting from steady flow of advances for its ongoing projects.
During the previous rating exercise, the company had delayed on
its last instalment for the loan availed for its residential
project 'Mantri Mystrica on account of cash flow mismatches.
However, the account has been closed in November 2013. The company
has been meeting its debt obligations from other financial
institutions in a timely manner. Over the medium term, CRISIL
expects Omega's cash flows to improve supported by moderate
booking rates and advance stage of completion of its two ongoing
residential projects - Mantri Mystica and Mantri Eternity. The
cash flows are expected to be sufficient to meet Omega's debt
obligations in a timely manner.

Omega is also exposed to the cyclicality inherent in the real
estate industry and significant project-related risks. However,
these rating weaknesses are partly offset by its promoters'
extensive experience in the real estate business and its
established market position in Pune (Maharashtra).

Outlook: Stable

CRISIL believes that Omega will continue to benefit over the
medium term from its promoters' extensive experience and project
execution capabilities in the real estate sector. The outlook may
be revised to 'Positive' in case of better-than-expected bookings,
realisations and receipt of customer advances leading to higher-
than-expected cash inflows. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in Omega's liquidity either
because of delays in receipt of customer advances or time or cost
overrun in the execution of its ongoing and upcoming projects.

Omega is a part of the Suhas Mantri group, which was set up in the
early 1990s. The company develops commercial and residential real
estates, mainly in Pune.


R.D DYEING: CARE Reaffirms 'B+' Rating on INR2.5cr Bank Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of R.D
Dyeing & Printing Mills Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of R.D Dyeing &
Printing Mills Private Limited continues to remain constrained on
account of the modest scale of operations due to high focus on
job-work income, weak liquidity albeit moderate debt coverage
indicators during FY14 (Provisional, refers to the period April 1
to March 31), presence in a highly fragmented fabric processing
industry and low profitability.

However, the rating continues to derive strength from the wide
experience of the promoters in the textile trading business,
moderate capacity utilization and favorable location in the
textile manufacturing hub.

The ability of RDDP to increase its scale of operations, improve
profitability along with the improvement in its liquidity position
by effective working capital management will remain the key rating
sensitivity.

RDDP was incorporated in September 2003 by Mr Nandkishore Kothari
and Mr Harivallabh Kothari. However, the commercial operations
commenced from March 2006. RDDP is engaged in the business of job-
work of fabric processing viz bleaching, printing, dyeing and
finishing of polyester fabric which is mainly used for making
sarees and ladies dress material. RDDP operates from its sole
processing facility in Surat with a total installed capacity of
50,000 Meters per Day (MPD) as on March 31, 2014.

RDDP also has an associate firm namely R.D. Exports [RDE: rated
CARE A4] which is in the business of exporting the finished
fabrics after procuring grey fabrics and getting processed from
outside parties.

During FY14 (Provisional,, RDDP reported a PAT of INR0.82 crore on
a TOI of INR30.89 crore as against a net loss of INR0.05 crore on
a TOI of INR23.38 crore in FY13.


R.L.CONSTRUCTION: CRISIL Ups Rating on INR55MM Loans to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
R.L.Construction to 'CRISIL B/Stable' from 'CRISIL B-/Stable', and
has reaffirmed its rating on the firm's short-term bank facilities
at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         70         CRISIL A4 (Reaffirmed)

   Cash Credit            50         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Standby Line of         5         CRISIL B/Stable (Upgraded
   Credit                            from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in RLC's liquidity
backed by its steady accruals of over INR10 million per annum
against no debt obligations. Furthermore, it has not had any
capital expenditure (capex) in the past two years, thus providing
sufficient funds for meeting its incremental working capital
requirements. The firm is not expected to have any capex over the
medium term as well. However, its highly working-capital-intensive
operations have resulted in full utilisation of its fund-based
facilities leading to lower cushion for exigencies.

The ratings continue to reflect RLC's large working capital
requirements and geographical concentration in its revenue
profile. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the civil
construction industry, and its moderate financial risk profile,
marked by.

Outlook: Stable

CRISIL believes that RLC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's liquidity
improves, backed by efficient working capital management or
support from its promoters in the form of equity or unsecured
loans. Conversely, the outlook may be revised to 'Negative' if RLC
faces delays in collection of receivables or a build-up of
inventory, leading to deterioration in its liquidity.

RLC, based in Silchar (Assam), was set up as a partnership firm by
three friends, Mr. Gouranga Paul, Mr. Mukul Paul, and Mr. Nirmal
Banik, in 1999. The firm undertakes earthwork, construction of
side drains, site development, strengthening of bridges, and
construction of minor bridges for the North-Eastern Railway.

RLC reported a profit after tax (PAT) of INR10.2 million on net
sales of INR173 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR12.1 million on net
sales of INR167 million for 2011-12.


RAJAN JEWELLERY: CRISIL Cuts Rating on INR100MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rajan Jewellery to 'CRISIL D' from 'CRISIL B+/Stable'. The
rating downgrade reflects RJ's continuously overdrawn cash credit
facility; this was due to the firm's weak liquidity.

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

RJ also has a modest scale of operations in the intensely
competitive gold jewellery segment, and a below-average financial
risk profile, marked by high gearing, a small net worth, and
average debt protection metrics. However, the company benefits
from the extensive industry experience of its promoter, and the
benefits that it derives from the healthy demand for gold
jewellery in Kerala.

For arriving at the rating, CRISIL has now considered the business
and financial risk profiles of RJ on a standalone basis.
Previously, CRISIL had combined the business and financial risk
profiles of RJ and Rajan Jewellery Diamonds India Pvt Ltd,
together referred to as the RJ group. The change in analytical
approach follows the communication from RJ's management that there
will be no financial linkages between the two entities, and that
the firms will be managed independently.

Established in 1933 and promoted by Mr. G Pradeep Kumar and
family, RJ is a gold jewellery retailer based in Tiruvalla
(Kerala).


SAVITA CONSTRUCTIONS: ICRA Cuts Rating on INR19.16cr Loans to D
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR6.00 crore
(enhanced from INR4.00 crore) fund based cash credit facility and
the INR1.16 crore(reduced from INR1.90 crore) term loan facility
of Savita Constructions Private Limited from [ICRA]C to [ICRA]D.
ICRA has also revised the short term rating assigned to SCPL's
INR12.00 crore(enhanced from INR6.00 crore) short term non-fund
based facilities from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.00       Downgraded to [ICRA]D
   Term Loan             1.16       Downgraded to [ICRA]D
   Bank Guarantee        8.00       Downgraded to [ICRA]D
   LC                    4.00       Downgraded to [ICRA]D

The revision in ratings reflects the instances of delays in debt
servicing by the company in the last six months, owing to its
stretched working capital cycle and tight liquidity position. The
company's financial profile has been weakened as reflected in de
growth in revenues, stretched capital structure and increased
working capital requirement. The ratings also take into account
the vulnerability of profitability to raw material price variation
in the absence of any price escalation clause. The rating further
notes that the ability of the company to deliver the projects on
time and maintain healthy order book remains crucial.

The ratings however favorably factor in the extensive experience
of promoter in the industry, the location advantage derived from
the company's proximity to chemical and petrochemicals hub in
Gujarat and its Clientele base consisting of large and reputed
organizations resulting in lower counterparty risk.

Savita Constructions Pvt Ltd. was incorporated in 1995 and started
operations in 2001. The company is primarily involved in
designing, manufacturing & erection of boilers, pressure/reaction
vessels, heat exchangers, storage tanks, piping, fabrication and
erection of structural steel, etc for chemical, power plants, oil
& gas and various other industries. The company has experience of
over 12 years in the business.

Recent Results

For the period ended January 2014(unaudited provisionals), the
company reported an operating income of INR14.92 crore and profit
before tax of INR1.25 crore.


SHIVGANGA COTTON: CARE Assigns 'B+' Rating to INR4.49cr Bank Loan
-----------------------------------------------------------------
CARE assigned 'CARE B+/CARE A4' ratings to bank facilities of
Shivganga Cotton.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities    4.49      CARE B+ Assigned
   Short-term Bank Facilities   2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shivganga Cotton
are primarily constrained due to its modest scale of operation,
high working capacity intensity, modest capacity utilization,
seasonality associated with raw material availability and exposure
to adverse changes in the government regulations. The ratings are
further constrained on account of its weak financial risk profile
marked by thin profitability owing to limited value addition
nature of the business, modest liquidity position, high overall
gearing and moderate debt coverage indicators.

The aforementioned constraints far outweigh the benefits derived
from the vast experience of the partners in the cotton ginning &
pressing business and SHC's presence in the cotton producing belt
of Gujarat.

Increase in the scale of operations, improvement in the overall
financial risk profile with better working capital management is
the key rating sensitivities.

Amreli-based (Gujarat) SHC is a partnership firm engaged in cotton
ginning and pressing business. Established in the year 2011, the
main products of SHC include cotton bales and cotton seeds.
Hareshbhai N. Metaliya, partner, manages the day to day operations
of SHC. Its plant, located at Amreli district of Gujarat, is
spread across 23,412 Sq. meters area. As on June, 04 2014, it had
a total installed capacity of 28 metric ton per day of cotton seed
and 100 cotton bales per day.

During FY14 (as per the provisional results; refers to the period
April 1 to March 31), SHC reported a total operating income (TOI)
of INR34.80 crore and a Profit after Tax (PAT) of INR 0.04 crore
as against the TOI of INR31.45 crore and PAT of INR0.04 crore in
FY13. During 2MFY15 (Provisional) SHC registered a TOI of INR6.20
crore.


SHRI SOMESHWARA: CRISIL Reaffirms B+ Rating on INR135MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Someshwara Spun
Pvt Ltd continue to reflect SSSPL's stretched liquidity and
susceptibility of its operating profitability to fluctuations in
input cost. These rating weaknesses are partially offset by its
promoters' extensive experience in the textile industry and
moderate financial risk profile marked by a moderate gearing and
debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            90        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       65        CRISIL A4 (Reaffirmed)
   Long Term Loan         35        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSSPL will continue to benefit over the medium
term from its established market position and promoters'
experience in the textile industry. The outlook may be revised to
'Positive' in case of higher-than-expected net cash accruals
leading to an improvement in its debt protection metrics and
liquidity. Conversely, the outlook may be revised to 'Negative' in
case SSSPL's profitability declines sharply or its working capital
cycle lengthens leading to deterioration in its financial risk
profile, especially liquidity.

SSSPL was set up in 2006 by the Mehra and Rathi families. It
manufactures and trades in poly blended yarn. The company's
manufacturing facility is in Coimbatore (Tamil Nadu).

SSSPL reported a profit after tax (PAT) of INR8.4 million on net
sales of INR739.3 million in 2012-13 (refers to financial year,
April 01 to March 31), as against a PAT of INR6.9 million on net
sales of INR413.2 million in 2011-12.


SRI BALAMURUGAN: CRISIL Assigns 'B' Rating to INR130MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sri Balamurugan Modern Rice Mill (SBMRM).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Short Term Loan        20         CRISIL A4
   Cash Credit            60         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     70         CRISIL B/Stable

The ratings reflect SBMRM's below-average financial risk profile,
marked by high gearing, and susceptibility of its operating
profitability to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of SBMRM's promoters in the rice milling industry.

Outlook: Stable

CRISIL believes that SBMRM will benefit over the medium term from
the extensive industry experience of its promoter in the rice
milling industry. The outlook may be revised to 'Positive' in case
of a significant and sustained increase in the firm's revenues and
profitability, or a substantial infusion of capital by its
promoter, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SBMRM's revenues and profitability decline substantially, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, or its promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.

Set up in 1991, SBMRM is engaged in milling and processing of
paddy into rice. The firm is promoted by Mr. Mani and his family
members.

SBMRM reported a profit after tax (PAT) of INR0.7 million on net
sales of INR179.1 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR173.9 million for 2011-12.


SUSEE MOTORS: ICRA Assigns 'B' Rating to INR3cr Loans
-----------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR2.00 crore long term
fund based facilities and the INR1.00 crore proposed facilities of
Susee Motors (India) Private Limited. ICRA has also assigned
[ICRA]A4 rating to the INR3.00 crore short term non fund based
facilities of the Company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term fund          2.00        [ICRA]B assigned
   based facilities

   Long term facilities-   1.00        [ICRA]B assigned
   Proposed

   Short term non fund     3.00        [ICRA]A4 assigned
   based facilities

The assigned ratings positively factor in the long standing
experience of the promoters in the industry and the reputation of
the Susee brand in the auto dealership space in Tamil Nadu. The
ratings also take into account the likely increase in service and
spares incomes over the medium term, which is expected to result
in improvement in profit margins, and the plans indicated by the
management to improve the company's capital structure going
forward.

The ratings are, however, constrained by SMIPL's financial profile
characterized by modest revenues, thin margins and accruals,
stretched capital structure and weak cash flows; the scale is
attributable to its relatively nascent stage of operations while
the margins are on account of both incipient stage of the business
and its nature. Further, SMIPL's sales are vulnerable to the
inherent cyclicality of the passenger car industry and competition
from dealers of other OEMs in the region. Also, with all the
companies under subgroups of the larger Susee Group using the
common Susee brand, any negative events associated with the
companies belonging to other sub groups, could impact SMIPL.

Incorporated in Oct 2012, Susee Motors (India) Private Limited is
the sole authorised dealer for Volkswagen vehicles in the Vellore,
Thiruvannamalai and Kanchipuram districts of Tamil Nadu since
January 2013. The company has one 3S (sales, service and spares)
showroom in Vellore and 60 employees as on date.

The Susee Group, which traces its origin to a business dealing
with trading of pulses/grains started in the late 1930s by Mr.
Subramania Nadar and Ms. Seeniyammal, is an established name in
the auto dealership space in Tamil Nadu. The group currently has
five subgroups belonging to descendants of the promoters; all of
these operate under the Susee brand, but have no operational or
financial linkages. SMIPL belongs to one of the sub groups and is
owned and managed by Mr. Soundararajan, son of the aforementioned
promoters, and his son Mr. Manivannan. Mr. Soundararajan and Mr.
Manivannan have interest in five other entities two engaged in the
auto dealership business, one each in the FMCG, oven sacks
manufacturing and education businesses.


TATA STEEL: Moody's Affirms Ba3 Corp. Family Rating; Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Tata Steel
Limited ("TSL") and Tata Steel UK Holdings Limited ("TSUKH") and
maintained the negative outlook on both companies' ratings. The
ratings affirmed are TSL's corporate family rating of Ba3, TSUKH's
corporate family rating and probability of default rating at B3
and B3-PD, respectively, and the B3/LGD 3(49%) rating of TSUKH's
term loan facility.

Ratings Rationale

Moody's views a deterioration of TSL and TSUKH's profitability and
cash generation as unlikely in the next 12 months but against a
backdrop of elevated leverage and further negative free cash flow
in the current year, the risks of a downgrade have not fully
abated. However, as further evidence of a more sustained recovery
emerges, ratings could return to stable over the coming quarters.

While the European operations have delivered six quarters of
positive EBITDA, Moody's regards the recovery as being somewhat
fragile with few end user markets other than vehicle manufacturers
being soundly supported. TSUKH's restructuring measures have kept
it cost competitive and enabled it to benefit from the pick-up in
the European demand despite the continuing weak prices
environment.

"Despite the improvements at TSUKH, driving down its excessive
leverage in a environment of weakening prices, even if the price
of iron ore is also lower, is a struggle," says Alan Greene, a
Moody's Vice President - Senior Credit Officer.

Moody's also notes that TSUKH has significant debt falling due in
FY2016 and expects developments on the refinancing of this over
the coming months.

"Nevertheless, a combination of progress on the refinancing front
and no slippage in the profitability of the European operations
over the next two quarters, would relieve much of the pressure on
TSUKH's rating," says Greene.

The profitability of the Indian business remains one of the
highest in the industry. This will be supplemented by the start of
a new 3 million ton per annum (mtpa) plant in Odisha in early
2015. In the year ended 31 March 2014 (FY2014), TSL's operations
in India represented 32% of group volumes while generating 81% of
the group's EBITDA.

"Although India is seeing a rapid increase in steelmaking
capacity, TSL's capacity continues to be fully utilized and
generates EBITDA/tonne of around $250/t," adds Greene, who is the
Lead Analyst for Tata Steel.

"Furthermore, once the 3mtpa of the Odisha project is fully
operational, TSUKH will then produce less than 50% of the group
volume, significantly reducing TSL's reliance on the structurally
less profitable European market" continues Greene.

Moody's notes that there was a brief hiatus in Tata Steel's iron
ore mining operations in May related to the validity of mining
licences in the state of Odisha, which triggered a total mining
ban in the state. While Tata Steel was given new in-principle
permits to restart within days, many other mines remain closed.
Tata Steel now has to submit documentation and meet the conditions
attached to the new permits but the onus is on the state to
resolve the matter within six months. Moody's expects the
licencing process to proceed smoothly for Tata Steel, however, the
incident has thrown the spotlight on the availability of captive
iron ore to Tata Steel, which is fundamental to its high margins
in India.

Tata Steel reported a 29% increase in EBITDA to INR164 billion in
FY2014 and an increase in reported gross debt to INR787 billion,
as at 31 March 2014, from INR661 billion in FY2013. Moody's
estimates that the consolidated adjusted debt/EBITDA was close to
5x for FY2014, compared with 5.4x for FY2013.

Moody's expect debt/EBITDA to remain around 5x in FY2015. Despite
the sale of a land parcel in Mumbai for a total consideration of
INR11.6 billion and the sale of its 50% share in Dharma port for
INR27.5 billion, a further increase in debt is expected in FY2015
as the Odisha project is completed. So far the capex for Odisha
phase one has been funded from internal sources but TSL arranged a
INR225 billion project finance facility in 2013 for the Odisha
expansion which will be drawn when needed.

"After a strong recovery in consolidated profitability in FY2014,
metrics are likely to remain flat in FY2015 as TSL adds to its
debt without a commensurate pick-up in profitability", continues
Greene.

The rating outlook for the group is negative reflecting the
pressure on the consolidated group arising from the highly
leveraged European operations and the extent of support for TSUKH.
Credit metrics in the near-term are expected to remain elevated
for the rating because the cash generated from the highly
profitable Indian operations is insufficient to outweigh the
impact of rising debt levels from the continuing capex in India.

The rating outlook for TSUKH is negative pending confirmation of
recovery in profitability in Europe that would result in a
sustained improvement in credit metrics and reduction in the level
of working capital support needed.

Upward pressure on TSL's rating is limited in the coming months.
However, the timing of and extent of any upgrade will depend on
the level of profitability and cash generation achieved by TSUKH,
progress on refinancing the TSUKH facility and the market outlook
for India in the months leading up to the start of the 3mtpa plant
at Odisha. At the same time, Moody's expectation is that TSL will
maintain comfortable headroom under its financial covenants at
both TSL and TSUKH. Credit metrics considered for such a change
include adjusted debt/EBITDA heading decisively down towards 4x
and for EBIT interest coverage of over 3.0x on a sustained basis.

Downward pressure for TSL's rating could result from slower than
expected demand for steel in Europe, any disruptions to raw
material supplies in India or a slower than expect expected pick
up in India's economy leading to lower prices and weaker cash
generation at a time of increasing capex and scheduled debt
repayment. Credit metrics that would indicate a downgrade include
debt/EBITDA over 5.0x or EBIT interest cover falling below 2.0x to
2.5x on a sustained basis.

For TSUKH, upward pressure on the rating could take hold if TSUKH
successfully refinances its term loan and its performance
stabilizes such that it achieves EBITDA/tonne of around $80/t and
begins to consistently generate positive free cash flow. In
addition, credit metrics that would need to be met on a sustained
basis to achieve a higher rating include EBIT interest cover of
1.2x to 1.5x and a deleveraging of the balance sheet with Adjusted
Debt/EBITDA leverage below 6.0x to 7.0x on a sustained basis.

Negative pressure on the TSUKH rating could develop in the event
of a worsening of the operating environment beyond Moody's current
expectations. The rating could be considered for a downgrade if
adjusted EBITDA becomes barely positive such that refinancing of
the existing loan facilities or meeting the future leverage
covenants of these facilities appear to be distant prospects, or
if a revised level of support from TSL is apparent, or the
assumptions behind Moody's expected loss given default (LGD) for
the loans are further pressured.

The principal methodology used in this rating was the Global Steel
Industry Methodology published in October 2012. Other
methodologies used include Loss Given Default for Specualtive
Grade Issuers in the US, Canada, and EMEA, published June 2009.

Tata Steel Limited ("Tata Steel") is an integrated steel company
headquartered in Mumbai, India. Following the acquisition of Corus
plc (now Tata Steel UK Holdings, or "TSUKH"), Tata Steel has
operations in 24 countries and is the eleventh largest steelmaker
in the world based on its crude steel output of 25.3 million
tonnes in 2013.

Current crude steel production capacity at Jamshedpur, its main
operation in India, is some 9.8 mtpa. In FY2014, Tata Steel India
produced 8.9 million tonnes of steel and sold 8.5 million tonnes,
compared with 7.9 million tonnes and 7.5 million tonnes,
respectively in FY2013. Additional hot metal operations are
located in Singapore and Thailand giving some 2mtpa of crude
steel. In FY2014, TSUKH produced 8.5 million tonnes of crude steel
in the UK and 7.0 million tonnes in the Netherlands.


TULSI DALL: CRISIL Upgrades Rating on INR75MM Loan to 'B'
---------------------------------------------------------
CRISIL has upgraded its long term ratings on bank facilities of
Tulsi Dall Mill to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            75        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in firm's financial
risk profile and liquidity. TDM has reported substantial
improvement in its liquidity profile with improving net cash
accruals of INR2.6 million for 2013-14. With firm having modest
term loan outstanding of INR1.0 million as on March 31, 2014, its
net cash accruals are expected to remain adequate to meet term
debt repayments over the near to medium term. Further, firm's
financial risk profile has improved with total outside liabilities
to total net worth (TOLTNW) ratio improving to around 4.6 times as
on March 31, 2014, from 5.4 times as on March 31, 2013. With firm
expected to generate moderate accretion to reserves and not
expected to undertake any further debt funded capital expenditure,
its TOLTNW is expected to further improve over the near to medium
term.

The ratings reflect TDM's weak financial risk profile, marked by
modest net worth, high TOLTNW, and weak debt protection metrics,
working capital intensive and small scale of operations in a
fragmented agricultural commodities industry. These rating
strengths are partially offset by promoters' extensive experience
in the agro-commodities trading business.

Outlook: Stable

CRISIL believes that TDM will continue to benefit from its
promoters' long-standing industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in TDM's
operating margin, accompanied by efficient working capital
management, resulting in more-than-expected net cash accruals,
thereby improving company's financial risk profile and
particularly its liquidity. The outlook may be revised to
'Negative' in case of larger-than-expected, debt-funded capital
expenditure, or elongation of company's working capital cycle, or
decline in company's operating margins, leading to deterioration
in its financial risk profile.

TDM, a partnership firm based in Nagpur (Maharashtra), was
established in 1987 by Mr. Mohandas Aswani, and Mr. Tulsi Aswani.
The firm is engaged in processing and trading of various pulses
such as toor dal, chana dal (split chickpeas) and also vatana.


VIJAY JEWELLERS: ICRA Puts B+ Rating on 'Notice For Withdrawal'
---------------------------------------------------------------
ICRA has placed the long term rating of [ICRA]B+ assigned to the
INR12.50 crore fund based bank facility (Cash Credit) and the
short term rating of [ICRA]A4 assigned to the INR6.50 crore fund
based bank facility (Gold Loan, which is a sub limit of Cash
Credit) of Vijay Jewellers on notice for withdrawal for one month.
As per ICRA's 'Policy on Withdrawal of Credit Rating', the
aforesaid ratings will be withdrawn after one month from the date
of this withdrawal notice.


VIJAYAKRISHNA FARMS: CRISIL Cuts Rating on INR100MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities
Vijayakrishna Farms to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            47        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan              53        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by VKF in
servicing its debt; the delays have been caused by the concern's
weak liquidity, resulting from its substantial interest costs on
its debt obligations and large working capital requirements.

The rating continues to reflect VKF's modest scale of operations
and vulnerability to risks inherent in the poultry industry. The
rating also factors in the concern's weak financial risk profile,
marked by a modest net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that VKF derives from the extensive experience of
its proprietor in the poultry industry.

VKF was established as a proprietorship concern of Mr. Praveen
Reddy in 2010. The concern is engaged in the business of poultry
hatching. Its poultry unit is located in Ranga Reddy, Andhra
Pradesh. VKF commenced commercial operations from November 2011.

VKF reported a net loss of INR14.2 million on net sales of INR116
million for 2012-13 (refers to financial year, April 1 to March
31) against a profit after tax (PAT) of INR0.9 million on net
sales of INR67.1 million for 2011-12.


VIJAYAKRISHNA HATCHERIES: CRISIL Cuts INR50MM Loan Rating to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
Vijayakrishna Hatcheries to 'CRISIL D' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           28.5        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan             21.5        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by VKH in
servicing its debt; the delays have been caused by the concern's
weak liquidity, resulting from its large working capital
requirements.

CRISIL's ratings continue to reflect VKH's modest scale of
operations and vulnerability to risks inherent in the poultry
industry. The rating also factor in the firm's weak financial risk
profile, marked by modest net worth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that VKH derives from the extensive experience of
its proprietor in the poultry industry.

VKH was established as a proprietorship concern in 2010 of Mrs.
Vijaya Reddy. The concern is engaged in the business of poultry
hatching. Its poultry unit is located in Ranga Reddy District,
Andhra Pradesh. The day to day operations are overseen by Mr.
Krishna Reddy (Husband of Mrs. Vijaya Reddy) and Mr. Amarnath
Reddy (Son of Mrs. Vijaya Reddy).  The firm commenced commercial
operations from December 2012.

VKH reported a net loss of INR2.0 million on net sales of INR52.9
million for 2012-13 (refers to financial year, April 1 to
March 31).



=================
I N D O N E S I A
=================


BUMI RESOURCES: Braces for Default Verdict as Deadline Passes
-------------------------------------------------------------
David Yong and Yudith Ho at Bloomberg News report that PT Bumi
Resources (BUMI) will today, June 20, say whether bondholders are
letting it repay $375 million of notes within seven years instead
of seven weeks.

A deadline for holders of the Indonesian coal miner's 9.25 percent
convertible bonds to agree amendments to the debt or let the
company default passed at 11:59 a.m., Singapore time, June 18,
according to a memorandum obtained by Bloomberg. The result will
be known after a bondholders meeting on June 20, Jeremy Hughes, a
Singapore-based spokesman at consent agent Deutsche Bank AG, said
in an e-mailed reply to questions. The resolution requires support
from at least three-quarters of votes cast at the meeting,
Bloomberg says.

"Bumi probably has some leverage to push this restructuring
through because what's the alternative?" Todd Showalter, an
analyst at PT Samuel Sekuritas Indonesia, told Bloomberg by phone
June 16. "I'm quite sure the terms are going to be changed because
Bumi Resources has no way of making the payment under the current
terms."

Bloomberg notes that the restructure is part of Bumi's survival
plan after coal prices fell to the lowest level since 2009.
According to Bloomberg, the company averted a default on June 11
on $300 million of notes, while banks including Credit Suisse
Group AG and China Development Bank Corp. consented to a separate
refinancing to ease its $4.7 billion of short-term liabilities.

The Jakarta-based company, part owned by Indonesia's Bakrie
family, is seeking to extend the bond's maturity to July 2021,
reduce the annual coupon to 7 percent and change the conversion
terms, among other amendments, Bloomberg discloses citing the bond
document.

Bloomberg recalls that Bumi said last week it was "highly likely"
to miss payment on the notes in August if holders don't agree to
the proposal, citing weaker commodity prices. Indonesia's
benchmark coal prices have dropped 8.3 percent this year,
extending a two-year slump to the lowest level since 2009, the
report notes.

PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities.  It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold.  The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.


MANDALA AIRLINES: To Cease Operations on July 1
-----------------------------------------------
Gaurav Raghuvanshi and I Made Sentana at The Wall Street Journal
report that Tiger Airways Holdings Ltd. said its Indonesian
associate will cease operations on July 1, as the loss-making
Singapore budget carrier reverses course on its strategy of
aggressive overseas expansion.

The Journal says the shareholders of PT Mandala Airlines, which is
35.8%-owned by Tiger Airways, "vigorously explored" various
options but concluded that the carrier, which operates as Tigerair
Mandala, can't sustain operations.

Following the review, Tiger Airways, along with other shareholders
-- Indonesian private-equity firm Saratoga Group and PT Cardig
International-have decided to stop funding the airline, it said in
a statement, the Journal relates.

"The overcapacity situation that has put significant pressure on
yields, the weakening of the rupiah, which depreciated more than
20% since of the beginning of 2013, has also increased operating
costs significantly," Jusman Syafii Djamal, the chairman of
Mandala Airlines' board of commissioners, said in a separate news
release, according to the Journal.

The Journal notes that Tigerair, as the Singapore-listed airline
is now branded, first invested in Mandala in January 2012.

According to the report, the investment was part of Tigerair's
attempt to replicate the successes of Malaysia's AirAsia Bhd. and
Australia's Jetstar Airways by taking stakes in joint ventures in
Indonesia and the Philippines and starting a subsidiary airline in
Australia. But the strategy wasn't successful as Tigerair couldn't
match the scale of local airlines in those countries. Its
Australian unit was grounded by regulators in Australia for six
weeks in 2011 over safety concerns, which dented the airline's
reputation, the Journal says.

Tigerair, which is 40%-owned by Singapore Airlines Ltd., has
already scaled back its investments in Australia and the
Philippines, the Journal discloses. It announced a deal with Cebu
Air Inc. in January to sell its 40% stake in Tigerair Philippines.

Last year, the Journal recalls, it sold its 60% stake in Tigerair
Australia to Virgin Australia Holdings Ltd. and became a minority
partner in its former subsidiary.

With the latest announcement, Tigerair will limit itself to its
Singapore operations and its remaining 40% stake in the Australian
affiliate, according to the Journal.

For the fiscal year ended March 31, Tigerair's loss widened to
SGD223 million (US$178 million) from a loss of SGD45 million a
year earlier. The company has now reported a net loss for three
consecutive fiscal years, the Journal discloses.

Pulling out of Tigerair Mandala will help Tiger Airways to focus
on fleet consolidation and strategic alliances, the company said.

Based in Jakarta, Indonesia, PT Mandala Airlines is a low-cost
airline.  The carrier operates scheduled services to 3
international and 17 domestic destinations, using a fleet of
narrow body Airbuses.



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


* Japan Ruling Party to Hold Off Regulating Bitcoin
---------------------------------------------------
Takashi Mochizuki, writing for The Wall Street Journal, reported
that Japan is likely to stop short of regulating bitcoin after a
ruling-party panel looking into issues surrounding the virtual
currency decided that no legislation was needed for now.
According to the report, Prime Minister Shinzo Abe's Liberal
Democratic Party also said that no single government agency should
be appointed to oversee the digital currency. Instead, it called
for self-regulation by those involved in trading in bitcoin, as
the party seeks to nurture the fledgling industry.

In a statement of proposals for how the government should handle
bitcoin, the panel defined the virtual currency as an "electronic
record with value," meaning it is neither a currency nor a
commodity, the report said.



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


POSTIE PLUS: To Shut 12 Stores in New Zealand, Cull 64 Workers
--------------------------------------------------------------
Suze Metherell at BusinessDesk reports that the administrators of
failed retailer Postie Plus Group, which has been bought by a yet-
to-be-named foreign retailer, will close 12 of the chain's 82
shops in New Zealand, cutting 64 workers.

BusinessDesk relates that the PwC receivers said prior to the
appointment of administrators David Bridgeman and Colin McCloy,
Postie Plus management had identified a number of stores that were
no longer viable.  The report says the retailer went into
voluntary administration last month after unsuccessful attempts to
recapitalise the business, including an attempt to find a buyer or
a new cornerstone shareholder.

According to BusinessDesk, the stores to be closed are Birkenhead,
Bishopdale Mens, Womens and Kids, Dannevirke, Gore, Mt Roskill,
Papatoetoe, Rangiora Kids, St Lukes, Sydenham, Te Kuiti and
Westgate. All staff have been notified and the stores will close
in the first week of July, with the remaining 70 to stay open, the
report relates

The report notes that on June 4, the day after the appointment of
Bridgman and McCloy, a conditional agreement was reached to sell
the chain as a going concern to an overseas-based retailer which
doesn't have a presence in New Zealand. The buyer is conducting
due diligence, with the sale expected to be completed around the
end of the month.

In April, BusinessDesk recalls, Postie Plus said it was in breach
of lending covenants and expected to remain so "for the
foreseeable future," meaning its bank funding is repayable on
demand, though the arrangements in place with lenders were
sufficient to meet the company's forecast funding requirements up
to July 30.

The report says the company was hit by supply chain disruptions in
the summer of 2012 and 2013 after outsourcing its distribution
centre to a third party, while shifting its headquarters to
Auckland, where it anticipated growth. After receiving legal
advice, Postie Plus had said it intended to "vigorously" pursue a
damages claim, the report adds.

                        About Postie Plus

Postie Plus Group Limited (NZE:PPG) -- http://www.ppgl.co.nz/--
comprises the retail businesses of Postie+, Baby City and
Arbuckles.  The company offers a range of products for all age
groups.  Postie+ sells casual family clothing through a chain of
79 stores.

Colin McCloy and David Bridgman, Partners from
PricewaterhouseCoopers, were appointed Administrators to Postie
Plus Group Limited on June 3, 2014. The business is now in
voluntary administration.



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


KWANGJU BANK: Moody's Affirms D+ Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed all of Kwangju Bank's
ratings, following the announced acquisition of Kwangju Bank by
Jeonbuk Financial Group (JB FG, unrated), the parent of Jeonbuk
Bank (unrated). At the same time, it has revised the outlook on
the long-term ratings to negative from stable.

The ratings of Kwangju Bank which have been affirmed are:

  * Long-term foreign and local currency deposit ratings of A3;

  * Short-term foreign and local currency deposit ratings of P-2;
    and

  * Bank financial strength rating (BFSR) of D+, mapped to a
    baseline credit assessment (BCA) of baa3.

Ratings Rationale

On 13 June 2014, JB FG signed a sale and purchase agreement with
Korea Deposit Insurance Corporation (KDIC) for the acquisition of
a 56.97% stake in Kwangju Bank.

The purchase price of KRW500 billion (approximately USD491
million) will be funded by a mix of equity and debt offerings.

"The negative outlook reflects execution risk related to JB FG's
plans to fund the acquisition, as well as the risk that the
acquisition will lead to capital pressure on Kwangju Bank in the
form of higher dividend payouts," says Sophia Lee, a Moody's Vice
President and Senior Analyst.

As of March 2014, the common equity tier 1 ratio of Jeonbuk Bank,
the operating bank of JB FG, at 7.03% was weaker than the 8.83% of
Kwangju Bank. This, combined with the expected higher double
leverage ratio of JB FG, could limit the latter's ability to
support Kwangju Bank.

"We will continue to monitor whether JB FG can successfully raise
equity to fund the acquisition, as well as Kwangju Bank's
capitalization level," adds Lee.

Although the funding details have not yet been finalized by JB FG,
Moody's expects its pro-forma double leverage ratio will rise to
around 120%, from 104% in March 2014. This positions JB FG's
double leverage ratio at similar level to that of Woori Finance
Holdings' (WFH, unrated) 125.7%, Shinhan Financial Group's
(unrated) 123.4%, and Hana Financial Group's (unrated) 125.4%.

"However, in the near term, the below-average capital ratios of
the two banks will remain a weakness. Given the current low
profitability environment it could also take a long time for their
capitalization levels to improve," adds Lee.

Jeonbuk Bank's low capital ratios are attributable to its rapid
growth, and its risk-weighted assets grew at a 11.3% compound-
annual-growth-rate (CAGR) from 2010 to 2013, compared to Kwangju
Bank's 1.7% CAGR.

For the first three months of 2014, Jeonbuk Bank recorded
annualized return on assets of 0.31% which was slightly lower than
the 0.45% recorded by Kwangju Bank.

What Could Change the Rating - Up

It is unlikely that the bank's long-term deposit or debt ratings
will be upgraded given the negative outlook.

Moody's would consider stabilizing the outlook if (1) its new
parent JB FG successfully raises a meaningful amount of equity to
fund the acquisition; (2) Kwangju Bank's internal capital
generation rate is stronger than its risk-weighted assets growth,
resulting in improved capital ratios; or (3) if JB FG's ability to
support Kwangju Bank materially improves either through strong
internal capital generation at Jeonbuk Bank or a lower double
leverage ratio at JB FG.

What Could Change the Rating - Down

Kwangju Bank's long-term deposit ratings could be downgraded if
(1) its new parent JB FG fails to raise a meaningful amount of
equity to fund the acquisition; (2) its core Tier 1 capital ratio
drops below 7.5% (8.8% at end-March 2014); or (3) its
nonperforming loan ratio exceeds 5% (1.95% at end-March 2014).

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



================
S R I  L A N K A
================


SRILANKAN AIRLINES: Fitch Assigns 'BB-' Rating on USD Bonds
-----------------------------------------------------------
Fitch Ratings has assigned SriLankan Airlines Limited's (SLA)
proposed issue of US dollar denominated government guaranteed
bonds an expected rating of 'BB-(EXP)'.

The proceeds of the issuance are likely to be used to acquire
aircraft and as working capital.

The final rating is contingent upon receipt of final documents
conforming to information already received.

KEY RATING DRIVERS

The bonds are rated at the same level at SLA's parent, the
government of Sri Lanka (BB-/Stable), due to the unconditional and
irrevocable guarantee provided by the government.  The Sri Lankan
government holds 92% of SLA directly and 7% indirectly through
state-owned entities.

Sri Lanka's sovereign rating is mainly driven by the country's
strengths in terms of a strong growth performance, high level of
human development, and a strong payment record, against the
weaknesses in both its fiscal and external balance sheets.  Sri
Lanka has substantial twin deficits and the government debt burden
remains relatively high.

SLA is the national airline of Sri Lanka and has a 54% market
share of travellers to and from the island both in terms of flight
departures and available seat kilometres.  Passenger numbers have
increased to 4.3m in 2013 from 2.6m in 2010.  As the leading
airline, the company is well-positioned to capture the benefits of
the government's policy to promote and develop tourism to the
island.

RATING SENSITIVITIES

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

   -- A downgrade of Sri Lanka's sovereign ratings.

Positive: Future developments that may lead to positive rating
action include:

   -- An upgrade of Sri Lanka's sovereign ratings.



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


CTBC BANK: Moody's Confirms 'C-' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed all the ratings of CTBC
Financial Holding Co., Ltd and CTBC Bank Co., Ltd. The ratings
outlook is negative.

The affected ratings are: CTBC Financial's A3 long-term foreign
currency issuer rating; CTBC Bank's A2/P-1 local currency and
foreign currency long-term/short-term deposit ratings, the Baa3
(hyb) rating on the foreign currency junior subordinated debt
issued by CTBC Bank Co., Ltd's Hong Kong Branch, and CTBC Bank's
C- bank financial strength rating, which is equivalent to a baa2
baseline credit assessment.

These actions conclude a review initiated on 4 November 2013,
following CTBC Financial's announcement on 31 October 2013 that
CTBC Bank would acquire a 98.16% interest in The Tokyo Star Bank,
Limited (unrated) for JPY52 billion (approximately TWD15.6
billion) in cash.

The October announcement also revealed that CTBC Financial planned
to acquire 100% of Taiwan Life Insurance Co. Ltd (Taiwan Life,
unrated) through a stock-for-stock swap for the consideration of
TWD26.6 billion.

Moody's rating actions follow the recent failed attempt by CTBC
Financial to acquire Taiwan Life, and CTBC Bank's successful
acquisition of Tokyo Star Bank. CTBC Financial's planned
acquisition of Taiwan Life was rejected by Taiwan Life's
shareholders on 16 June 2014.

Ratings Rationale

Rating Rationale For Ctbc Bank

"We confirmed all of CTBC Bank's ratings based on Moody's
assessment that the bank's credit metrics following the Tokyo Star
Bank deal will remain consistent with Moody's assumptions for the
ratings," says Ginger Kao, a Moody's Analyst.

"CTBC Bank funded the acquisition with its existing cash sources,
as well as with a fresh capital injection of TWD15 billion from
its parent," adds Kao.

While CTBC Bank's consolidated pro forma capital ratios will fall
slightly by 1-2 percentage points, Moody's considers the
deterioration temporary, as the bank targets to strengthen and
maintain its Tier 1 capital ratio above 10% and total capital
adequacy ratio in excess of 11% over the next 12-18 months. Such
levels are comparable to the capital profiles of other rated
Taiwanese peers with BCAs of baa2.

At 31 December 2013, CTBC Bank reported a common equity Tier 1
capital ratio of 9.01% and Tier 1 capital ratio of 9.66%.

CTBC Bank has explicitly outlined a plan to strengthen its
consolidated capital position and return its common equity Tier 1
ratio and Tier 1 capital ratio to similar levels before the Tokyo
Star Bank acquisition. Specifically, it is in the process of: (1)
selling its head-office building and (2) issuing additional Tier 1
capital-qualified subordinated debt of TWD20 billion. Moody's
estimates that such measures should help improve the bank's core
and Tier 1 capital ratio to 9%-10%.

However, Moody's decision to change CTBC Bank's ratings outlook to
negative considers the following challenges:

(1) Tokyo Star Bank has a weaker business profile than CTBC Bank
and has a legacy of asset quality problems. While CTBC Bank plans
to reorient Tokyo Star Bank to a business model that focuses on
cross-border business between Japan and Greater China, this will
take time and involve some execution risk;

(2) Linked to this, there is a potential drag on CTBC Bank's
consolidated profitability due to its management's plan to raise
Tokyo Star Bank's provisioning coverage. Tokyo Star Bank exhibits
higher credit costs than CTBC Bank due to its weak asset quality.
The higher credit charges result in higher earnings volatility;

(3) Limited growth opportunities from Tokyo Star Bank, against the
backdrop of a mature banking market in Japan, characterized by low
levels of loan growth, strong competition amongst banks and a low
interest rate environment; and

(4) Execution risk in CTBC Bank's plans to restore its capital
ratios.

What Could Drive Ctbc Bank's Ratings Down/Up

CTBC Bank's ratings are unlikely to be upgraded, given the
negative ratings outlook.

On the other hand, the ratings could be downgraded if the bank's:
(1) consolidated profitability deteriorates relative to the risks
it takes, such that net income falls below 0.8% of average risk-
weighted assets; (2) consolidated capitalization weakens, with the
common equity Tier 1 capital ratio staying below 8.5%; and/or (3)
consolidated asset quality deteriorates, such that the impaired
loan ratio exceeds 3.5%.

Rating Rationale For Ctbc Financial

The confirmation of CTBC Financial's rating is in line with the
confirmation of the rating of CTBC Bank, its principal banking
subsidiary. Its rating is positioned one notch below that of the
bank. Even after the acquisition, Moody's expects that the post-
merger double leverage ratio of the holding company would be
maintained below 105%, which is a healthy and relatively low level
when compared to its local peers. It should be noted that CTBC
Financial raised new capital of TWD20 billion through a rights
issuance in April 2013 and this enabled it to inject equity into
CTBC Bank to help fund the acquisition without increasing double
leverage significantly.

What Could Drive Ctbc Financial's Rating Down/Up

CTBC Financial's rating is unlikely to be upgraded, given the
assigned negative rating outlook.

On the other hand, its rating could be downgraded if: (1) CTBC
Bank's ratings are downgraded and/or (2) it makes further
acquisitions in sectors that increase its consolidated risk
profile, especially if its double leverage ratio increases to more
than 120%.

Rating Methodology

The principal methodology used in rating CTBC Bank Co., Ltd. was
Global Banks published in May 2013. The principal methodologies
used in rating CTBC Financial Holding Co., Ltd. were Global Banks
published in May 2013, and Global Life Insurers published in
December 2013.

CTBC Financial Holding Co. reported consolidated assets of TWD2.4
trillion at end-2013, while CTBC Bank Co., Ltd reported
consolidated assets of TWD2.2 trillion.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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