TCRAP_Public/140711.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, July 11, 2014, Vol. 17, No. 136


                            Headlines


A U S T R A L I A

BARMINCO HOLDINGS: Moody's Lowers Corporate Family Rating to B2
BOART LONGYEAR: Administration Talk 'Incorrect'
EVERYMAN: Ticketing Agent Enters Liquidation
ONSITE RENTAL: S&P Assigns Preliminary 'B' ICR; Outlook Stable
SCAR TOP: Administrators Put Firm Up For Sale


C H I N A

TIMES PROPERTY: Moody's Rates Proposed Sr. Unsec. RMB Notes (P)B2
TIMES PROPERTY: S&P Assigns 'B' Rating on Proposed RMB Sr. Notes


I N D I A

ADINATH SORTEX: ICRA Assigns 'B' Rating to INR5cr Loans
BALDEV METALS: CRISIL Suspends 'B+' Rating on INR60MM Loan
CHANDIGARH MOTORS: ICRA Assigns 'B' Rating to INR6.50cr Loan
CRACKERS INDIA: ICRA Assigns 'C+' Rating to INR7cr Loans
DHARAMPAL PREMCHAND: CRISIL Suspends D Rating on INR1.62BB Loans

DRN HOSPITALITIES: CRISIL Cuts Rating on INR123MM Loans to 'B'
EVERGREEN ENTERPRISES: CRISIL Suspends B Rating on INR50MM Loan
FEONA CERAMIC: CRISIL Suspends 'B+' Rating on INR75MM Loans
GOLDSTONE INFRATECH: CRISIL Cuts Rating on INR650MM Loans to D
HES INFRA: ICRA Suspends 'B+' Rating on INR450cr Bank Loan

HIMALAYIYA AYURVEDIC: CRISIL Ups Rating on INR50MM Loan to 'B'
JAI HANUMAN: ICRA Reaffirms 'B' Rating on INR8.98cr Loans
MAHAVIR POLYFILMS: CRISIL Suspends B- Rating on INR60MM Loans
NEELKANTH PROPERTIES: ICRA Assigns 'B+' Rating to INR18cr Loan
NIRMAN HOMES: CRISIL Suspends 'B+' Rating on INR70MM Loans

RATAN ALUMINUM: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
S.S.COTTON INDUSTRIES: ICRA Reaffirms B+ Rating on INR20cr Loan
SADANANDA RICE: CRISIL Assigns 'B+' Rating to INR59.1MM Loans
SAINI ALLOYS: ICRA Assigns 'B' Rating to INR17cr Loans
SANJEEVANI HEALTH: ICRA Suspends 'B' Rating on INR5.5cr Loan

SANOOR CASHEWS: ICRA Reaffirms 'B+' Rating on INR2cr Loan
SATYAM INDUSTRIES: CRISIL Reaffirms C Rating on INR188.2MM Loans
SHANKER TIMBER: CRISIL Suspends 'B-' Rating on INR30MM Loan
SHARDA TIMBER: CRISIL Suspends 'B-' Rating on INR15MM Loan
SHREE TIKAM: ICRA Lowers Rating on INR6cr Term Loan to 'D'

SINGLA AND SINGLA: CRISIL Reaffirms 'B+' Rating on INR60MM Loan
SOUTH INDIA SPONGE: ICRA Reaffirms 'B+' Rating on INR8.20cr Loans
SPAS INFRA: ICRA Suspends 'B+' Rating on INR15cr Loan
SREE KADERI: ICRA Reaffirms 'D' Rating on INR27cr Loans
SRI KUMARSWAMY: CRISIL Suspends 'D' Rating on INR929MM Loans

SRI VENKATA: ICRA Upgrades Rating on INR33cr Term Loan to B+
SRK INFRA: ICRA Suspends 'D' Rating on INR18cr Loan
SUMANGLAM WOOD: ICRA Reaffirms 'B-' Rating on INR6cr Loans
SWIFT CERAMIC: ICRA Reaffirms 'B' Rating on INR7.75cr Loans
SWITCHGEARS & STRUCTURALS: ICRA Ups INR17.5cr Loan Rating to B+

THANDIRAM TEXTILES: CRISIL Suspends 'B' Rating on INR125MM Loan
UNITED DECOR: ICRA Reaffirms 'B+' Rating on INR17.80cr Loans
VICHI AGRO: CRISIL Suspends 'B' Rating on INR125MM Loans
VISHNU COTTON: CRISIL Raises Rating on INR322MM Loans to 'B'
WELCOME TILES: ICRA Reaffirms 'B' Rating on INR11cr Loans

WILLIAM INDUSTRIES: ICRA Lowers Rating on INR7cr Loans to 'B'
ZYDEN GENTEC: CRISIL Suspends 'D' Rating on INR79MM Loans


N E W  Z E A L A N D

ISABEL ESTATE: Vineyard Goes Into Receivership
MT ROSA ESTATE: On Valley Winery Placed on the Market
SAFECARE: Christchurch Rape Crisis Centre Shuts Down
VNC COCKTAILS: Placed Into Receivership


S I N G A P O R E

DCS ASSET: Fitch Affirms 'BBsf' Rating on Class C Notes


S O U T H  K O R E A

PANTECH: To Enter Court Receivership
* Insolvency of Korean Conglomerates Worsens in 2013


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BARMINCO HOLDINGS: Moody's Lowers Corporate Family Rating to B2
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Barminco Holdings Pty Limited to B2 from B1. At
the same time, Moody's downgraded the senior unsecured rating of
Barminco Finance Pty Ltd to B2 from B1 and the senior secured
rating to B1 from Ba3. The outlook on the ratings is negative.

Ratings Rationale

The ratings downgrade follow the company's announcement that the
Mt. Lyell mine in Tasmania will be placed on care and maintenance
indefinitely due to the discovery of a rock fall in the mine's
ventilation shaft.

"Our base case expectation included the resumption of Mt. Lyell
mine since the suspension of mining operations in January 2014",
says Saranga Ranasinghe, a Moody's Analyst, adding "As a result,
Barminco's earnings will likely be around 15% lower than our
previous expectation".

"The announcement comes at a time when conditions for the mining
services industry remain soft, with no material pick up in new
contracts expected in the next 6-12 months", says Ranasinghe.

"As a result of the loss of earnings from Mt. Lyell and the
ongoing challenging operating environment facing the mining
services sector, Barminco's credit profile is no longer consistent
with the previous B1 rating.

"Given the challenging operating conditions, Moody's expect
Barminco's Debt/EBITDA ratio to increase in the current financial
year (ending 30 June 2015) to mid/high 4x. Our assessment of
Barminco's financial position includes the proportionate
consolidation of AUMS, its 50% owned joint venture in Africa.

Barminco's credit profile continues to benefit from the company's
position in the niche segment of hard rock underground mining of
the mining services industry, and which mitigates the risk of
contract losses.

"However, Moody's expect mining companies to remain very cost
conscious and reduce the scope of existing projects given the
challenging conditions in the sector", Ranasinghe says, adding
"Moody's expect new contracts and existing contract renewals to
take place at lower margins amidst high competition".

The negative outlook reflects the continuing challenges in the
operating conditions of the mining services sector. Moody's view
Barminco's liquidity profile as being adequate, considering its
available cash balances and absence of debt maturity in the next
12 months. However, Moody's expect the company will face increased
pressure remaining within its financial covenants under its AUD
100 million credit facilities for the twelve months ending June
2015. Moody's understand that the facilities are currently
unutilized

The ratings could face further negative pressure if the
challenging market conditions deteriorate beyond our current
expectations, further hindering Barminco's revenue and earning
generating ability, and leading to Debt/EBITDA ratio exceeding
5.25x -- 5.5x on a consistent basis .

Given the current challenging market conditions Moody's do not
foresee a rating upgrade. However, the outlook could revert to
stable if Barminco is able to successfully tender for new
contracts and maintain margins at adequate levels. Metrics that
Moody's will consider for stable outlook include Debt/EBITDA
remaining comfortably below 5.0x on a consistent basis.

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.


BOART LONGYEAR: Administration Talk 'Incorrect'
-----------------------------------------------
The Australian reports that Boart Longyear has blamed a heavy
sell-off in its share price on "incorrect" media speculation that
the drilling services provider may be headed into administration.

Boart Longyear responded to a price query from the ASX by saying
the sell-off may be due to media reports about its strategic
review suggesting the company had not been able to refinance its
debt or recapitalize and was headed for administration, according
to The Australian.

"The company notes that such speculation is incorrect and that it
continues to engage in the strategic review with a number of third
parties on a range of potential proposals," Boart Longyear said,
the report notes.

The group said trading conditions remain weak and half-year
results could differ materially from current market consensus
estimates, but said its financial results were not yet available
and that the share price drop was not due to speculation about
results, The Australian discloses.

Boart Longyear confirmed it was in compliance with its continuous
disclosure obligations, the report relates.

The firm has earlier warned on a "deep and prolonged" downturn in
the mining industry as investment winds down and firms scale back
their use of contractors, the report notes.


EVERYMAN: Ticketing Agent Enters Liquidation
--------------------------------------------
Cliff Sanderson at dissolve.com.au reports that ticketing agent
Everyman has entered liquidation closing its Hardy St music shop.

dissolve.com.au says the first liquidator's report on the
financial position of the company is expected to be made next
week.

A clearance sale will be held by the liquidator at the shop of
which proceeds will be distributed to creditors, according to
dissolve.com.au.

It was noted that the possibility of the council to recover the
money was not clear at this stage, the report adds.


ONSITE RENTAL: S&P Assigns Preliminary 'B' ICR; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' preliminary
issuer credit rating to Australia-based equipment rental provider
Onsite Rental Group Pty Ltd.  The outlook on the rating is stable.
At the same time, S&P assigned its 'B' preliminary issue credit
rating and recovery rating of '3' to Onsite Rental Group's
proposed US$365 million, first-lien, senior secured, Term Loan B
issue.

The 'B' preliminary issuer credit rating on Onsite Rental Group
reflects S&P's view of the company's business risk profile as
"weak" and its financial risk profile as "aggressive".  The issuer
credit rating and the issue ratings are preliminary and will be
finalized upon completion of the company's proposed debt raising
and recapitalization.

The preliminary issue rating on the proposed, first-lien, senior
secured, U.S. Term Loan B of 'B' and recovery rating '3' reflect
S&P's expectation of "meaningful" recovery prospects (50%-70%) in
the event of default.

"The stable outlook reflects our expectations of a gradual
increase in the company's revenue and a relatively stable
utilization rate and EBITDA margin.  This should enable Onsite
Rental Group to maintain a debt-to-EBITDA ratio of lower than 4x
in the next couple of years," said Standard & Poor's credit
analyst Meet Vora.

The stable outlook also reflects S&P's expectations that the end-
market diversity should enable the company to weather the
softening demand from construction activities, particularly in the
resources sector.

"We could lower the ratings on Onsite Rental Group if we expect
any deterioration in the credit metrics, particularly if its debt
to EBITDA stays in the high 4x for an extended period," said
Mr. Vora.  "This would most likely occur if the trading condition
is worse than expected, thereby weakening the earnings prospects
and margins; or more shareholder-friendly initiatives after its
proposed one-time dividends in 2015."

Given the current ownership structure, S&P sees the possibility of
an upgrade as less likely in the near term.  However, S&P could
consider raising the ratings if its concerns surrounding the
negative comparable rating-adjustment modifier subsides--when the
company develops a track record of operating at current size and
improves its free operating cash flow-to-debt metric.


SCAR TOP: Administrators Put Firm Up For Sale
---------------------------------------------
Cara Waters at SmartCompany reports that the administrators of
Scar Top Joinery, trading as Scar Top Timber & Doors, have
advertised the business for sale.

SmartCompany says James White -- james.white@bdo.com.au -- and
Atle Crowe-Maxwell -- Atle.Crowe-Maxwell@bdo.com.au -- of BDO were
appointed as administrators to Scar Top Joinery, trading as Scar
Top Timber & Doors, last week.

The administration follows the collapse earlier this year of a
number of established manufacturers, the report says.

The Performance of Manufacturing Index also continues to remain in
negative territory.  The index, which is published by the
Australian Industry Group, eased by 0.3 points in June to reach a
level of 48.9, SmartCompany notes.

SmartCompany says the administrators are seeking expressions of
interest for a sale of Scar Top's business and assets.

Scar Top Joinery, trading as Scar Top Timber & Doors, manufactures
timber windows and doors.  Scar Top has been in business since
1993, trading from premises in Fountaindale,
New South Wales.



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C H I N A
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TIMES PROPERTY: Moody's Rates Proposed Sr. Unsec. RMB Notes (P)B2
-----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2 rating
to Times Property Holdings Limited's (B1, stable) proposed senior
unsecured RMB notes.

The rating outlook is stable.

Times Property will use the proceeds to refinance its existing
debt and fund general working capital.

Moody's will remove the provisional status of the notes after they
are issued on satisfactory terms and conditions.

Ratings Rationale

"The proposed notes and the convertible bonds issued recently will
enhance Times Property's liquidity position," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

"They will have a limited impact on the company's credit metrics,
as the proceeds will be used mainly to refinance existing debt,"
adds Tsang.

Moreover, Moody's expects Times Property will maintain a
disciplined strategy on land acquisitions and will adjust its
budget for such acquisitions if the market remains soft in the
second half of 2014.

Under this scenario, Moody's expects Times Property's
EBTIDA/interest and revenue/debt to remain at 2x-2.25x and 105%-
115% over the next 12 -18 months. Such credit metrics are
comparable to most single-B rated property peers.

Times Property's B1 rating continues to reflect its small-to-mid-
sized operation and its geographic concentration in Guangdong
Province.

On the other hand, Times Property has an established brand and a
track record in Guangdong Province. Its focus on mass-market
housing and the resilience of housing demand in the province will
support its fast growth and cash flow generation in the next 2-3
years.

In addition, the company engages in redevelopment projects which
are well-located in Guangzhou, the provincial capital of
Guangdong, and are acquired at competitive costs. These quality
land banks provide visibility to the company's contracted sales
and profitability over the next 2-3 years.

The B1 rating has also considered the company's exposure to the
financing and execution risks associated with its fast growth
business strategy after its initial public offering (IPO) in 2013

But the magnitude of such risks is moderated by the company's
plans to stay in its home market and its improved liquidity
position after its IPO and bond issues.

Moreover, it has a low-cost land bank which provides it with some
pricing flexibility to manage its sales in down markets.

Times Property's bond rating is notched down to B2 from B1 due to
subordination risk, given the company's secured and subsidiary
debt, which will total at around 25% of total assets over the
medium term. The ratio was 30% as of December 2013.

The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity, as well as current financial
profile, product focus and geographic coverage in the next 2
years.

Upward rating pressure could emerge over the medium term if Times
Property establishes a track record of (1) steady contracted sales
and revenue growth to achieve a larger scale; (2) maintaining a
reasonable cash balance at above 150% of debt maturing in 12
months; and (3) maintaining a stable financial profile of
revenue/debt above 120% and EBTIDA/interest above 3x.

Downward rating pressure could emerge if (1) Times Property's
liquidity position and operating cash flow generation deteriorate
because of weak contracted sales, aggressive land acquisitions, or
the emergence of more severe regulatory controls on China's
property sector. In such a situation, its balance-sheet cash --
including restricted and unrestricted cash -- could fall below
100% of debt maturing in 12 months; or (2) there is a
deterioration in its credit metrics, such that its EBITDA/interest
stays under 2x.

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

Times Property Holdings Limited is a small-to-mid-sized property
developer based in Guangdong Province. It focuses on the
development of mass-market housing for end-user demand. At end-
2013, it had 22 property projects in five cities in Guangdong
Province, including Guangzhou, as well as Changsha in Hunan
Province, with a total land bank of around 8.17 million square
meters.


TIMES PROPERTY: S&P Assigns 'B' Rating on Proposed RMB Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
issue rating and 'cnBB-' long-term Greater China regional scale
rating to a proposed issue of Chinese renminbi-denominated senior
unsecured notes by Times Property Holdings Ltd. (B+/Stable/--;
cnBB/--).  The ratings are subject to S&P's review of the final
issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Times Property to reflect S&P's opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default.  Times Property
intends to use the proceeds from the proposed notes to refinance
certain of the company's existing debt.

The ratings on Times Property reflect S&P's view of the company's
untested financial discipline, project concentration risk, and
execution risk due to its rapid expansion.  Times Property's
established market position in Guangdong province and good
operating efficiency temper these weaknesses.  S&P assess Times
Property's business risk profile as "weak" and the company's
financial risk profile as "aggressive," as S&P's criteria define
those terms.

The stable outlook reflects S&P's expectation that Times Property
will increase its contract sales and maintain its profit margin
over the next 12 months.  However, this will not entirely offset
the company's debt-funded and aggressive expansion plan, under
which S&P expects its debt-to-EBITDA ratio to weaken to 4.5x-5.0x
for 2014-2015, from less than 4x in 2013.  S&P also anticipates
that Times Property's urban redevelopment projects will take time
to contribute to the company's cash flows.



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ADINATH SORTEX: ICRA Assigns 'B' Rating to INR5cr Loans
-------------------------------------------------------
ICRA has assigned the rating of '[ICRA]B' to the INR2.50 Cr.1 term
loan facility and INR2.50 Cr. cash credit facility of Adinath
Sortex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          2.50         [ICRA]B assigned
   Term Loan            2.50         [ICRA]B assigned

The assigned rating is constrained by the start up nature of the
firm's operations and high debt-funded capex incurred for setting
up the operations as reflected by the firm's highly leveraged
capital structure. The rating is further constrained by the highly
competitive and fragmented industry structure and vulnerability of
firm's profitability to regulatory and agro climatic risks, which
affects availability and prices of wheat. ICRA also takes into
account the foreseeable impact of adverse fluctuations in exchange
rates as a LC denominated in Pounds would mature during FY15 and
risks associated with partnership form of business in terms of
continuity, capital infusions and withdrawals.

The rating, however, takes comfort from the past experience of the
promoters in the food grains processing and agro-commodities
trading business; favorable location of the firm with proximity to
wheat cultivated in Rajasthan and stable demand prospects for
wheat due to increasing population and varied applications of the
crop.

Adinath Sortex was established as a partnership firm in June 2013
and commenced operations from March 2014. The firm is involved in
the business of processing and sorting of various agricultural
products with wheat being the major product. The manufacturing
facility of the firm is located in Nimbara region of Rajasthan and
is equipped with various types of sorting machineries.


BALDEV METALS: CRISIL Suspends 'B+' Rating on INR60MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Baldev
Metals Pvt Ltd.

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

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

Incorporated in 1990 by Mr. Baldev Raj, BML manufactures aluminium
ingots and bars of various grades having application in the
automobile and home appliances industries. The promoter initially
started a partnership firm, Aone Alloys & Casting Company, in
1979, which got dissolved in 1990; the business of the partnership
firm was transferred to BML. The company's manufacturing facility
in Maya Puri (Delhi) has an installed capacity of around 300
tonnes per month.


CHANDIGARH MOTORS: ICRA Assigns 'B' Rating to INR6.50cr Loan
------------------------------------------------------------
ICRA has assigned '[ICRA]B' rating for INR6.5 crore long-term fund
based bank facilities of Chandigarh Motors.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Cash Credit     6.50      [ICRA]B

The assigned rating takes into account the experience of the
promoters of CM in the end user industries, which helps to obtain
business for the entity. The ratings are constrained by high
dependence on the mining activities in the region, which remain
susceptible to changes in government policies, thin margins and
weak bargaining power with the principal. CM's financial profile
is stretched with high gearing, low debt coverage indicators and
the stiff competition it faces from other CV dealers given the
highly competitive environment. With the firm's net worth
remaining low and cash accruals being extremely low, the entity
remains dependent on bank financing to meet its regular working
capital requirements. Going forward, the entity's ability to
diversify the target customer base and improve its scale of
operations and capital structure will remain key rating
sensitivities.

Chandigarh Motors is an authorised dealership of vehicles
manufactured by AMW Motors Limited (AMW) in Mohali, Punjab. The
firm deals in trucks and tippers manufactured by AMW. CM, a
proprietorship entity promoted by Mr. Rajinder Pal Singh, started
its operations in the year 2010. It currently operates out of its
main 3S facility based at Mohali in Punjab and 3S outlets at
Yamunanagar, Karnal and Anandpur Sahib.

Mr. Rajinder Pal Singh, the proprietor of CM, has been in the
business of stone crushing. He and his sons are engaged in the
following businesses:

Laxmi Grits Pvt. Ltd. - Engaged in the business of stone crushing
Chandigarh Earth Movers - A dealership of excavators manufactured
by Kobelco Construction Equipment India Pvt. Ltd N.K. Construction
- engaged in construction of road projects.


CRACKERS INDIA: ICRA Assigns 'C+' Rating to INR7cr Loans
--------------------------------------------------------
ICRA has assigned an '[ICRA]C+' rating to the INR4.0 crore cash
credit facility and INR3.0 crore working capital term loan of
Crackers India (Alloys) Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4         [ICRA] C+ Assigned
   Working Capital
   Term Loan              3         [ICRA] C+ Assigned

The rating takes into consideration weak financial profile of the
company with cash losses suffered during the last two years,
depressed debt coverage indicators, very high working capital
intensity of operations leading to stretched liquidity position
for CIAL and high utilisation of the bank facilities limiting the
company's financial flexibility. ICRA also notes CIAL's moderate
scale of operations with limited value addition at the existing
stand-alone sponge iron manufacturing unit and the inherent
cyclicality in the iron and steel business; which is currently
passing through a weak phase. CIAL has sizeable investments in its
only subsidiary company and has extended loans to group companies,
both of which has not generated any returns for the company and
has been factored in while assigning the ratings. The rating takes
into account CIAL's moderate capital structure notwithstanding a
deterioration during the past three years and demonstrated ability
of the promoters to support the company through regular equity
infusion and extension of interest free unsecured loans.

CIAL was incorporated in 2002 by the Sahoo family based at
Bhubaneswar, Odisha. The company currently has facilities for
manufacturing of sponge iron (60,000 tonnes per annum across two
kilns) and fly ash bricks. CIAL also operates a stone crushing
unit. CIAL's manufacturing facilities are based at Keonjhar,
Odisha. Sponge iron sales contributed around 95% to the topline
during FY14, and the rest by fly ash bricks and the stone crushing
unit.

Recent Results
CIAL reported a loss of INR6.09 crore during FY14 on an OI of
INR10.0 crore as against a loss of INR2.28 crore and an OI of
INR29.10 crore during FY13.


DHARAMPAL PREMCHAND: CRISIL Suspends D Rating on INR1.62BB Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dharampal Premchand Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL D Suspended
   Cash Credit           900       CRISIL D Suspended
   Letter of Credit      150       CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility    100       CRISIL D Suspended
   Rupee Term Loan       450       CRISIL D Suspended

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

DPL is part of the Dharampal Premchand group, which was founded by
the late Mr. Dharampal in 1929, who was a Delhi-based trader in
tobacco and related products. The company is currently managed by
Mr. Ravinder Kumar, grandson of Mr. Dharampal. Over the years, DPL
has expanded its operations by setting up several manufacturing
facilities and diversifying into several tobacco products such as
zarda, supari, qiwam, and some non-tobacco products such as
flavored cardamom and pan-chutney. DPL has its manufacturing units
for tobacco and related products in Agartala, Damowala (Himachal
Pradesh) and Noida (Uttar Pradesh). In 2009, DPL set up a steel
rolling mill in Agartala, with capacity of 160,000 tonnes per
annum (tpa) for conversion of HR steel coils into cold-rolled
coils/sheets and 50,000 tpa capacity for galvanised
plain/corrugated steel sheets. Around INR1.85 billion of the total
project cost of INR2.4 billion was funded by excise-duty
reimbursements, which were earlier available to DPL's and DSL's
tobacco operations in North East India.


DRN HOSPITALITIES: CRISIL Cuts Rating on INR123MM Loans to 'B'
--------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of DRN Hospitalities Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL BB-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3         CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Long Term Loan       100         CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term    20         CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The rating downgrade reflect CRISIL's belief that DRN's liquidity
will deteriorate over the medium term, driven by inadequate cash
accruals to meet debt obligations. DRN is likely to report cash
losses in 2014-15 vis-a -vis debt obligations of INR11.2 million
over the medium term because of weak operating performance.
Despite the anticipated cash losses, DRN is likely to continue to
meet its debt obligations on time, driven by strong fund support
from its promoters.

This rating reflects DRN's weak financial risk profile marked by
negative net worth, weak gearing and debt protection metrics,
exposure to intense competition in the hotel segment. The rating
weaknesses are partially offset by the established regional
presence of DRN, aided by its promoters' entrepreneurial
experience.

Outlook: Stable

CRISIL believes that DRN will continue to benefit from the
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if the company achieves significantly larger
revenue with healthy occupancy rates (OR) and average room rent
(ARR) leading to larger-than-expected cash accruals, thereby
resulting in improvement in its financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if revenue is significantly lower than expected on
account of further decline in OR or ARR or if its operating margin
declines leading to lower-than-expected cash accruals or if the
company undertakes larger-than-expected capital expenditure
leading to deterioration in its financial risk profile

Set up in 2008 by Mr. Dinesh R Nayak and Ms. Deepa D Nayak as a
partnership entity named Nayak Hospitalities, DRN was
reconstituted as a private limited company in 2011. DRN owns and
operates a 3-star hotel at Hubli (Karnataka).


EVERGREEN ENTERPRISES: CRISIL Suspends B Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Evergreen Enterprises.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     50       CRISIL B/Stable Suspended

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

EE was set up in 1998 as a proprietorship concern, with Mr. Kazi
as its proprietor. The firm undertakes real estate development
activity. Mr. Kazi is a first-generation entrepreneur and has
undertaken nearly 10 residential real estate projects in Navi
Mumbai (Maharashtra). It currently has two ongoing projects, Anand
Sagar and Anand Avenue, which are at Ulwe in Navi Mumbai. Anand
Sagar, the firm's ongoing project, consists of residential
apartments and commercial shops; it comprises a total of 34 flats,
4 shops and 2 offices, and is at the initial stage of completion.
EE's office is at Sion in Mumbai (Maharashtra). EE is part of the
Evergreen group, which has interests in real estate development.
The group's other entities are Evergreen Developers, Aastha
Associates, and Green Field Infrastructures Pvt Ltd. The group
collectively has executed more than ten projects in around a
decade.


FEONA CERAMIC: CRISIL Suspends 'B+' Rating on INR75MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Feona
Ceramic Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          9       CRISIL A4 Suspended
   Cash Credit            20       CRISIL B+/Stable Suspended
   Term Loan              55       CRISIL B+/Stable Suspended

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

FCPL was incorporated in October 2011. The company is installing
manufacturing facility for porcelain ceramic tiles, with capacity
of around 54,000 tonnes per annum, in Morbi, Rajkot (Gujarat).
FCPL's operations are expected to start by June 2012. The cost of
the project is INR94 million, which is being funded by a term loan
of INR55 million, unsecured loans of INR9 million from promoters,
and equity funding of INR30.00 million, translating into a ratio
of debt to promoters' contribution of 1.41 times.


GOLDSTONE INFRATECH: CRISIL Cuts Rating on INR650MM Loans to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Goldstone Infratech Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         220       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            200       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit       100       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Standby Line of         20       CRISIL D (Downgraded from
   Credit                           'CRISIL B-/Stable')

   Term Loan              110       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by GIL in
servicing its debt, because of weak liquidity resulting from its
small cash accruals, which were inadequate to meet its term debt
obligations.

GIL also has large working capital requirements, and limited
pricing flexibility. Besides, the profitability margins are
susceptible to volatility in raw material prices. However, the
company benefits from its established presence in the polymer
insulator industry.

GIL manufactures polymer insulators used in power transmission and
distribution, and has a manufacturing facility in Hyderabad
(Telangana). The company is listed on the Bombay Stock Exchange.


HES INFRA: ICRA Suspends 'B+' Rating on INR450cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' assigned to
INR450.00 crore bank facilities of HES Infra Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


HIMALAYIYA AYURVEDIC: CRISIL Ups Rating on INR50MM Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Himalayiya Ayurvedic Yog Evam Prakartik Chikitsa Sansthan
(HAYEPCS) to 'CRISIL B/Stable' from 'CRISIL B-/Stable.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         50        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade is driven by CRISIL's belief that HAYEPCS's liquidity
risk profile will improve over the medium term with increased
demand for existing medical courses, incremental revenue from
hostel, and new Doctor of Medicine (MD) Ayurveda course which is
expected to lead to sufficient cash accruals to fund the maturing
term loan repayments over the medium term.

The rating reflects HAYEPCS's weak financial risk profile, marked
by a small net worth, high gearing and weak debt protection
metrics, modest scale of operations, and exposure to risks related
to high regulation of educational institutions. These rating
weaknesses are partially offset by the healthy demand for medical
courses and the extensive industry experience of the trustees.

Outlook: Stable

CRISIL believes that HAYEPCS will benefit over the medium term
from its trustees' extensive industry experience. The outlook may
be revised to 'Positive' if the operating profitability or revenue
is significantly higher than expectations, leading to improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
the trust generates lower-than-expected cash accruals or in case
of higher-than-expected debt-funded capital expenditure leading to
deterioration in liquidity.

HAYEPCS is registered under the Societies Act with the Registrar
of Societies, Government of Uttarakhand, Dehradun, in 2005. The
trust is managed by Mr. Balkrishan Chamoli, and Mr. Pradeep Kumar
is the chairman. The trust was formed to provide medical education
through the Himalayiya Ayurvedic Medical College and Hospital. The
college is situated in Shyampur, Rishikesh (Uttarakhand). The
medical college and its courses are approved by the Central
Council of Indian Medicine and the college is affiliated with the
Hemvati Nandan Bahugana University, Garhwal (Uttarakhand). The
trust also operates a medical hospital with around 100 beds on a
non-profit basis.

HAYEPCS reported a net loss of INR3.2 million on an operating
revenue of INR42.5 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a net loss of INR5.7 million on
an operating revenue of INR30.2 million for 2012-13.


JAI HANUMAN: ICRA Reaffirms 'B' Rating on INR8.98cr Loans
---------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B' rating for INR7.66 crore
(previously rated INR6.51 crore) fund based facilities and INR1.32
crore proposed limits of Jai Hanuman Rice Industries. ICRA has
also re-affirmed '[ICRA]A4' rating for INR0.02 crore non-fund
based facilities of JHRI.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based limits        7.66       [ICRA]B (re-affirmed)
   Non-fund based limits    0.02       [ICRA]A4 (re-affirmed)
   Unallocated (Proposed
   Limits)                  1.32       [ICRA]B (re-affirmed)

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

Set up by Mr. Rishi Pal, JHRI commenced operations as a
Proprietorship firm in 1998. JHRI shells, processes, and sells
rice in the domestic markets with an installed capacity of 2
ton/hour in Taraori, Karnal District (Haryana). The firm has 2
sortex machineries with capacity of 6 tons/hour and 3 tons/hour
respectively.

Recent Results
During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.11 crore on an Operating income of
INR27.96 crore as against PAT of INR0.09 crore on an operating
income of INR21.22 crore in 2011-12. As per the provisional
figures, the firm reported sales of INR~30 crore in FY14.


MAHAVIR POLYFILMS: CRISIL Suspends B- Rating on INR60MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mahavir
Polyfilms Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B-/Stable Suspended
   Proposed Long Term     20       CRISIL B-/Stable Suspended
   Bank Loan Facility

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

Based in Mumbai (Maharashtra), MPPL manufactures air bubble films
and stretch films. The company commenced operations in 2010. Prior
to 2010, the business was carried on under the name, M/s Mahavir
Polymers. It is a family-run business, which is overlooked by Mr.
Mahendra Sanghvi and Mr. Sandeep Sanghvi. Along with
manufacturing, MPPL also trades in basic raw material, Low Density
Polyethylene polymer granules.


NEELKANTH PROPERTIES: ICRA Assigns 'B+' Rating to INR18cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR18
crore proposed term loan facility of Neelkanth Properties.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     18         [ICRA]B+ assigned

The assigned rating favorably factors in the decade long
experience of the partners and clear land title of the project.
The rating also considers the attractive project location on
account of its proximity to both Mumbai-Pune Highway and the
Khopoli Station, which adds to the accessibility of the project
under execution.

The rating is, however, constrained by the exposure to project
execution risks and time & cost overruns especially with almost
78% of the total estimated cost yet to be incurred, funding risks
as the financial closure is not yet achieved and almost 50% of the
total partners' contribution is yet to be infused. The rating also
takes into consideration the exposure to market risk with only 21%
of the total saleable area sold and moderate collection
efficiency. While assigning the rating ICRA has also considered
the low project profitability and the risk of withdrawals inherent
in the partnership nature of the entity.

Neelkanth Properties were incorporated on the November 7, 2010
with the main objective of undertaking real estate development in
and around Navi Mumbai. The company is managed by three of the
partners Mr. Hemant Gapatbhai Gaudani, Dinesh Dalpat Bahi Tarapura
and Mr. Rameshbhai Rajivbhai Patel who have over a decade long
experience in the real estate development. The partners have
developed 11 projects in and around Navi Mumbai aggregating to
3.42 lakh sq ft of saleable area.


NIRMAN HOMES: CRISIL Suspends 'B+' Rating on INR70MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nirman
Homes.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B+/Stable Suspended

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

NH, a partnership firm established in 2008, is part of the Nirman
group, which has been in residential real estate development in
Pune since 2003. The firm is constructing a six-building
residential real estate project, Nirman Viva, in Pune, with a
total developed area of 2,20,000 square feet for 265 flats.


RATAN ALUMINUM: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's rating continues to reflect Ratan Aluminum Recycling Pvt
Ltd modest scale of operations in a fragmented aluminium ingots
industry along with high customer concentration in the revenue
profile. The rating also factors in its weak financial risk
profile, marked by high gearing and below-average debt protection
metrics. These rating weaknesses are partially offset by RAPL's
ramp up of operations despite its limited track record.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          100       CRISIL B+/Stable (Reaffirmed)

On June 26, 2014, CRISIL has upgraded its long-term rating on the
bank facilities of Ratan Aluminum Recycling Pvt Ltd (RAPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'. The rating upgrade
reflects the company's enhanced operations, driven by growth in
its top line, and the expected improvement in liquidity over the
medium term, marked by moderate cash accruals and the promoters'
equity infusion in the past. Furthermore, the liquidity will
improve over the medium term, supported by increasing cash
accruals, the absence of capital expenditure (capex), and growing
revenue.

RAPL's operating income grew to INR1.03 billion in 2013-14 (refers
to financial year, April 1 to March 31) from INR0.7 billion in the
previous year, at an estimated 43 per cent growth following the
healthy ramp up of operations. The key customer, Oswal Castings
Pvt Ltd, constituted 70 per cent of the total revenue in 2013-14.
The company could report moderate growth in turnover, with 85 to
90 per cent utilisation of its available capacity of 9000 metric
tonnes (MT). Nevertheless, the operating margin is likely to
improve in 2014-15, driven by low foreign exchange (forex)
fluctuations.

Additionally, RAPL's liquidity has improved with an equity
infusion of around INR5 million, for 2013-14; and healthy cash
accruals expected at around INR10 million in 2014-15. The company
has low debt obligations of around INR1.14 million for 2014-15,
resulting in a healthy cushion between cash accruals and its debt
obligations.

Outlook: Stable

CRISIL believes that RAPL's business risk profile will remain
constrained by its limited track record of operations, and high
customer concentration in revenue profile. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves with a sustained improvement in its scale of operations
and operating profitability; or with the promoters' fund
infusions. Conversely, the outlook may be revised to 'Negative' if
RAPL's financial risk profile deteriorates with significantly low
profitability, or sizeable working capital requirements.

RAPL was incorporated in 2011 and has a manufacturing facility in
Faridabad (Haryana). The company manufactures aluminium ingots,
mainly for supplies in the automotive sector, and is promoted by
Mr. O P Paliwal, Ms. Rajni Paliwal, Mr. Vijay Paliwal and Mr.
Puneet Paliwal.

RAPL reported a profit after tax (PAT) of INR9.1 million on net
sales of INR696.5 million for 2012-13, as against a PAT of INR1.7
million on net sales of INR225.9 million for 2011-12. The net
sales were estimated at INR1.03 billion in 2013-14.


S.S.COTTON INDUSTRIES: ICRA Reaffirms B+ Rating on INR20cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR20.00
crore (enhanced from INR18.50 crore earlier) long term fund based
bank facilities of S. S. Cotton Industries Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund        20.00      [ICRA]B+ (reaffirmed)
   based limits

The rating reaffirmation factors in SSCIPL's moderate scale of
operations and financial profile characterized by thin
profitability, low debt coverage indicators and high gearing
levels. ICRA also takes note of the highly competitive and
fragmented industry structure and the limited value additive
nature of operations which lead to pressure on profitability. The
rating also factors in 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, however, favourably factors in
stabilization of the operations as FY 13 was the first full year
of operations for the company subsequent to which company has
reported ~77% capacity utilisation levels. ICRA continues to draw
comfort from the long track record of the promoters in the cotton
industry and the favourable location of the company resulting in
ease of raw material availability and savings in logistics costs.

M/s S.S.Cotton Industries Pvt. Ltd. was incorporated in May, 2011.
It is involved in business of ginning and pressing with a capacity
of 48 gins along with delinting, spread across an area of 3 acres.
The operations of the plant commenced from Dec 2011. It is located
in Bhainsa, Adilabad dist of Telangana State. The business is
promoted by Mr. Rama Rao Pawar and his sons Mr. Sandeep Pawar and
Mr. Satish Pawar. The family has been involved in the business
since last three decades.


SADANANDA RICE: CRISIL Assigns 'B+' Rating to INR59.1MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sadananda Rice Mill.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     4.1       CRISIL B+/Stable

   Cash Term Loan        25         CRISIL B+/Stable

   Bank Guarantee         1.9       CRISIL A4

   Cash Credit           30         CRISIL B+/Stable

The ratings reflect SRM's weak financial risk profile, small scale
of operations, and susceptibility to volatility in raw material
prices and to changes in government regulations. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoter in the rice milling industry and its diversified
customer base.

Outlook: Stable

CRISIL believes that SRM will continue to benefit over the medium
term from its promoter's extensive industry experience and its
diversified customer base. The outlook may be revised to
'Positive' if the firm generates significantly higher-than-
expected accruals, improves its working capital management, or in
case of infusion of capital by its promoter, leading to
considerable improvement in its financial risk profile,
particularly its liquidity. Conversely, the outlook may be revised
to 'Negative' if SRM's liquidity weakens, most likely due to delay
in its proposed capital expenditure leading to a cost overrun,
deterioration in its working capital management, or lower-than-
expected cash accruals.

Set up in 2011, SRM mills non-basmati parboiled rice. Its
manufacturing facility is in Burdwan (West Bengal). The firm's
day-to-day operations are looked after by its managing partner,
Mr. Swapan Hati. It markets its product under its brand, Sadananda
Bhog.


SAINI ALLOYS: ICRA Assigns 'B' Rating to INR17cr Loans
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR12.00 crore fund based limits and INR5.0 crore term loans of
Saini Alloys Pvt. Ltd. ICRA has also assigned a short term rating
of '[ICRA] A4' to the INR1.00 crore of non-fund based limits of
Saini Alloys Pvt. Ltd.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits       12.00      [ICRA]B (assigned)
   Term Loan                5.00      [ICRA]B (assigned)
   Non Fund Based Limits    1.00      [ICRA]A4 (assigned)

The ratings of the company are constrained by SAPL modest scale of
operations resulting in inadequate economies of scale which
coupled with intensely competitive nature of the steel industry
have resulted in modest operating margins. Modest scale of
operations coupled with low accruals and high dependence on
working capital borrowings have led to weak capitalization and
coverage indicators. Further, SAPL's revenue is exposed to adverse
movements in prices of key raw material like MS Scrap. However the
ratings are supported by long standing track record of the
promoters in the steel industry and favourable demand outlook for
the steel industry.

Saini Alloys Private Limited is promoted by Mr. Ratan Singh Saini
& Mr. Ram Niwas Saini in 1999. The Company is engaged in the
manufacturing of mild steel ingots which are subsequently rolled
into long steel products like thermo mechanically treated (TMT)
bars, channels, angles, etc. Manufacturing facility of the Company
is located in Sikandrabad (Uttar Pradesh) with an installed annual
capacity of 33600 MT per annum.

Recent Results
SAPL has reported a net profit (PAT) of INR0.17 crore on an
operating income of INR84.70 crore in FY 2012-13 as compared to
net profit (PAT) of INR0.29 crore on an operating income of
INR63.17 crore in FY 2011-12.


SANJEEVANI HEALTH: ICRA Suspends 'B' Rating on INR5.5cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B' outstanding
on the INR5.50 crore fund-based limits of Sanjeevani Health Care
(SHC). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SANOOR CASHEWS: ICRA Reaffirms 'B+' Rating on INR2cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ outstanding
on the INR2.0 crore fund based facilities of Sanoor Cashews. ICRA
has also reaffirmed the short term rating of [ICRA]A4 for the
INR5.0 crore fund based facilities of SC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-    2.00        [ICRA]B+/Reaffirmed
   Cash Credit

   Fund Based Limits-    5.00        [ICRA]A4/Reaffirmed
   Pledge Loan

The ratings take comfort from the promoter's long standing
experience in the cashew processing industry, the firm's
established distribution channel across domestic and export
markets and established relationship with the customers, and
suppliers coupled with established presence of Sanoor brand in the
states of Jammu and Kashmir and Punjab. The firm reported a
healthy 17.4% growth in operating income during 2013-14
(provisional); this follows a subdued sales growth in the
preceding fiscal. In 2013-14, the firm benefited from both higher
realizations and sales volumes of cashew kernels, incremental
demand emanating from the exports market. However, the firm's
profit margins dropped by 100 bps during 2013-14 owing to the
steady decline in raw cashew nut (RNC) prices.

The ratings remain constrained by the firm's small scale of
operations limiting its operational and financial flexibility, low
value additive nature of business and high competitive intensity
owing to fragmented nature of the industry resulting in minimal
pricing flexibility. In addition, the seasonal nature of crop
necessitate high inventory holding during the crop season, March
to June thus leading to continuous working capital requirements.
Going forward, the firm's ability to scale up, and improve its
profitability indicators would be key rating sensitivities.

Sanoor Cashews is engaged in the processing of raw cashew nuts to
kernels and manufacturing of other allied products like cashew nut
shell liquid (CNSL), cashew shell cakes etc. The firm has been
associated with the cashew industry for more than three decades,
since 1981 and engages primarily into sales of processed cashew
kernels in domestic and international markets (primarily Middle
East and UK), while the sales of CNSL and shell cakes in domestic
markets contribute the rest. Depending on the successful crop
season and demand orders, the raw cashew nuts are imported from
Africa and Indonesia in addition to the purchases made from the
states of Kerala and Maharashtra. SC is family run business, being
closely managed by Mr Ganesh N Kamath and his wife.

The partners have close interest in another sister concern firm,
Adarsh Industrial Chemicals which is engaged into the
manufacturing of CNSL, its by-products and further chemically
treated/ distilled forms of CNSL which find application in
manufacturing of surface coatings, laminating resins, alcohol
soluble resins etc. The plant has been designed by Mr. Ganesh
Kamath himself and has total capacity of 20 Tons / day.

Recent results
The Firm reported net profit of INR0.2 crore on operating income
of INR18.4 crore during 2013-14 (according to unaudited results)
as against net profit of INR0.1 crore on operating income of
INR15.7 crore during 2012-13.


SATYAM INDUSTRIES: CRISIL Reaffirms C Rating on INR188.2MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Satyam Industries
continues to reflect instances of delays by SI in servicing its
term loan (not rated by CRISIL). The delays were because of the
firm's weak liquidity caused by stretched receivables and
mismatches in cash flows.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           137        CRISIL C (Reaffirmed)
   Term Loan              51.2      CRISIL C (Reaffirmed)

The rating also reflects SI's below-average financial risk
profile, marked by an average net worth and high gearing, working-
capital-intensive operations, and exposure to intense competition
in the steel industry. These rating weaknesses are partially
offset by the extensive industry experience of SI's partners.

SI was established as a partnership firm in 2006 and commenced
commercial operations from April 2009. The firm manufactures mild
steel ingots and high strength deformed (HSD) bars.


SHANKER TIMBER: CRISIL Suspends 'B-' Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shanker Timber Store (Shanker Timber; part of the Shanker Timber
group).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B-/Stable Suspended
   Letter of Credit      120       CRISIL A4 Suspended

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

CRISIL has combined the business and financial risk profiles of
Shanker Timber and Sharda Timber Store (Sharda Timber),
collectively referred to as the Shanker Timber group. This is
because the two entities have common owners and management, are in
the same line of business, have operational linkages in the form
of common customers and suppliers, and extend financial support to
each other.

Members of the Goyal family of Karnal (Haryana) set up Sharda
Timber in 1990, and the firm has offices in Karnal and Gandhidham
(Gujarat). Shanker Timber was set up in 1980 and has offices in
Karnal, Gandhidham, and Rajpura (Punjab). The Shanker Timber group
processes and trades in timber. The group imports timber logs from
dealers in Malaysia, Singapore, and New Zealand, and sells to
various wholesalers, distributors, and retailers in the domestic
market after processing. The group has 30 sawmills in Gandhidham
with a total installed capacity of 4500 square feet per day.


SHARDA TIMBER: CRISIL Suspends 'B-' Rating on INR15MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sharda
Timber Store (Sharda Timber; part of the Shanker Timber group).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B-/Stable Suspended
   Letter of Credit      120       CRISIL A4 Suspended

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

CRISIL has combined the business and financial risk profiles of
Sharda Timber and Shanker Timber Store (Shanker Timber),
collectively referred to as the Shanker Timber group. This is
because the two entities have common owners and management, are in
the same line of business, have operational linkages in the form
of common customers and suppliers, and extend financial support to
each other.

Members of the Goyal family of Karnal (Haryana) set up Sharda
Timber in 1990, and the firm has offices in Karnal and Gandhidham
(Gujarat). Shanker Timber was set up in 1980 and has offices in
Karnal, Gandhidham, and Rajpura (Punjab). The Shanker Timber group
processes and trades in timber. The group imports timber logs from
dealers in Malaysia, Singapore, and New Zealand, and sells to
various wholesalers, distributors, and retailers in the domestic
market after processing. The group has 30 sawmills in Gandhidham
with a total installed capacity of 4500 square feet per day.


SHREE TIKAM: ICRA Lowers Rating on INR6cr Term Loan to 'D'
----------------------------------------------------------
ICRA has revised the rating assigned earlier to the INR6.00 crore
fund based limits of Shree Tikam Chand Educational and Charitable
Trust from [ICRA]B- to [ICRA]D. The earlier suspension of the
rating, dated March 2014, stands revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based Limit-      6.00       [ICRA]D downgraded
   Term Loan

The revision in rating takes into account the delays in servicing
of debt obligations by the trust due to stretched cash flow
position resulting from lower fee receipts given the modest
enrolments in its recently established 'G.D. Goenka Public
School'. Although the enrolments have increased in last year, the
fee receipts continue to remain insufficient to support debt
servicing. As a result promoters supported the trust in order to
meet the funding gaps albeit with a delay. ICRA however notes that
the school stands to gain from its association with G.D. Goenka
Group (which owns the 'G.D. Goenka' brand) and their vast
management and operational experience in running educational
institutes which shall help the trust attract students.
Going forward, improvement in the enrolments as well as trust's
ability to timely fund any shortfall that might arise during the
initial phase of operations would be the key rating sensitivity
factors.

Shree Tikam Chand Educational and Charitable Trust owns and
manages G.D. Goenka Public School at Hazratpur, Firozabad (Uttar
Pradesh). The school commenced studies from academic year 2012-13
with 197 students in classes from Nursery to VIII. From the
academic year 2013-14, school started admitting students for class
IX while its total enrollment reached to ~425. Trust has taken
franchisee of G.D. Goenka brand from G.D. Goenka Group which has
presence in the fields of real estate, educational institutions,
travel & tourism, polyester buttons, garments & other exports.


SINGLA AND SINGLA: CRISIL Reaffirms 'B+' Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Singla and
Singla continues to reflect Singla's weak financial risk profile,
marked by a highly leveraged capital structure and modest debt
protection metrics, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of Singla's partners in trading in agricultural
commodities, and its low exposure to inventory risk.

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

Outlook: Stable

CRISIL believes that Singla will continue to benefit over the
medium term from its partners' extensive trading experience. The
outlook may be revised to 'Positive' if Singla's capital structure
and operating profitability improve significantly. Conversely, the
outlook may be revised to 'Negative' in case of a significant
increase in Singla's working capital requirements, or if the
company contracts a large quantum of debt to fund capital
expenditure, thereby constraining its financial risk profile.

Singla was set up as a proprietorship firm in 2008 by Mr. Rajesh
Singla in Sangrur (Punjab). In January 2010, the firm was
reconstituted as a partnership concern with Mr. Deepak Singla, son
of Mr. Rajesh Singla, and Mr. Gagandeep Singla, nephew of Mr.
Rajesh Singla, taking over as partners. Singla trades in molasses,
a by-product when extracting sugar from sugarcane, and used in the
fermentation process by distilleries; the firm also trades in
broken rice. In 2013-14, trading in molasses accounted for around
99 per cent of Singla's total sales.

Singla and Singla reported a book profit of INR  2.1 million on
net sales of INR  226 million for 2012-13, against a book profit
of INR 2.08 million on net sales of INR442.3 million for 2011-12.


SOUTH INDIA SPONGE: ICRA Reaffirms 'B+' Rating on INR8.20cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to INR8.15
crore1 cash credit limits and INR0.05 bank guarantee limits of
South India Sponge Iron Private Limited. ICRA has also reaffirmed
the short-term rating of '[ICRA]A4' assigned to INR1.00 crore
letter of credit facilities and ratings of [ICRA]B+/[ICRA]A4 to
INR1.80 crore unallocated limits of SISIPL.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.15       [ICRA]B+ reaffirmed
   Bank Guarantee        0.05       [ICRA]B+ reaffirmed
   Letter of Credit      1.00       [ICRA]A4 reaffirmed
   Unallocated           1.80       [ICRA]B+/[ICRA]A4 reaffirmed

The ratings reaffirmation takes into consideration the long track
record of SISIPL in the industry, its experienced management and
its established clientele. The ratings however remain constrained
by the weak financial profile of the company characterized by
moderate scale of its operations, its low profitability/losses,
and modest debt protection metrics. ICRA also takes into account
the under utilization of the capacity of sponge iron plant owing
to uncertainty associated with raw material availability and
prices due to the iron ore mining restriction in Karnataka. This
has continued to adversely impact the revenue growth and
profitability of the company. Further, the ratings factor in the
working capital intensive nature of operations driven by sizeable
inventory holding and exposure of company's profitability to the
commodity price risk. Moreover, the ratings continue to take into
consideration the limited value addition in the existing stand
alone sponge iron business, and highly competitive nature of the
industry.

South India Sponge Iron Private Limited (SISIPL) was incorporated
in year 2006 and engaged in the manufacturing of sponge iron. The
company is promoted by Mr. Rahul Khetan and his family members.
The sponge iron plant is located in Kolar District of Karnataka
and the installed capacity of the plant is 100 TPD (tons per day).

Recent results
As per the provisional results for FY2014, the company reported
loss of INR1.35 crore (provisional) on turnover of INR25.57 crore
(provisional) as against loss of INR1.80 crore on turnover of
INR22.69 crore during FY2013.


SPAS INFRA: ICRA Suspends 'B+' Rating on INR15cr Loan
-----------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR15.00
Crore line of credit of SPAS Infrastructures Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SREE KADERI: ICRA Reaffirms 'D' Rating on INR27cr Loans
-------------------------------------------------------
ICRA has reaffirmed the rating outstanding on the INR12.75 crore
term loan facilities, the INR9.00 crore long term fund based
facilities, the INR1.00 crore short term fund based facilities and
INR4.25 crore short term non-fund based facilities of
Sree Kaderi Ambal Mills Private Limited at [ICRA]D. ICRA has
withdrawn the long-term rating of [ICRA]D outstanding on the
INR3.17 crore proposed limits of SKAMPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    12.75      [ICRA]D reaffirmed
   Long term fund based
   facilities               9.00      [ICRA]D reaffirmed

   Long term proposed
   Limits                   Nil       [ICRA]D withdrawn

   Short term fund based
   facilities               1.00      [ICRA]D reaffirmed

   Short term non-fund
   based facilities         4.25      [ICRA]D reaffirmed

The ratings re-affirmation takes into account the continued delays
in servicing of debt obligations by the Company owing to stretched
liquidity position on account of sharp decline in operating
margins (8.3% compared to 14.5% in previous fiscal) leading to
losses at the net level. The contraction in operating margins is
primarily due to the tender-based nature of operations, which
limits the company's ability to pass-on the hike in input costs.
On account of weak cash flows, the Company fully utilizes its bank
limits severely constraining its liquidity position. The Company's
financial profile also remains weak characterised by below-average
debt coverage indicators for FY 2013-14. Further, the ratings are
constrained by company's moderate scale of operations which limits
its scale economies, and its limited pricing flexibility on
account of intense competition in the highly fragmented spinning
industry. These limitations are partially offset by the promoter's
long-standing experience in the textile industry, which aids in
securing recurrent revenue streams. Going forward, timely
servicing of debt obligations on the back of an improvement in
liquidity profile would remain as a key rating sensitivity.

Promoted by Shri. A.R. Sevugan Chettiyar in 1982, SKAMPL is
engaged in production of synthetic yarn (mainly polyester yarn and
polyester cotton (PC) blended yarn). The Company's installed
capacity includes 55,332 spindles, 216 rotors, 7,164 doubling
spindles and 5,376 Two-For-One (TFO) spindles. The company's
manufacturing facility is located in Karaikudi (Tamil Nadu).
Besides, the Company also has three wind mills of 600 KW each in
Tirunelveli (Tamil Nadu).

Recent Results
According to un-audited financials for 2013-14, SKAMPL has
reported net losses of 1.4 crore on an operating income of INR79.2
crore. The Company reported net profit of INR2.7 crore on an
operating income of INR74.1 crore during 2012-13, as against net
profit of INRRs. 0.9 crore on an operating income of INR69.1 crore
during 2011-12.


SRI KUMARSWAMY: CRISIL Suspends 'D' Rating on INR929MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Kumarswamy Mineral Exports (SKME; part of the Sri Kumarswamy
group).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         250      CRISIL D Suspended
   Packing Credit         400      CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     279      CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
SKME and Kuminex Minerals Pvt Ltd (Kuminex), together referred to
as the Sri Kumarswamy group. This is because the two companies are
under common management, in similar lines of business, and have
extended corporate guarantees to each other.

The Sri Kumarswamy group is promoted and managed by Mr. Shantesh
Gureddi, Mr. Ravindranath Alva, and Mr. Bhavani Prasad.
Established in 1992 as a partnership firm, SKME has an export-
oriented unit in Bellary, Karnataka. It has acquired iron ore
mines on lease from the Government of Karnataka. Kuminex was
incorporated in 2004, and provides logistics and ancillary
services to the export activities of SKME.


SRI VENKATA: ICRA Upgrades Rating on INR33cr Term Loan to B+
------------------------------------------------------------
ICRA has revised the long term rating for INR33.00 crore fund
based facilities of Sri Venkata Uma Shankar Spintex Private
Limited to '[ICRA]B+' from '[ICRA]B' assigned earlier.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   TL                    33.00       [ICRA]B+ upgraded

The rating revision for SVUSPL factors in the successful ramp up
of operations since the commencement of commercial operations of
the 20160 spindle cotton yarn spinning unit in July 2013. The unit
achieved full capacity utilization by March 2014. Most of the
revenues in the current fiscal were in export market through
traders resulting in healthy spread between yarn and lint owing to
significant rupee depreciation in FY14. ICRA also continues to
draw comfort from the promoters experience in spinning and ginning
conversion jobs carried out through the partnership firms in the
past along with location advantages of the plant resulting in ease
of raw material availability and logistic cost savings. However
ICRA notes that the commoditized nature of the product and the
highly fragmented industry results in low pricing power to the
company. Besides, the spinning industry is power intensive and the
adverse power scenario in Andhra Pradesh further impacts
profitability. The rating also factors in the vulnerability to
regulatory risks with regards to minimum support price for kapas
and export restrictions on kapas and yarn. The ability of the
company to sustain the utilization levels along with maintaining
the profitability will remain a key rating sensitivity, as the low
spindle capacity impacts scale economies.

Sri Venkata Umashankar Spintex Private Limited, incorporated on
4th May 2010 commenced Cotton Spinning unit with 20160 spindles in
July 2013. The mill has been manufacturing cotton yarn of 32s
carded counts. The company is promoted by Sri Chundur Naga
Veeranjaneyulu and his family members who have been involved in
the cotton industry for more than 2 decades through partnership
firms involved in conversion jobs.


SRK INFRA: ICRA Suspends 'D' Rating on INR18cr Loan
---------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR18.00
Crore line of credit of SRK Infra Projects Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SUMANGLAM WOOD: ICRA Reaffirms 'B-' Rating on INR6cr Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B-' rating assigned to the INR6.0
crore (enhanced from INR4.00 crore) fund-based limits of Sumanglam
Wood Products (I) Pvt. Ltd. ICRA has also reaffirmed the [ICRA] A4
rating assigned to the INR10.0 crore (enhanced from INR8.00 crore)
non-fund based limits of SWPL.
                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund         6.00      [ICRA]B- reaffirmed
   based limits

   Short Term Fund       10.00      [ICRA]A4 reaffirmed
   Based Limits

The rating reaffirmation takes into account the vast experience of
the promoters in the timber trading business, company's diverse
customer base and healthy revenue growth witnessed over FY10-FY13
with commencement of trading in products like PVC suspension and
EVA. The ratings continue to remain constrained on account of its
modest scale of operations and weak financial profile
characterized by the low profitability (net profit margin of 0.7%
in FY13) and highly leveraged capital structure which results in
subdued debt coverage indicators (interest cover of 1.27 times and
net cash accruals vis-…-vis total debt of 4.2% as on March 31,
2013). Further, high competitive intensity in the trading business
continues to limit company's pricing flexibility, thereby;
exposing its profitability to adverse changes in prices of goods
traded as well fluctuations in foreign exchange rates. The ratings
also remain constrained by the increasing working capital
requirements due to its growing scale which has stretched the cash
flow position of the company, making it heavily reliant on working
capital borrowings and funding support from promoters.

Going forward, the ability of the company to improve its
profitability and capital structure while managing forex exposure
and working capital requirements efficiently would be the key
rating sensitivities.

Incorporated in 1994 by Mr. Ratan Sharma, SWPL is a private
limited company engaged in trading of timber logs, lumbers,
packing boxes & pallets as well as chemicals like PVC Suspension &
Ethyl Vinyl Acetate (EVA). The company operates from its
registered office in Delhi and owns a saw mill at Gandhidham,
Gujarat.

SWPL is primarily engaged in importing timber from New Zealand and
other South Asian and African countries. Recently company has
started importing teak wood from Latin America and has also
forayed into trading in PVC Suspension & EVA used by plastic and
footwear manufacturers. Company also trade in other wood products
procured from within India like Meranti, margin moulding,
shuttering ply (used in construction), Mica and ply wood.

Recent Results
In FY13, SWPL reported a profit after tax (PAT) of INR0.20 crore
on an operating income (OI) of INR25.81 crore compared to PAT of
INR0.13 crore and OI of INR17.88 crore in FY12.


SWIFT CERAMIC: ICRA Reaffirms 'B' Rating on INR7.75cr Loans
-----------------------------------------------------------
A rating of '[ICRA]B' has been reaffirmed to INR4.25 crore term
loans and INR3.50 crore cash credit facility of Swift Ceramic
Private Limited. A rating of [ICRA]A4 has also been assigned to
INR0.75 crore short-term non-fund based facilities of Swift
Ceramics Private Limited.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit     3.50       [ICRA]B reaffirmed
   Term Loan Limit       4.25       [ICRA]B reaffirmed
   Bank Guarantee        0.75       [ICRA]A4 reaffirmed

The ratings continue to be constrained by SCPL's small size of
operations which along with the high competitive intensity is
likely to exert pressure on margins. The rating also factor in
weak financial profile of the company reflected in low profit
margins, modest coverage indicators and stretched liquidity. ICRA
also notes the dependence of operations and cash flows of the
company on the performance of the real estate industry which is
the main consumer sector, and vulnerability of profitability to
increasing prices of gas and power.

The ratings however have favorably considered the experience of
the key promoters in the ceramic industry, diversified product
profile with presence in digital tile printing segment, and
location advantage enjoyed by SCPL giving it easy access to raw
material.

Swift Ceramic Private Limited (SCPL) was incorporated as a closely
held company in April, 2011 to manufacture ceramic wall tiles with
its production facility located at Morbi, Gujarat. The company is
currently engaged in manufacturing wall tiles of sizes 12" X 12",
12" X 18" and 12" X 24" with an installed capacity of 25,000 TPA
(Tons Per Annum). The company is promoted by Mr. Sanjay G Zalaria,
Mr. Nilesh A Ramanandi and Mr. Gopal V Zalaria along with other
shareholders, having a long experience in ceramic tile
manufacturing business.

Recent Results

For the year ended March 31, 2014, the company reported an
operating income of INR17.17 crore and profit after tax of INR0.19
crore.


SWITCHGEARS & STRUCTURALS: ICRA Ups INR17.5cr Loan Rating to B+
---------------------------------------------------------------
ICRA has upgraded the long term rating of Switchgears &
Structurals (India) Private Limited to [ICRA]B+ from [ICRA]B
earlier. ICRA has reaffirmed the short term bank lines of the
company at [ICRA]A4.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term fund based      17.50      Upgraded to [CRA]B+
   and non-fund based                   from [ICRA]B
   limits

   Short term non-fund        8.50      Reaffirmed at [ICRA]A4
   based limits

The rating upgrade takes into account healthy growth in turnover
by 18% to INR47.2 crore in FY14 and approval from Powergrid
Corporation of India Limited in February 2014 for supplying the
highest rated isolator (765 KV) which could result in greater
number of direct orders from various State Electricity Boards
(SEBs). ICRA continues to factor in technological collaboration
with Netherland based Hapam B.V. and established track record of
the promoters in supplying isolators. Since SSPL has not resorted
to any additional borrowings in FY14, there has been improvement
in coverage indicators-Gearing declined to 1.03x on 31st March
2014 compared to 1.34 times as on 31st March 2013 and interest
coverage improved to 2.02 times in FY14 from 1.73 times in FY13.

The ratings however, continue to factor in the stretched liquidity
of SSPL resulting in high utilization of the cash credit limits.
SEBs did not release payments in February-May 2014 due to Indian
general elections resulting in rise of debtor days to122 on 31st
March 2014 from 85 on 31st March 2013. Most of the contracts of
SSPL do not contain price escalation clauses exposing the company
to volatility in prices of key raw materials-Copper and Zinc. High
raw material expenses coupled with rising power costs have
resulted in reduced operating margins of 10-11% in FY13 and FY14,
as compared to 14-15% margins prior to FY12. The ratings continue
to be constrained by SSPL's modest scale of operations.

Switchgears & Structurals (India) Private Limited is engaged in
the design, manufacture and testing of isolators and earthing
switches. The company was promoted by Mr. O. Surendra Babu in 1983
as a partnership concern and converted into a private limited
company in 1994. SSPL's product portfolio includes isolators for
the voltage range of 12KV to 765KV. The company has a
technological collaboration with Hapam B.V., which is a Dutch
company engaged in the manufacture of high voltage disconnectors &
earthing switches for outdoor and indoor substations. In the
provisional financials for FY14, SSPL reported an operating income
of INR47.2 crore and profit before tax of INR2.10 crore.


THANDIRAM TEXTILES: CRISIL Suspends 'B' Rating on INR125MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Thandiram Textiles Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           125       CRISIL B/Stable Suspended
   Letter of Credit      125       CRISIL A4 Suspended

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

TTPL, incorporated in 1995, is a Mumbai-based importer and
supplier of exclusive yarn and grey fabrics, catering to the
textile and apparel industries.

TTPL is promoted by Mr. Rajesh Jain and Mr. Praveen Jain.
Currently, the directors of TTPL are Mr. Rajesh Jain, his son, Mr.
Mohit Jain, and his wife, Mrs. Seema Jain. Day-to-day operations
are managed by the directors.

The main products offered by the company are polyester close
virgin fabric and recycled yarn (made from the fiber generated
from plastic pet bottles).


UNITED DECOR: ICRA Reaffirms 'B+' Rating on INR17.80cr Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR10.00 crore
(enhanced from INR2.00 crore) long-term fund based bank facility
and INR7.80 crore (reduced from INR8.00 crore) term loan facility
of United Decor Options Private Limited. The short-term rating for
the INR0.50 crore non-fund based bank facility has been reaffirmed
at '[ICRA]A4'. Ratings of [ICRA]B+ and/or [ICRA]A4 have also been
reaffirmed for the INR0.20 crore (reduced from INR2.00 crore)
unallocated bank facilities of the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term fund           10.00      [ICRA]B+ Reaffirmed
   based facility

   Term Loan                 7.80      [ICRA]B+ Reaffirmed

   Short-term non-           0.50      [ICRA]A4 Reaffirmed
   fund based facility

   Unallocated facilities    0.20      [ICRA]B+ and/or [ICRA]A4
                                       Reaffirmed

The rating reaffirmation factors in United Decor Options Private
Limited's low, but improving, profitability due to trading nature
of business and decline in its' operating income in FY14 following
a drop in export orders. Further, the financial risk profile of
the company has remained weak, due to the largely debt-funded
property purchased and tight liquidity position on account of high
inventory period, which increases its reliance on external
borrowings resulting in a leveraged capital structure and low
coverage indicators and accruals. ICRA notes that both customer
and supplier concentration risks remain high for the company,
although the same is offset by its' well established business
relationships. The margins of the company are also exposed to
adverse movements in forex rates as well as stiff competition from
a large number of unorganized players which exerts pricing
pressures.

The ratings, however, continue to favourably factor in the
operational and financial support received, from group companies
engaged in related businesses and the company's diversified
product profile which reduces sales concentration risks.

Incorporated in 2006, United Decor Options Private Limited
(UDOPL), is engaged in the trading of floorings, toiletries and
personal care items. The United group has three other companies
viz; United Distributors Inc. which is in import and distribution
of food and personal care items, Lifestyle Asia Pvt. Ltd. which
imports & distributes lifestyle products of reputed brands, and
Singapore International School.

UDOPL has its registered office at Opera House, Mumbai.

Recent Results
As per its audited financials for FY13, UDOPL recorded a net
profit of INR0.65 crore on an operating income of INR78.89 crore.
As per the provisional financials for FY14, the company reported a
net profit of INR0.72 crore on an operating income of INR75.14
crore.


VICHI AGRO: CRISIL Suspends 'B' Rating on INR125MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vichi
Agro Products Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            105      CRISIL B/Stable Suspended
   Term Loan               20      CRISIL B/Stable Suspended

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

Vichi, established in 2007 by Mr. Rajendra Shah and his brother,
Mr. Chirag Shah, is engaged in processing of agro-products such as
rice, wheat and pulses. The Shah family started the business with
a grocery store in Andheri, Mumbai, which is still operational. In
2000, the family started trading in rice, wheat and other agro
products under the firm, Vichi Traders. In 2007, the firm was
reconstituted as a company (Vichi). Vichi has two units, one in
Mhape, Maharashtra, and the other in Khambhat, Gujarat, with a
combined capacity of 150 tonnes per day (tpd). The company does
milling, cleaning, grading, sorting and packing of agro-products,
and sells to various stores of modern organised retailers such as
Big Bazar, Apna Bazar, D Mart, and Sahakari Bhandar. Vichi owns
four retail stores in Mumbai and has also signed a supply chain
management agreement to supply groceries to nine stores of full
official name (BPCL) and two stores of Wal-Mart'this business is
expected to be scaled up over the medium term to over 150 stores
of BPCL and 20 stores of Wal-Mart.


VISHNU COTTON: CRISIL Raises Rating on INR322MM Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Vishnu Cotton Mills Ltd to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'. The rating upgrade reflects timely servicing
of term debt by VCML over the three months through May 2014
supported by unsecured loans from its promoter.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           115.5      CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Letter of Credit       24        CRISIL A4 (Upgraded from
                                    'CRISIL D')
   Proposed Long Term
   Bank Loan Facility    112.5      CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

   Term Loan              94        CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The ratings reflect VCML's weak capital structure marked by small
net worth and large debt, and the susceptibility of its
profitability to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive experience of
VCML's promoters in the spinning industry.

Outlook: Stable

CRISIL believes that VCML will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the company reports better-than-expected
revenue and profitability or fresh equity infusion, resulting in
increase in its net worth. Conversely, the outlook may be revised
to 'Negative' if VCML's revenue and profitability are below
expectation, or if it contracts large debt.

VCML, incorporated in 1994, manufactures cotton yarn. It is also
engaged in fabric dyeing. While the company manufactures yarn in
counts of 20 to 40, it majorly manufactures yarn in counts of 28
to 32.


WELCOME TILES: ICRA Reaffirms 'B' Rating on INR11cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating to '[ICRA]B' to INR4.00
crore fund based cash credit facility and INR7.00 crore term loan
facility of Welcome Tiles Private Limited. ICRA has also
reaffirmed an '[ICRA]A4' rating to INR1.35 crore short term non
fund based facilities of WTPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit      4.00      [ICRA]B; Reaffirmed
   Term Loan              7.00      [ICRA]B; Reaffirmed
   Bank Guarantee         1.35      [ICRA]A4; Reaffirmed

The ratings continues to remain constrained by WTPL's limit
operational track record entailing a weak financial profile as
reflected by net losses, stretched capital structure and weak debt
protection metrics. While reaffirming the ratings, ICRA also notes
that the financial profile is expected to remain stretched in the
near term given the debt funded nature of project and impending
debt repayment. The ratings are further constrained by the
restricted pricing flexibility in the business due to a fragmented
nature of the industry and intense competition among the players.
The company's profitability is also vulnerable to the cyclicality
associated with the real estate industry as well as to increasing
prices of gas and power.

The rating however, favorably considers the timely commissioning
of the tile manufacturing operations supported by moderate
manufacturing capacity utilization level in FY14. The ratings also
favorably take into account the long experience of in the ceramic
industry and established brand visibility of its group concerns.
The ratings also continues to factor in the location advantage
enjoyed by the company, giving it easy access to raw material and
presence in digitally printed segment which is expected to result
in better realizations.

Welcome Tiles Private Limited was incorporated in January 2013 as
a private limited company and is engage in the manufacturing of
digitally printed ceramic glazed wall tiles. The manufacturing
unit of the company is located in Morbi, Gujarat, with an
installed capacity of 25,988 MTPA. The commercial production is
started from October 2013.The Company is promoted and managed by
Mr. Jayantibhai Fultariya, Mr. Nilesh Saradava along with other
family members and relatives.

Recent Results
For the year ended 31st March, 2014, the company reported an
operating income of INR7.40 crore and has incurred net losses of
INR0.51 crore as per provisional figures.


WILLIAM INDUSTRIES: ICRA Lowers Rating on INR7cr Loans to 'B'
-------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR7.0
crore cash credit fund based facility of William Industries
Private Limited from '[ICRA]B+' to '[ICRA]B'. ICRA has reaffirmed
the short term rating assigned to the INR3.0 crore fund based
sublimits of cash credit facility at '[ICRA]A4'.

                       Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based limits-      7.0       [ICRA]B downgraded
   Cash Credit

   Fund Based limits       1.5       [ICRA]A4 reaffirmed
   (Sub-Limit of cash
   credit) - Packing
   Credit/FBP

   Fund Based limits       1.5       [ICRA]A4 reaffirmed
   (Sub-Limit of cash
   credit)-Bill
   Discounting

The revision of the long term rating factors in the deterioration
of William Industries Private Limited's (WIPL) financial risk
profile as reflected in continued net losses in the last two years
with low accruals and weak return indicators. ICRA notes that the
company's liquidity profile has weakened due to a rise in
inventory levels resulting from stocking of raw materials in
anticipation of firm demand for its products in the festive
season, which has in turn entailed full limit utilization. The
risk is further accentuated by the company's adverse capital
structure following the erosion of net worth in the past, though
some comfort is drawn from the fact that a significant proportion
of total debt is from the promoters. ICRA further notes that the
company's operations are exposed to regulatory changes mainly the
imposition of excise duty, which could adversely impact the
revenues and profit metrics and impinge on debt servicing ability.
The ratings also continue to remain constrained by WIPL's small
scale of operations amidst intense competition from organised and
unorganised players in a highly fragmented industry thereby
limiting its pricing power and lack of product diversification
with only socks manufacturing capability exposes operations to
considerable product concentration risk.

The ratings, however, continue to draw comfort from the
management's extensive experience in socks manufacturing segment
and the decent recognition of its in house brand 'ANCHOR' in
domestic market.

WIPL was initially promoted by Mr. Surendranath Juneja and Mr.
Narendranath Juneja as a partnership firm in 1962 and subsequently
incorporated as a private limited company in 2004. Since inception
WIPL has been primarily engaged in the manufacture of various
types of socks including stockings. The present directors, Mr.
Vivek Juneja and Mr. Manoj Juneja, manage the company's overall
operations and administration. WIPL manufactures various types of
socks for men, women, and kids under the in-house brand Anchor and
also under private labels for various institutional players.

The company's marketing and designing activities are undertaken
in-house, however, the socks are manufactured under job work
arrangement with its group companies, Narvin Chemicals Private
Limited (Navi Mumbai) and Global Knits Private Limited. Both these
companies carry out exclusive work for WIPL.


ZYDEN GENTEC: CRISIL Suspends 'D' Rating on INR79MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Zyden
Gentec Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            26       CRISIL D Suspended
   Letter of Credit        7.5     CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      2.6     CRISIL D Suspended
   Term Loan              32.9     CRISIL D Suspended
   Working Capital
   Demand Loan            10       CRISIL D Suspended

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

ZGL, promoted by Mr. Vinod Gupta, manufactures active
pharmaceutical ingredients (APIs) and API Intermediates (bulk
drugs). During 2004-05 (refers to financial year, April 1 to March
31), ZGL set up its bulk drugs manufacturing plant near Hyderabad.
Also, in 2010-11, the company set up another bulk drugs
manufacturing plant at Kota (Rajasthan); the plant commenced
commercial production in October 2010. In 2011-12, ZGL derived all
its revenues from its Kota plant, as its Hyderabad plant was non-
operational during that year.



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


ISABEL ESTATE: Vineyard Goes Into Receivership
----------------------------------------------
Chloe Winter at Marlborough Express reports that Marlborough
family-owned vineyard, Isabel Estate Vineyard, has gone into
receivership.

Receivers John Fisk -- john.fisk@nz.pwc.com -- and Richard Longman
-- richard.longman@nz.pwc.com -- of PricewaterhouseCoopers, were
appointed on July 2, the Express discloses.

The company is owned by Michael and Robyn Tiller, who established
it in 1982.

According to the report, Mr. Longman said the principle reason for
Isabel Estate Vineyard going into receivership was the business
had agreements in place that had a "high cost operating
structure".

Mr. Longman would not comment further on the agreements, the
report says.


MT ROSA ESTATE: On Valley Winery Placed on the Market
-----------------------------------------------------
Simon Hartley at Otago Daily Times reports that On Valley winery
Mt Rosa Estate Ltd, which has about 12ha of established vines, has
now been put on the market.

Mt Rosa Estate Ltd, which is being advertised as Kawarau Villa
Estate Winery, was placed in receivership in June by its bank, the
report discloses.

Otago Daily Times says the winery also has debt to Inland Revenue.

It was separately placed in liquidation last week by a wine sector
services company, the report notes.

Neither the receivers Deloitte, nor liquidators Insolvency
Management, both of Dunedin, were able to yet estimate the extent
of the respective debts, Otago Daily Times relates.

According to the report, Deloitte receiver Vicki Botting --
vbotting@deloitte.co.nz -- said a valuation was still being done
on the property.

The tender is open until August 1, the report adds.


SAFECARE: Christchurch Rape Crisis Centre Shuts Down
----------------------------------------------------
Radio New Zealand News reports that Christchurch's only rape
crisis centre closed its doors on July 5 after being turned down
for government funding.

Radio NZ relates that the centre's 24-hour phone service,
SafeCare, needs NZ$30,000 to keep running but it is ineligible for
any of the NZ$10 million announced in this year's Budget for
sexual violence services because it is insolvent.

According to the report, spokesperson Heather Smythe said SafeCare
had been helping the women of Christchurch for more than two
decades and its services would be hard to duplicate.

"We've been running SafeCare for 20 years, and 20 years of
experience and knowing the kind of volunteer we need, and the
training we need to give them can't be replicated in two minutes
or five minutes or a week or a month," the report quotes Ms.
Smythe as saying.

Ms. Smythe said the closure of the service would hit its clients
hard, the report relates.

Radio NZ notes that Christchurch police have recorded a 40 percent
rise in the number of sexual assaults since 2010.

Green Party MP Jan Logie said the government should not have let
SafeCare's services go under, the report adds.

According to Radio NZ, the Prostitutes' Collective said the
closure of Christchurch's rape crisis service is a huge loss for
the community.

Canterbury Regional Co-Ordinator for the collective Anna Reed said
it would only have taken a small amount of money to keep the
centre open, and the government should have stepped into save it,
adds Radio NZ.


VNC COCKTAILS: Placed Into Receivership
---------------------------------------
Calida Smylie at NBR Online reports that VnC Cocktails, a
New Zealand shake-and-pour cocktail company made famous through an
appearance on reality show Keeping up with the Kardashians, has
been placed into receivership.

NBR ONLINE relates that VnC Cocktails went into voluntary
administration on June 30 and was put into receivership by secured
charge holder BNZ on July 1 after shareholders refused to postpone
a debt-due date.

Grant Graham -- ggraham@kordamentha.com -- and Neale Jackson of
KordaMentha have been appointed joint receivers, NBR ONLINE
discloses.

The report says the drinks company was founded in August 2007 by
42 Below co-founder Shane McKillan who believed there was a need
for a ready-made cocktail.

VnC was the drink of choice of Kourtney Kardashian's husband Scott
Disick in an episode screened September 2011, the report relays.

Mr. Disick became an investor and celebrity ambassador for the
brand, which was sold in 30 countries.

VnC Cocktails subsidiary VnC Manufacturing is also in
receivership, NBR ONLINE notes.

Other subsidiaries Hydr8 and Sejuice Wine are not in receivership
but remain in voluntary administration, the report says.

Administrator Simon Dalton, of Gerry Rea Partners --
sdalton@gerryrea.co.nz -- told NBR ONLINE the company had run out
of time to pay a preferential secured debt owing.

According to NBR ONLINE, the group had been trying to sell the
business as a going concern for some time but needed to call in
administrators to speed up the sale process.

The report relates that Mr. Dalton said there are "three or four"
international companies currently in acquisition talks with VnC
Cocktails. He would not name them for confidentiality reasons.

According to the report, the company had been trying to stave off
administrators and receivership by negotiating to extend the time
allowed to repay a secured debt to some of the shareholders.
However, a small number of those shareholders refused to extend
the time allowed.

"Fundamentally there was one particular debt that could not be
rolled over, and the directors were determined to appoint
administrators to the group basically to try and achieve a sale,"
Mr. Dalton told NBR ONLINE.

Under administration, the business can continue trading while the
sale process moves on, NBR ONLINE notes.

The first report from receivers KordaMentha is due September 1.

NBR ONLINE adds that Mr. Dalton said it is unfortunate the company
was put into receivership but says Garry Rea Partners will work
closely with KordaMentha to determine a solution for the whole
group.



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


DCS ASSET: Fitch Affirms 'BBsf' Rating on Class C Notes
-------------------------------------------------------
Fitch Ratings has affirmed DCS Asset Funding Pte Ltd. (DCS) - a
securitization of credit card and charge card receivables in
Singapore originated by Diners Club (Singapore) Private Limited
(Diners Singapore).  The rating actions are as follows:

SGD10m working capital facility due Sept 2016 affirmed at 'A-sf';
Outlook Stable

SGD100m class A1 fixed-rate notes due Sept 2018 affirmed at 'A-
sf', Outlook Stable

SGD35.5m class A2 floating-rate notes due Sept 2018 affirmed at
'A-sf', Outlook Stable

SGD10.7m class B floating-rate notes due Sept 2018 affirmed at
'BBBsf', Outlook Stable

SGD8.9m class C floating-rate notes due Sept 2018 affirmed at
'BBsf', Outlook Stable

KEY RATING DRIVERS

The affirmation reflects Fitch's view that the performance of the
underlying assets has remained well within expectations, and that
credit enhancement (CE) is sufficient to support the current
ratings.  The transaction benefits from the continued strength of
the Singapore economy and the tight labor market.

Monthly payment rates have been stable at above 20%, and the
default ratio has been tracking consistently below 1.0%.

Fitch expects delinquencies to remain stable as the portfolio's
product mix is expected to remain consistent going forward.  The
credit card and charge card products comprise 87.5% and 12.5% of
the portfolio, respectively, as of end-May 2014.  The eligibility
criteria Fitch uses to assess the underlying pool and the agency's
conservative base-case assumptions show the transaction has
sufficient protection for the current rating.  This is reflected
in the Stable Outlook.

According to the June 2014 servicer report, the three-month
rolling average delinquency ratio was 0.8%, well below the
transaction's 3% early amortization trigger.

The three-month average monthly net yield was 1.6%.  The three-
month average payment rate was 20.6%, above the transaction's
early amortization trigger of 15%.

RATING SENSITIVITIES

Fitch considers the possibility of upgrade unlikely over the next
12 months.

Based on Fitch's model, assuming the average payment rate of 20.6%
and the average annualized gross yield of 23.3% in the past 12
months to June 2014, the ratings on the working capital facility,
Class A1 and A2 notes would have been able to withstand at least a
2.5x increase of the average annualized default rate to 25.0% over
the same period.

The ratings on the Class B and C notes would be able to withstand
increases in the average annualized default rate of at least 2.7x
and 2.9x, respectively, over the same period.



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


PANTECH: To Enter Court Receivership
------------------------------------
Business Korea reports that three mobile carriers have refused to
agree on a debt-for-equity swap worth KRW180 billion (US$177
million) requested by the creditor banks of Pantech, which is
currently under a debt-workout program.

As a result, the handset maker is likely to file for court
receivership, just 23 years after its foundation, according to
Business Korea.

According to industry sources and creditors on July 8, nine
creditor banks, including Korea Development Bank, requested that
SK Telecom, KT, and LG U+ agree on a debt-for-equity swap valued
at KRW180 billion (US$177 million) by July 8, but they did not
hear from carriers, the report discloses.

An official at a creditor bank said, "We extended the deadline for
the agreement, but did not get any response from them," the report
notes.  The official added, "Since mobile carriers refused to
agree on the debt-for-equity swap, we have no choice but to end
debt restructuring," the report says.

On June 13, creditor banks came up with a measure to swap KRW480
billion (US$474 million) of debt with equities, and asked three
carriers to make a decision on a debt-for-equity swap worth KRW180
billion by July 4, the report relays.

When creditors did not hear from carriers by July 4, they extended
the deadline for the agreement to July 8, the report notes.  They
also decided to maintain debt restructuring on the condition of
mobile carriers' agreements on the debt-for-equity swap, the
report discloses.

Now, creditor banks think that they cannot extend the deadline
once again, the report notes.  One official at a creditor bank
remarked, "Unless mobile carriers ask for the extension on the
grounds of internal review, we are not planning to extend the
deadline one more time," the report adds.


* Insolvency of Korean Conglomerates Worsens in 2013
----------------------------------------------------
Arirang News reports that the financial health of some Korean
conglomerates that are already in debt is worsening.

Arirang News relates that the average debt-to-equity-ratio of
Hanjin Transportation, Kumho Asiana and Hyundai Group and seven
other conglomerates rose by nearly 20-percentage-points last year
to more than 260-percent in December.

Chaebul-dot-com, a research firm following Korean conglomerates,
said the debts of some shipping units that belong to Hanjin
Transportation and Hyundai Group were more than ten times higher
than their equity, according to Arirang News.

That's not to confuse Hyundai Group with Hyundai Motor Group --
they are two different entities, the report notes.

The construction units of some of the conglomerates were
particularly in bad shape, adds Arirang News.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***