TCRAP_Public/140722.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, July 22, 2014, Vol. 17, No. 143


                            Headlines


A U S T R A L I A

GRIFFITH ESTATES: Deloitte Appointed as Administrators
LIDO WARRNAMBOOL: Placed in Liquidation
TRITON TRUST NO.2: Fitch Affirms BB Rating on Class E Notes


C H I N A

CHINA FISHERY: Consent Solicitation No Impact on Moody's B2 CFR
CHINA HONGQIAO: Fitch Affirms 'BB' IDR; Outlook Stable
HUATONG ROAD: China Faces Second Corporate Bond Default
SUNSHINE 100: S&P Assigns 'B' CCR; Outlook Stable


H O N G  K O N G

NORD ANGLIA: Moody's Says 2014 Results No Impact on B1 Rating


I N D I A

AL-SAMI AGRO: CRISIL Reaffirms 'D' Rating on INR225MM Loans
AMARPARKASH RICE: CRISIL Reaffirms 'B' Rating on INR140MM Loans
BHARAT BARREL: CRISIL Reaffirms 'B+' Rating on INR65MM Loans
C. P. FOODS: CRISIL Ups Rating on INR58.5MM Loans to 'B+'
CIPSA TEC: CRISIL Reaffirms 'B' Rating on INR170MM Loans

FREIGHTCAN GLOBAL: CRISIL Assigns 'B+' Rating to INR50MM Loan
GOALTORE COLD: CRISIL Reaffirms 'C' Rating on INR110MM Loans
GOYAL YARN: CRISIL Upgrades Rating on INR95MM Loan to 'B+'
GSL EDUCATION: CRISIL Upgrades Rating on INR217.7MM Loans to B+
GURU NANAK: CRISIL Assigns 'B' Rating to INR60MM Loans

INDIAN CANE: ICRA Suspends 'B+' Rating on INR130cr Term Loans
J K SOLUTIONS: ICRA Assigns 'B+' Rating to INR50cr Term Loan
JAY UMIYA: ICRA Assigns 'B' Rating to INR6.84cr Loans
JLDM GARDENS: CRISIL Assigns 'B+' Rating to INR200MM Loans
NORTH EAST: CRISIL Upgrades Rating on INR90MM Loans to 'B'

PAGRO FOODS: ICRA Assigns 'B+' Rating to INR6.25cr Loan
PG ASSOCIATES: CRISIL Cuts Rating on INR50MM Loan to 'B'
PINNACLE TELE: CRISIL Raises Rating on INR84MM Loans to 'B+'
PLR FOODS: CRISIL Lowers Rating on INR100MM Term Loan to 'C'
PSG TEXOFAB: ICRA Assigns 'B+' Rating to INR5.78cr Loans

RABIN SINGHA: CRISIL Lowers Rating on INR190MM Loans to 'D'
RATTAN RICE: ICRA Assigns 'B' Rating to INR10cr Loans
SARNA MARBLES: CRISIL Assigns 'B-' Rating to INR140.2MM Loans
SHREE SADBHAV: ICRA Reaffirms 'B' Rating on INR6.50cr Loans
SHREE SUBHLAXMI: CRISIL Assigns 'B' Rating to INR90MM Bank Loan

SHYAM STEELS: CRISIL Reaffirms 'B' Rating on INR92.5MM Loans
SREE ANDAL: CRISIL Reaffirms 'B+' Rating on INR230MM Loan
SRI SAI: ICRA Reaffirms 'B+' Rating on INR0.50cr Loan
SUDHARMA INFRATECH: ICRA Reaffirms B Rating on INR15.84cr Loans
SWARNA CONSTRUCTIONS: CRISIL Reaffirms C Rating on INR55MM Loan

SWASTIK COPPER: CRISIL Reaffirms B+ Rating on INR323.47MM Loans
TEJASWI MOTORS: ICRA Reaffirms 'B+' Rating on INR35cr Loans


M A L A Y S I A

MALAYSIA AIRLINES: Major Stake Holder May Consider Privatization


N E W  Z E A L A N D

BROADLANDS FINANCE: S&P Affirms & Withdraws 'B-/C' ICR Rating


S O U T H  K O R E A

* SOUTH KOREA: 34 Local Firms Subject to Corporate Restructuring


X X X X X X X X

* BOND PRICING: For the Week July 14 to July 18, 2014


                            - - - - -


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


GRIFFITH ESTATES: Deloitte Appointed as Administrators
------------------------------------------------------
Neil Robert Cussen and Ezio Marco Senatore of Deloitte Touche
Tohmatsu were appointed as administrators of Griffith Estates Pty
Ltd on July 14, 2014.

A first meeting of the creditors of the Company will be held at
Deloitte Touche Tohmatsu, Eclipse Tower, Level 19, 60 Station
Street, in Parramatta, New South Wales, on July 24, 2014, at
3:00 p.m.


LIDO WARRNAMBOOL: Placed in Liquidation
---------------------------------------
Everard Himmelreich at The Standard reports that the Lido
Warrnambool hair and beauty supplies business in Lava Street has
been placed in liquidation.

According to the report, a spokesman for the liquidators,
insolvency accountancy firm Ferrier Hodgson, said the store was
placed into liquidation on July 7 along with four other associated
companies.

The Standard relates that the spokesman said Lido Warrrnambool
owed about AUD20,500 to trade creditors and AUD153,000 to
associated companies.

The spokesman said the store would continue to gain income by
selling stock at discounted prices and also look at other possible
avenues to realise assets, The Standard relays.

He said the Lido Warrnambool store employed one full-time employee
and four casuals and they would continue to be employed to help
with the company's wind up, according to the report.

The spokesman said there was a second Lido store in Mildura that
was also placed into liquidation on July 7, adds The Standard.

Lido Warrrnambool sold hair and beauty products on both a retail
and wholesale basis.


TRITON TRUST NO.2: Fitch Affirms BB Rating on Class E Notes
-----------------------------------------------------------
Fitch Ratings has affirmed nine classes of notes issued by two
Triton Trust No.2 transactions.  These transactions are backed by
pools of Australian conforming residential mortgages.  The notes
have been issued by Perpetual Corporate Trust Limited as trustee
for Triton Trust No. 2 in respect of Triton Trust No.2 Bond Series
2013-1 and Triton Trust No.2 Bond Series 2014-P

The ratings are as follows:

Triton Trust No.2 Bond Series 2013-1 (Triton 2013-1):

AUD297.3m Class A notes: 'AAAsf'; Outlook Stable
AUD32m Class AB notes: 'AAAsf'; Outlook Stable
Triton Trust No.2 Bond Series 2014-P (Triton 2014-P):
AUD106.6m Class A1 notes: 'AAAsf'; Outlook Stable
AUD24.0m Class A2 notes: 'AAAsf'; Outlook Stable
AUD4.0m Class B notes: 'AAsf'; Outlook Stable
AUD3.0m Class C notes: 'Asf'; Outlook Stable
AUD3.75m Class D notes: 'BBBsf'; Outlook Stable
AUD3.7m Class E notes: 'BBsf'; Outlook Stable
AUD1.55m Class F notes: 'Bsf'; Outlook Stable

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The credit quality has remained within the agency's expectations.

At May 31, 2014, Triton 2013-1 recorded 30+ day arrears of 0.7%,
below Fitch's Dinkum RMBS Index of 1.21%, and the portfolio
contained 7.6% low doc loans.  The pool had a weighted average
indexed loan-to-value ratio (LVR) of 46.83% and all loans in the
underlying portfolios have lenders' mortgage insurance (LMI)
provided by Genworth Financial Mortgage Insurance Pty Ltd and QBE
Lenders' Mortgage Insurance Limited ('AA-'/Stable).  There have
been no losses since closing.

At April 30, 2014, Triton 2014-P pool had an average LVR of 69.4%
and an indexed LVR of 59.6%.  The transaction consisted of 32.6%
interest only loans and investment loans made up 51% of the pool
by balance.  LMI provided by Genworth Financial Mortgage Insurance
Pty Ltd, MGIC Australia Pty Limited and QBE Lenders' Mortgage
Insurance Limited ('AA-'/Stable) covered 40.8% of the pool.

RATING SENSITIVITIES

Unexpected decreases in residential property values, increases in
the frequency of foreclosures, and loss severity on defaulted
mortgages could produce loss levels higher than Fitch's base case,
which could in turn result in potentially negative rating actions
on the notes.  Fitch has evaluated the sensitivity of the ratings
to increased defaults and decreased recovery rates over the life
of the transaction.

Initial Key Rating Drivers and Rating Sensitivities are further
described in the New Issue report "Triton Trust No. 2 Bond Series
2013-1" dated March 21, 2013.


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


CHINA FISHERY: Consent Solicitation No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service says that the proposed consent
solicitations by China Fishery Group Limited's subsidiaries have
no immediate impact on China Fishery's B2 corporate family rating
and the senior unsecured bond rating on notes issued by its
subsidiary - CFG Investment S.A.C, or the stable outlook for the
ratings.

On July 17, 2014, China Fishery's subsidiaries, Corporacion
Pesquera Inca S.A.C. (Copeinca, B2 stable) and Copeinca ASA
(Copeinca Norway, unrated) sought consent from their bondholders
on the following:

1) Copeinca Norway, Copeinca and Copeinca's Restricted
Subsidiaries to guarantee up to USD1,200 million of indebtedness
of the China Fishery Group Ltd and its subsidiaries (CFGL Group).

2) China Fishery Group Ltd, CFG Investment S.A.C. ("CFG Peru"),
China Fisheries International Limited ("CFIL") and Sustainable
Fishing Resources S.A.C. will provide guarantees to the holders of
USD250 million 9% Senior Notes due 2017 issued by Copeinca.

3) enable the CFGL Group to conduct certain reorganization
activities that will allow for an integrated operational platform.

"If the consent solicitations are approved by bondholders, the
subordination issue both for the revolving term loan facilities
and the bonds at the China Fishery level will be resolved, without
the need for China Fishery to raise new debt to prepay the USD250
million 9% senior notes due 2017," says Lina Choi, a Moody's Vice
President and Senior Analyst.

Moody's commented on 6 June 2014, that China Fishery's ratings
would be negatively affected if the redemption of Copeinca's bonds
remains incomplete over an extended period, following China
Fishery's announcement to postpone the redemption.

Moody's will watch closely the progress of the consent
solicitation. If the company cannot obtain consent to the proposed
cross guarantee, Moody's will review the company's ratings.

The principal methodology used in these ratings was the Global
Protein and Agriculture Industry published in May 2013.

China Fishery Group Ltd is headquartered in Hong Kong and listed
in Singapore. It is engaged in three business segments: (1) the
contracted supply of Alaska pollock -- a species of cod -- in
Russia's northern Pacific area, through agreements with suppliers;
(2) the production of Peruvian fishmeal and fish oil; and (3)
fishing fleet operations.

The company is 46.5% effectively owned by the Pacific Andes group,
through Pacific Andes International Holdings Ltd (PAIH, unrated),
a Hong Kong-listed integrated fish and seafood products processor.
The Carlyle Group, a global alternative asset management firm,
holds an 11.1% stake in China Fishery.


CHINA HONGQIAO: Fitch Affirms 'BB' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed aluminium manufacturer China Hongqiao
Group Limited's Long-Term Foreign and Local Currency Issuer
Default Ratings (IDR) at 'BB'.  The Outlook is Stable. Fitch has
also affirmed Hongqiao's senior unsecured rating at 'BB'.

The ratings reflect Hongqiao's cost advantage in the industry and
its ability to generate profit despite weak aluminium prices, but
are constrained by continuous high capex spending and
uncertainties over long-term bauxite supply following an
Indonesian export ban.

KEY RATING DRIVERS

Strong Cost Competitiveness: Hongqiao has an integrated operation,
which enables the company to achieve lower production costs than
its competitors.  Its self-sufficiency ratio of key production
inputs - alumina and electricity - reached 70% in 2013 and is
expected to hit 85%-90% by 2017.

Profit Generation Ability: Despite weak aluminium prices, Hongqiao
was able to record an EBITDAR margin of 34.5% in 2013 (2012:
37.8%), equivalent to EBITDAR/tonne of CNY4,250 (2012: CNY5,140).
Fitch expects a similar EBITDAR margin in 2014 despite weaker
aluminium prices in 1Q14 because the company's self-sufficient
electricity ratio is higher and raw material prices, such as coal,
are lower than in 2013.


High Capex Spending to Continue: Hongqiao has budgeted capex of
CNY17.9bn (USD2.87bn) for 2014-2016, mainly to increase its
primary aluminium capacity and to further enhance its electricity
and alumina self-sufficiency.  Committed capex spending in 2014 is
approximately CNY3.3bn.

Bauxite Supply Uncertainty: The Indonesian ban on exports of
bauxite - a key input of alumina - became effective in March 2014
and has raised uncertainties as Indonesia is a major bauxite
supplier to China.  To mitigate this risk, Hongqiao has secured a
three-year bauxite export quota permit from the Indonesian
government and a three-year contract with Rio Tinto for bauxite
supply from Australia.  In addition, the company is working to
secure bauxite supply beyond 2016 through acquisition
opportunities overseas.

High Leverage Ratio Temporary: Hongqiao's funds flow from
operations (FFO)-adjusted net leverage reached 2.6x in 2013 (2012:
0.9x), mostly driven by capex and the effort to increase bauxite
inventory ahead of the Indonesian export ban.  Fitch expects the
ratio to fall in 2014 and beyond as inventory levels revert to
normal.  Meaningful deleveraging will continue after 2015 as capex
tapers off.

Geographical and Customer Concentration: Hongqiao's customer base
is concentrated in China's Shandong province and its two largest
customers collectively accounted for around 50% of its sales in
2013.  This is a constraint on its ratings.

RATING SENSITIVITIES

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

   -- Deterioration in Hongqiao's leading market position in
      Zouping and Shandong
   -- FFO adjusted net leverage above 2.5x on a sustained basis
   -- EBITDAR/tonne below CNY3,000 on a sustained basis
   -- Continuous bauxite supply disruption

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

   -- FFO adjusted net leverage below 1.0x on a sustained basis
   -- EBITDAR/tonne above CNY4,500 on a sustained basis
   -- Securing a steady long-term bauxite supply


HUATONG ROAD: China Faces Second Corporate Bond Default
-------------------------------------------------------
Bloomberg News reports that China faces what would be the second
default in the nation's onshore bond market after a builder said
it may fail to make a payment next week, the latest sign of stress
in the world's biggest corporate debtload.

Huatong Road & Bridge Group Co., based in the northern province of
Shanxi, said it may miss a CNY400 million ($64.5 million) note
payment due July 23, Bloomberg relates citing a statement to the
Shanghai Clearing House on July 16. Chairman Wang Guorui is
assisting authorities with an official investigation, it said,
without elaborating, relays Bloomberg.  Mr. Wang was removed from
the Chinese People's Political Consultative Conference Shanxi
Committee on July 9 for suspected violations of the law, according
to an official statement and media report earlier this month,
Bloomberg reports.

According to Bloomberg, Shanghai Chaori Solar Energy Science &
Technology Co. marked China's first onshore corporate bond default
in March when it missed a coupon payment. Huatong Road would be
the first to fail to pay both interest and principal, and would
also be the first default in the interbank note market, the
nation's biggest bond bourse, says Bloomberg.  Chinese firms have
the most debt globally after increasing borrowings to $14.2
trillion as of Dec. 31, surpassing the U.S.'s $13.1 trillion,
Standard & Poor's said in a June 15 report, Bloomberg relays.

"It's very likely the company will default," the report quotes
Xu Hanfei, a bond analyst at Guotai Junan Securities Co., the
nation's third-biggest brokerage, as saying. "If it does, the
event will have a big impact on investors' risk sentiment."

China Lianhe Credit Rating Co. cut the company's rating to BB+
from AA- to reflect the builder's high default risks, Bloomberg
discloses citing a statement from the risk assessor on July 17.

According to Bloomberg, Huatong Road said in its statement that
it's exploring various channels to raise funds to pay off the one-
year bond. It owes CNY429.2 million in interest and principal by
the due date, it said. The builder, which was set up in 1998, had
CNY5.8 billion of debt and CNY10.7 billion of assets as of March
31, according to a separate statement in April on the Chinamoney
website. It reported a profit of CNY62.7 million for the first
quarter.


SUNSHINE 100: S&P Assigns 'B' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B' long-
term corporate credit rating to Chinese property developer
Sunshine 100 China Holdings Ltd.  The outlook is stable.  At the
same time, S&P assigned its 'cnBB-' long-term Greater China
regional scale rating to the company.  S&P also assigned its 'B-'
long-term issue rating and 'cnB+' long-term Greater China regional
scale rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by the company.  The issue rating is subject to
S&P's review of the final issuance documentation.  S&P expects
Sunshine to use the proceeds to repay or refinance the group's
existing debt, to finance new and existing projects, and for
general corporate purposes.

"The rating on Sunshine reflects the company's weak market
position in the residential segment, untested execution in the
commercial segment, and high leverage," said Standard & Poor's
credit analyst Vincent Lam.  "We expect the company's sales and
revenue to continue to largely depend on the residential segment
over the next two years because the ramp-up of the operating scale
in the commercial segment will take a long time to realize.
Nevertheless, Sunshine has reasonable geographic diversity, a
sizable low-cost land bank, and some financial flexibility."

The issue rating on the proposed notes is one notch lower than the
corporate credit rating because of structural subordination.

S&P anticipates that the company's market position will remain
weak as it has a limited competitive advantage in the residential
segment.  Despite its expansion plans, Sunshine will continue to
have only one or two projects in each of the cities where it
operates, preventing the company from more effectively building
stronger brand recognition or improving operating efficiency.
These factors contribute to our assessment of a "vulnerable"
business risk profile.

"We expect Sunshine's wide geographic coverage relative to its
scale to continue to stretch its financial and management
resources.  The company has 27 projects in 16 cities, which has
led to comparatively high operating expenses.  Selling, general,
and administrative expenses (SG&A) were about 10% of revenue in
2013.  Operating expenses are likely to remain high over the next
two years as Sunshine aggressively expands.  Nevertheless,
Sunshine's geographic diversity helps the company to withstand
economic downturns in any single city or region.  The company's
geographic diversity also compares favorably with many developers
of a similar size that are typically concentrated in a single
province or region," S&P noted.

Sunshine's expansion in the commercial segment is a risk factor
given that the revenue contribution from this segment has been
declining for the past few years and the company's execution
capability is untested.  The contribution from the commercial
sector as a percentage of revenue is unlikely to grow in 2014; the
segment accounted for 15% in 2013. If well executed, development
projects in this segment have higher margins than residential
properties.

Competition in the commercial segment could easily intensify in a
short timeframe, given the low entry barriers.  This may result in
an oversupply of commercial properties that population levels
cannot support.  This is similar to the oversupply of residential
properties in lower-tier cities in China.  In some cities where
Sunshine operates, larger commercial property players have already
entered the market, including Dalian Wanda Commercial Properties
Co. Ltd. and Powerlong Real Estate Holdings Ltd.

Sunshine's EBITDA margin is likely to decline moderately over the
next two years due to the limited revenue contribution from
commercial properties and high operating expenses.  Rising
construction costs will also put the profit margin under pressure.
S&P believes Sunshine's low-cost land reserves of about 11 million
square meters will provide good support for profitability, but not
enough to turn around the overall decline.  As of the end of 2013,
the average cost of Sunshine's average land reserves is about
Chinese renminbi (RMB) 700 per square meter, or about 8% of its
average selling price in 2013.

S&P believes Sunshine has some financial flexibility, as shown in
its track record of refinancing large onshore borrowings.  The
company's weighted average borrowing costs of 8%-9% is also lower
than many similarly rated peers'.  S&P believes such financial
flexibility will support Sunshine's liquidity and refinancing
plans.

Sunshine's aggressive growth appetite is likely to keep its
leverage high over the next two years.  Its credit profile has
been weak, with a ratio of debt to EBITDA of 9.5x in 2012 and
11.3x in 2013.  Given Sunshine's sizable land bank, S&P expects
the company to exercise restraint towards land acquisitions.
Capital expenditure (capex) should remain high, given increasing
construction activities for the company's existing projects and
its plan to build up its portfolio of investment properties.  In
S&P's base-case scenario, it forecasts Sunshine will spend at
least 60% of its contracted sales on construction.

S&P do not expect Sunshine's contracted sales to entirely cover
its high capex, such that its debt level will further increase.
However, higher revenue due to growing contract sales should
temper the debt increase and declining profitability.  As a
result, the company's cash flow and leverage ratios are likely to
remain a constraint to the rating, and underpin S&P's assessment
of a "highly leveraged" financial risk profile.

Compared with other 'B-' rated peers, Sunshine has a larger
operating scale and land bank, and a longer operating history.  In
S&P's view, the company also has better financial flexibility, as
shown in its track record of refinancing and lower borrowing
costs.  S&P therefore assess the comparable rating analysis as
"positive" and apply a one-notch uplift to the anchor of 'b-'.

"The stable outlook reflects our expectation that Sunshine will
manage its liquidity, such that its cash sources will exceed its
cash uses for 2014 and 2015.  We also anticipate the company will
have satisfactory execution and contract sales in the residential
segment in 2014 and 2015.  Given the company's aggressive growth
appetite, we expect its leverage to remain high," said Mr. Lam.

S&P could lower the rating if Sunshine's liquidity becomes weak.
This could happen if the company's sales are materially lower than
S&P's expectation of RMB6.2 billion-RMB6.7 billion in 2014.  S&P
could also lower the rating if Sunshine's refinancing risk
heightens or the company has difficulty in securing funding for
its debt repayments in 2014 and 2015.  In addition, S&P will lower
the rating if EBITDA interest coverage weakens to below 1x.

Rating upside is limited over the next 12 months, given Sunshine's
high leverage.  S&P may raise the rating if the company can
improve its operating scale and liquidity while significantly
reducing its leverage.  A ratio of EBITDA interest coverage of
more than 2x on a sustainable basis would indicate such
improvement.



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


NORD ANGLIA: Moody's Says 2014 Results No Impact on B1 Rating
-------------------------------------------------------------
Moody's Investors Service says that Nord Anglia Education, Inc's
(NAE, B1 stable) results for the nine months of the fiscal year
ended May 31, 2014 were in line with expectations. Neither the
results nor the company's announced acquisition of Northbridge
International School Cambodia in Phnom Penh affect its ratings or
stable outlook.

"NAE continues to execute as expected, acquiring schools within
existing geographies funded from internally generated cash. We
expect that acquired schools should quickly be accretive to the
company's earnings and cash flow," says Joe Morrison, a Moody's
Vice President and Senior Analyst.

NAE reported sales for the first nine months of fiscal 2014 of
$411 million, up 53% from the prior year. On a last 12 months
(LTM) basis, NAE's adjusted EBITDA margin was about 35%, on par
with the result for FY2013. The company continues to achieve
tuition fee increases at rates higher than its cost inflation.

Moody's continues to project that adjusted debt to EBITDA (pro
forma for the 2013 acquisition of WCL Group Limited) will decrease
to about 6.6x in FY2014 and further to 5.7x in FY2015 from about
7.5x in FY2013. In addition, Moody's expects EBITDA less capex to
interest expense to improve to over 3.0x for FY2015 from about
1.3x in FY2014. These ratios will be in line with NAE's B1 rating.

This improvement will be mainly driven by a increases in earnings,
underpinned by NAE opening new schools in Hong Kong, Dubai, and
Switzerland later this year, and by benefits associated with its
recently concluded initial public offering and debt refinancing.

NAE benefits from stable and predictable demand for its premium
educational services product. The company has a high level of
financial leverage, but this is balanced by favorable demand
dynamics, resilience through economic cycles, and predictable
revenue streams.

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

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 29 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 18,500 students
ranging in level from pre-school through to secondary school. NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the fiscal year ended 31 August 2013, NAE generated
pro forma revenues of $415 million.



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


AL-SAMI AGRO: CRISIL Reaffirms 'D' Rating on INR225MM Loans
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of AL-SAMI Agro Products Private Limited to 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Long Term Loan        200         CRISIL D (Reaffirmed)

   Proposed Long Term     25         CRISIL D (Reaffirmed)
   Bank Loan Facility

The rating reflects instances of delays by AAPPL in servicing its
term debt; the delays have been caused by the company's weak
liquidity as there has been significant time and cost overrun in
commercialization of its project.

The rating also reflects AAPPL's exposure to risks related to the
implementation and stablisation of the company's on-going project,
which involves the setting up of a fully integrated modern
slaughterhouse and meat processing plant. This rating weakness is
partially offset by the extensive experience of AAPPL's promoters
in the food processing business.

AAPPL, incorporated in 2009, is currently setting up a fully
integrated modern slaughterhouse and meat processing plant. The
company is promoted by Mr. Abdul Salam and his family members, and
is expected to commence commercial operations in September 2014.


AMARPARKASH RICE: CRISIL Reaffirms 'B' Rating on INR140MM Loans
---------------------------------------------------------------
CRISIL's rating to the long term bank facilities of Amarparkash
Rice Exports (P) Ltd. continues to reflect susceptibility to
funding and implementation risks for its on-going project and its
susceptibility to fluctuations in raw material prices, to
unfavourable monsoons and to central government policies. These
rating weaknesses are partially offset by the extensive experience
of AREPL's promoter in the rice industry, and AREPL's proximity to
sources of paddy.

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

   Proposed Term Loan    95        CRISIL B/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Amarparkash Rice Exports (P) Ltd. on July 8,
2014.

Outlook: Stable

CRISIL believes that AREPL will continue to benefit over the
medium term from its promoters family's extensive industry
experience. The outlook may be revised to 'Positive' if AREPL
executes its project within the budgeted cost and time, and
reports higher-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overrun in the company's project, which will adversely impact its
financial risk profile, particularly its debt-servicing ability.

Amarparkash Rice Exports Private Limited promoted by Mr. Rupinder
Pal and Mr. Narinder Kumar, is setting up a rice milling unit with
Rice colour sorter and par boiling plant at Sangrur, Punjab. The
project is expected to be completed by October 2014.


BHARAT BARREL: CRISIL Reaffirms 'B+' Rating on INR65MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bharat Barrel and Drum
Manufacturing Company Pvt Ltd continue to reflect Bharat Barrel's
low operating efficiencies, as reflected in its low profitability
and capacity utilisation, its modest scale of operations, and its
stretched liquidity. These rating weaknesses are partially offset
by the company's long track record of over six decades in the
barrel and drums industry, and its improved market position in
view of lower competition after the change in government
regulations that now require the purchase of drums only from small
and medium enterprises.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         50       CRISIL A4 (Reaffirmed)

   Cash Credit            45       CRISIL B+/Stable (Reaffirmed)

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

Bharat Barrel is in the process of demerging its core barrel
manufacturing operations and its non-core assets into separate
companies. The company's manufacturing units along with other core
business assets and liabilities will be transferred to a new
company, Steel Barrel Pvt Ltd. The demerged company will manage
the entire business operations, while the non-core assets will
remain in Bharat Barrels. The company has already filed its
application for demerger in the High Court and is expected to
receive a confirmation by the end of 2014-15 (refers to financial
year, April 1 to March 31). For arriving at its ratings, CRISIL
has already adjusted the non-core assets and liabilities from the
balance sheet of Bharat Barrel.

Outlook: Stable

CRISIL believes that Bharat Barrel will continue to benefit over
the medium term from its long track record in the barrel and drums
manufacturing business. The outlook may be revised to 'Positive'
in case of significant improvement in the company's revenue or
operating income, most likely through improved capacity
utilisation and operating efficiencies, leading to better cash
flows from its barrel manufacturing operations. Conversely, the
outlook may be revised to 'Negative' if Bharat Barrel reports
less-than-expected profitability, or undertakes a large debt-
funded capital expenditure programme, or if its working capital
management weakens, leading to deterioration in its overall
financial risk profile, especially its liquidity

Bharat Barrel, incorporated in 1951, manufactures steel barrels
and bitumen drums. The company also manufactures barrels and drums
on job work for oil refineries. Furthermore, it owns various
properties other than for the barrel business. Bharat Barrel is
owned by two families: the Jalan family owns 94 per cent of the
company's shares while the Goenka family owns the remainder. Its
day-to-day operations are looked after by its director, Mr.
Sanjeev Goenka.

For 2013-14, Bharat Barrel reported, on a provisional basis, a
profit after tax (PAT) of INR8.7 million on net sales of INR416.5
million, against a PAT of INR67.94 million on net sales of
INR318.07 million for 2012-13.


C. P. FOODS: CRISIL Ups Rating on INR58.5MM Loans to 'B+'
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
C. P. Foods to 'CRISIL B+/Stable' from 'CRISIL B/Stable.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility    55        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan              3.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that CPF will sustain
its improved liquidity over the medium term, marked by improvement
in working capital cycle and cash accruals. CPF's working capital
cycle improved in 2013-14 (refers to financial year, April 1 to
March 31), with gross current assets estimated at 65 days as on
March 31, 2014, against 96 days a year earlier. Additionally, the
firm has reported significant improvement in scale of operations,
leading to improvement in cash accruals. CRISIL believes that
sustenance of improved working capital cycle will support CPF's
liquidity over the medium term.

The ratings reflect CPF's below-average financial risk profile
marked by high total outside liabilities to tangible net worth
(TOLTNW) ratio, small net worth, and average debt protection
metrics, and the customer concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of the firm's management in the agricultural
commodities trading business.

Outlook: Stable

CRISIL believes that CPF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports
significantly high revenue and profitability, leading to healthy
cash accruals and improvement in TOLTNW ratio. Conversely, the
outlook may be revised to 'Negative' if CPF's working capital
management worsens, or if it undertakes a large debt-funded
capital expenditure programme, or if its profitability declines,
weakening its financial risk profile.

Established in 2001, CPF is a partnership firm engaged in trading
and processing of pulses, including masoor dal, toor dal, udad
dal, moong dal, yellow peas, and chick peas. The firm primarily
caters to the domestic market. Its day-to-day operations are
managed by promoters Mr. E Jawahar, Mr. E Kathirvel, Mr. E
Rajavel, and Mr. Manikanda Prabhu. CPF has its processing unit in
Virudhunagar (Tamil Nadu).


CIPSA TEC: CRISIL Reaffirms 'B' Rating on INR170MM Loans
--------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
CIPSA TEC India Pvt Ltd at 'CRISIL B/Stable/CRISIL A4'.

The rating was upgraded to 'CRISIL B/Stable/CRISIL A4' from CRISIL
D//CRISIL D vide rating rationale dated July 10, 2014.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      150       CRISIL A4
   Cash Credit           140       CRISIL B/Stable
   Letter of Credit      130       CRISIL A4
   Term Loan              30       CRISIL B/Stable

The rating continue to reflect the timely servicing of debt by
CTIPL over the four months through June 2014, following the
improvement in its liquidity after the sale of 47.96 per cent
stake in itself to Circuit Makers (S) Pte Ltd. CMPL infused INR186
million into the company over the four months through March 2014
for the stake; this amount was used by CTIPL for meeting its debt
obligations and working capital requirements. The retirement of
its term debt will lead to lower interest outgo and hence its
accruals are likely to improve over the medium term. Furthermore,
CTIPL's remaining term debt is expected to be closed by September
2014; CRISIL believes that the company will generate sufficient
accruals over the near term to meet the balance term debt
obligations.

The ratings continue to reflect CTIPL's modest scale of operations
in the intensely competitive printed circuit board (PCB)
manufacturing industry, its large working capital requirements,
and its below-average financial risk profile, marked by subdued
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters.
Outlook: Stable

CRISIL believes that CTIPL will continue to benefit over the
medium term from its promoters' experience in the PCB
manufacturing industry. The outlook may be revised to 'Positive'
if the company registers larger-than-expected cash accruals, or in
case of equity infusion, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if CTIPL's revenue and profitability decline considerably, or if
it undertakes a large debt-funded capital expenditure programme,
or if its working capital management deteriorates, leading to
weakening of its financial risk profile.

Established in 2006, CTIPL manufactures PCBs. Its daily operations
are managed by Mr. Alok Garg and Mr. Anil Gupta.

The company reported, on a provisional basis, a net loss of INR27
million on total revenue of INR654 million for 2013-14 (refers to
financial year, April 1 to March 31), as against a profit after
tax of INR10  million on total revenue of INR593 million for 2012-
13.


FREIGHTCAN GLOBAL: CRISIL Assigns 'B+' Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Freightcan Global Logistics Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft Facility     50         CRISIL B+/Stable

The rating reflects FGLPL's modest scale of operations in the
highly fragmented and intensely competitive logistics industry and
its average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters and its established relationships with
customers.

Outlook: Stable

CRISIL believes that FGLPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the company
reports a significant improvement in its scale of operations and
profitability while maintaining or improving its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
FGLPL's cash accruals are lower than expected, its working capital
management deteriorates, or it undertakes a substantial debt-
funded capital expenditure programme, leading to weakening of its
financial risk profile.

Incorporated in 2004 and based in Chennai (Tamil Nadu), FGLPL
provides logistics services. The company's operations are managed
by its director, Mr. Arun Nair.

FGLPL reported a profit after tax (PAT) of INR2.5 million on a
total income of INR388.8 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR3 million on an
operating income of INR256.4 million for 2011-12.


GOALTORE COLD: CRISIL Reaffirms 'C' Rating on INR110MM Loans
------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Goaltore Cold
Storage Pvt Ltd continues to reflect GCSPL's weak financial risk
profile marked by modest net worth, high gearing, and weak debt
protection metrics. The rating also reflects the company's
exposure to intense competition in the cold storage industry in
West Bengal. These rating weaknesses are partially offset by its
promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            55         CRISIL C
   Proposed Long Term
   Bank Loan Facility     43.4       CRISIL C

   Working Capital
   Demand Loan            11.6       CRISIL C

GCSPL was set up as a partnership firm in 1993 and was
reconstituted as a private limited company in 1997. GSCPL is
promoted Mr. Tapan Kumar and his family members. It operates a
cold storage unit (primarily for storing potatoes) in Paschim
Medinipur (West Bengal).


GOYAL YARN: CRISIL Upgrades Rating on INR95MM Loan to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on long term bank facility of Goyal
Yarn Agency's to 'CRISIL B+/Stable'from CRISIL B/Stable.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            95        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects substantial improvement in firm's
business risk profile with its scale of operations increasing to
around 1.9 billion for 2013-14, from INR1.4 billion in 2012-13.
The upgrade also factors in improving financial risk profile with
total outside liabilities to total net worth (TOLTNW) improving to
around 4.5 times as on March 31, 2014, compared to 5.3 times as on
March 31, 2014. Financial risk profile is expected to further
improve backed by improving accretion to reserves, albeit remain
weak.

CRISIL's rating on the bank facilities of Goyal Yarn Agency (GYA)
reflect GYA's weak financial risk profile, exposure to intense
competition in the fragmented yarn trading industry, geographical
concentration in its revenue profile, and very low operating
margin due to the trading nature of its operations. These rating
weaknesses are partially offset by the firm's robust growth,
driven by its proprietor's extensive industry experience.

Outlook: Stable

CRISIL believes that GYA will maintain its business risk profile
over the medium term, backed by its established position in the
yarn trading business. However, its financial risk profile is
expected to remain weak over this period, driven by its highly
leveraged capital structure due to large working capital
requirements and a small net worth. The outlook may be revised to
'Positive' if the firm's capital structure or operating margin
improves substantially, leading to a better financial risk
profile. Conversely, the outlook may be revised to negative if
GYA's profitability weakens, most likely due to increased
competition or stretch in its working capital cycle.

GYA is a proprietorship firm, established by Mr. Vipan Goyal in
2000. The firm trades in polyester yarn, cotton yarn, filament
yarn, and polyester/cotton blended yarn. It is based in Ludhiana
(Punjab).


GSL EDUCATION: CRISIL Upgrades Rating on INR217.7MM Loans to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
GSL Education Society to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'. The short term rating has been reaffirmed at 'CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        92.3      CRISIL A4 (Reaffirmed)

   Overdraft Facility    50        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Rupee Term Loan      167.7      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The upgrade reflects improvement in GSL's credit risk profile. GSL
is likely to report revenue of around INR510 million for 2013-14
(refers to financial year, April 1 to March 31) against around
INR369 million for 2011-12. The improvement in revenue is driven
by increase in occupancy at GSL's institutes and higher income
from its hospital. CRISIL believes that the revenue growth will
sustain over the medium driven by increase in student intake and
addition of new courses. The society has received approval from
Medical Council of India for increasing intake for its Bachelor of
Medicine, Bachelor of Surgery (MBBS) course to 200 students per
batch from 150 students during academic year 2014-15. Furthermore,
its business risk profile is supported by commencement of a
Bachelor of Dental Surgery (BDS) college (approved by Dental
Council of India from academic year 2014-15). The society has
received approval for intake of 100 students for the BDS course.
The society is currently undertaking of a capital expenditure
(capex) of INR400 million for construction of new building for its
BDS college.

GSL's net worth and gearing have improved driven by healthy
increase in scale of operations and subsequent increase in cash
accruals. The society's net worth is estimated at INR200 million
as on March 31, 2014, against INR110 million as on March 31, 2013.
Its gearing improved backed by increase networth, and is estimated
at 1.2 times as on March 31, 2014. Its cash accruals over the
medium term are expected to be adequate to meet its term debt
obligations.

The ratings reflects GSL's exposure to risks related to project
implementation, which involves construction of new building for
its BDS college, and its susceptibility to regulatory changes in
the education sector. These rating weaknesses are partially offset
by GSL's established position in the education sector, marked by
diverse course offerings and above-average financial risk profile,
marked by a moderate capital structure and net worth.

Outlook: Stable

CRISIL believes that GSL will continue to benefit over the medium
term from its established regional market position and wide range
of courses offered. The outlook may be revised to 'Positive' if
the society significantly improves its scale of operations and
surplus, while maintaining its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if GSL
reports significant deterioration in financial risk profile, most
likely because of large debt-funded capital expenditure, or
decline in revenue or surplus.

GSL, based in Rajahmundry (Andhra Pradesh), was established in
2003 as a not-for-profit organisation under the Societies
Registration Act, 2001. The society, founded by Dr. Ganni Bhaskar
Rao and eight doctors, offers undergraduate and postgraduate
courses in medicine, nursing, and para-medicine streams; it also
operates a 1000-bed general hospital.


GURU NANAK: CRISIL Assigns 'B' Rating to INR60MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Guru Nanak Dev Educational Society.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              21         CRISIL B/Stable
   Overdraft Facility     25         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     14         CRISIL B/Stable

The ratings reflect the society's small scale of operations driven
by low student intake, below average financial risk profile,
susceptibility to intense competition and adverse regulatory
changes in the education sector. These rating weaknesses are
partially offset by the benefits that the society derives from its
promoters' extensive experience in the education sector and the
healthy demand prospects for education.

Outlook: Stable

CRISIL believes that GNDES will continue to benefit over the
medium term from its promoters' extensive experience in the
education sector. The outlook may be revised to 'Positive' if the
society registers significant improvement in revenue as a result
of increase in student intake, leading to higher accruals, and
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the society undertakes large debt-
funded capital expenditure (capex) programme, leading to
deterioration in its financial risk profile, or if occupancy rates
for its courses decline, or if the ongoing capex is delayed,
resulting in deterioration in its liquidity.

GNDES was set up in 1988 and manages a graduate college and a
post-graduate college: Uttaranchal (PG) College of Technology &
Biomedical Sciences and Uttaranchal College of Education. Before
2003, GNDES operated a coaching center for diploma and degree
courses recognised by the Ministry of Human Resources Development
of the Government of India. Mrs. Pushpa Warne is the chairman and
Mr. G D S Warne is the secretary of the society.

GNDES reported a net profit of INR6.67 million on net sales of
INR44.64 million for 2013-14 (refers to financial year, April 1 to
March 31) on a provisional basis, vis-a-vis a net profit of
INR0.63 million on net sales of INR29.7 million for 2012-13.


INDIAN CANE: ICRA Suspends 'B+' Rating on INR130cr Term Loans
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR130.00
Crore, long term loans & working capital facilities and [ICRA] A4
rating to the INR36.50 Crore, non-fund based facilities of
Indian Cane Power Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Indian Cane Power Limited was incorporated in 2002 and operates in
Mudhol Tq of North Karnataka. It has 7500 TCD sugar plant, 28 MW
cogeneration plant and 60 klpd distillery- while the sugar and
cogeneration plant are based in Mudhol Tq in North Karnataka, the
distillery is located in Harapanahhalli Tq of Davangere district
in Central Karnataka. It started operations in 2009 and is
promoted by Mr. Shamanur Shivashankarappa and family.


J K SOLUTIONS: ICRA Assigns 'B+' Rating to INR50cr Term Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR50.0
crore long-term fund based facilities of J K Solutions Inc.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term, Fund-based     50.0       [ICRA]B+ assigned
   limits - Term Loan

The assigned rating takes into account promoters' experience and
operating track record of nearly a decade in the industry, and the
well established relationship with the Nagpur Municipal
Corporation (NMC). ICRA also notes the provision in the agreement
with the NMC for ensuring timely payment of bills raised under the
'LED Replacement' contract. The provision allows the bank to
direct debit the amount due to JKSI from the NMC's CDF account
maintained with the bank, on due date.

The rating is, however, constrained by the small scale of current
operations, high client concentration risk since the entire
unexecuted order book is accounted by the NMC and the significant
geographical concentration risk. ICRA also notes the lack of past
experience in executing contracts of similar scale and the
requirement of significantly higher capital, proposed to be funded
by bank debt which shall result in a stretched capital structure.

J K Solutions Inc, a partnership firm established in the year 2012
by Mr. Amol Kishore Kale and Mr. Bhushan Sable, both Electrical
Engineers, undertakes electrical engineering contracts in the city
of Nagpur. The firm, based out of Dharampeth, Nagpur, executes
contracts primarily from the Nagpur Municipal Corporation (NMC).

Recent results:
As per its audited results for FY 2013, JKSI reported profit after
tax (PAT) of INR0.18 crore on an operating income of INR8.23
crore.  As per its unaudited results for FY 2014, JKSI reported
profit before tax of INR0.16 crore on an operating income of
INR2.60 crore.


JAY UMIYA: ICRA Assigns 'B' Rating to INR6.84cr Loans
-----------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR6.84 crore long-
term, fund based facilities of Jay Umiya Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.50       [ICRA]B assigned
   Term Loan             1.34       [ICRA]B assigned

The assigned rating takes into account JUI's modest size of
operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure; stretched capital structure and weak coverage
indicators. The rating is also constrained by the vulnerability of
the firm's profitability to raw material prices which are subject
to seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI and restrictions on cotton exports.

The rating, however, positively considers the established track
record of the firm in the cotton ginning industry, the advantage
the firm enjoys by virtue of its location in the cotton producing
belt of Mehsana (Gujarat) and the favourable demand outlook for
cotton and cottonseeds.

Incorporated in 2008, Jay Umiya Industries is engaged in the
business of ginning and pressing of raw cotton into cotton seeds
and fully pressed cotton bales having a production capacity of
37.40 metric tonnes per day (MTPD) of cotton bales. The firm is
also engaged in crushing of cotton seeds to obtain cotton seed oil
and cotton oil cake having an intake capacity of ~16 MTPD. The
plant is located at Kadi-Mehsana in Gujarat. The firm is promoted
by Mr. Jayram Patel along with his relatives and friends. The
partners have more than a decade of experience in the cotton
ginning business.

Prospects
Going forward, the firm's operating income is expected to witness
moderate growth supported by the increased installed capacity and
favourable demand outlook for cotton and cottonseed in the medium
term. However, the profitability levels are expected to remain
subdued as is inherent in the business. The capital structure is
expected to deteriorate owing to the recent debt funded capex for
replacement and addition of new ginning machines. The firm's
ability to ramp up volumes and manage the input costs given the
high volatility associated with cotton due to seasonal nature of
the crop as well as the uncertain regulatory scenario would remain
critical from credit perspective.


JLDM GARDENS: CRISIL Assigns 'B+' Rating to INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of JLDM Gardens.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable
   Proposed Cash
   Credit Limit          120        CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
highly fragmented and intensely competitive cotton ginning and
trading industry and its weak financial risk profile, marked by
high gearing and small net worth. These rating weaknesses are
partially offset by its promoters' extensive industry experience
and its established relationships with key customers and
suppliers.

Outlook: Stable

CRISIL believes that JLDM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes any aggressive, debt-funded
expansions, or its revenue and profitability decline substantially
leading to deterioration in its financial risk profile.

Set up in 2011 as a partnership firm, JLDM is engaged in ginning
and pressing, of raw cotton and sells cotton lint and cotton
seeds. The company also trades in raw cotton. The company was
promoted by Mr.Jampani Krishna Babu and his wife Mrs. Jampani Jaya
Lakshmi. It operates through a leased ginning unit based out of
Guntur in Andhra Pradesh.

For 2013-14 (refers to financial year, April 1 to March 31), JLDM
reported a provisional profit after tax (PAT) of INR2 million on
net sales of INR487 million, against a PAT of INR0.3 million on
net sales of INR155 million for 2012-13.


NORTH EAST: CRISIL Upgrades Rating on INR90MM Loans to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
North East Ferro Alloys Company Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B-/Stable', while reaffirming its short-term rating at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2.5       CRISIL A4 (Reaffirmed)

   Cash Credit           50.0       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit      12.5       CRISIL A4 (Reaffirmed)

   Proposed Term Loan    15.9       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Term Loan             24.1       CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade factors in sustainable improvement in liquidity and
financial risk profile backed by a sharp reduction in working
capital cycle. The company has been able to bring down its debtors
to less than a week in 2013-14 (refers to financial year, April 1
to March 31) from over 40 days historically, leading to lower
reliance on bank limits. The buffer now available in its bank
lines, along with regular funding support from promoters, provides
cushion to its otherwise stretched liquidity profile, marked by
large repayments of INR10 million in 2014-15 that are tightly
matched with net cash accruals. The reduction in working capital
debt has also led to an improved financial risk profile, marked by
a reduction in gearing to about 1.5 times as on March 31, 2014
from 1.8 times in the preceding year and improvement in debt
protection metrics. CRISIL believes that stringent control on
debtors will enable the company to sustain its improved liquidity
and financial risk profile.

The ratings also reflect NEFA's exposure to risks related to
modest scale of its operations amid intense competition in the
steel industry; besides, the ratings reflect NEFA's below-average
financial risk profile, constrained by its small net worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the promoters' experience in the iron and
steel industry and the company's improved working capital cycle.

Outlook: Stable

CRISIL believes that NEFA will continue to benefit from its
promoters' experience in the iron and steel industry, and its
improved working capital cycle. The outlook may be revised to
'Positive' if company reports higher-than-expected sales growth
supported by increased operating margin, while sustaining its
working capital cycle at current levels. Conversely, the outlook
may be revised to 'Negative' if NEFA undertakes large debt-funded
capital expenditure, generates lower-than-expected net cash
accruals, or has a long working capital cycle which could put
pressure on its liquidity.

NEFA, incorporated in 2008, manufactures mild steel ingots at its
facilities in Siliguri (West Bengal). The company was established
by Mrs. Minu Goyal and Mrs. Indu Goyal; the manufacturing
operations are managed by their husbands, Mr. Arun Goyal and Mr.
Mukesh Goyal, respectively. The Goyal family has been associated
with the iron and steel industry through its group entities for
over a decade.

NEFA is expected to report a profit after tax (PAT) of INR1.6
million on net sales of INR869 million for 2013-14, as against a
PAT of INR1.2 million on net sales of INR1239 million for 2012-13.


PAGRO FOODS: ICRA Assigns 'B+' Rating to INR6.25cr Loan
-------------------------------------------------------
ICRA has assigned '[ICRA]B+' ratings for the INR19.0 Crore bank
facilities of Pagro Foods Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facilities   12.75       [ICRA]B+/[ICRA]A4 Assigned
   Working Capital
   Facilities               6.25       [ICRA]B+ Assigned

The assigned rating takes into account the long experience of its
promoters in the agro processing sector and a strong client base.
PFL's client base includes established retail clients of the
country including Mc Cain Foods India, Reliance Retail, Vista
Processed Food Private Limited, Godrej, Aditya Birla Retail and
Bharati Retail. The company supplies frozen vegetables to various
clients with majority of sales being derived from frozen peas.
Majority of the sales are through its own brand 'Pagro' which has
created a brand visibility in the frozen food market, a segment
growing at a fast pace. However, the market has various other
players especially Mother Dairy, which sells its product under
'Safal' brand, which provide strong competition to PFL.

The ratings, however, are constrained by PFL's weak credit
profile. An elongated working capital cycle on account of high
inventory, results in stretched liquidity position of the company.
As the inventory is largely funded through bank borrowings, which
coupled with guarantee extended to the term loans of PFFL has
resulted in credit profile being stretched. Further, PFL has
moderate scale of operations and has recorded decline in sales and
profits in last two years due to the weak demand by clients.

Further, ICRA observed that PFL's profit margins remain
susceptible to seasonality of agro products. Additionally, PFL's
plant utilization remains at less than 50% due to lower demand and
shifting of clients to its group company, PFFL and resulting in
low ROCE of the company. Going forward, the company's ability to
increase revenues and improve profitability indicators as well as
liquidity position would be the key rating sensitivities.

Recent Results
As per the provisional financials for 2013-14, PFL reported
operating income of INR22.5 Crore, Profit before Depreciation,
Interest and Tax (PBDIT) of INR3.8 Crore and net profit (PAT) of
INR0.1 Crore.

Pagro Foods Limited was incorporated in 1999 to setup up a food
processing plant in Fatehgarh Sahib, Punjab. The company is a
producer and supplier of frozen foods across India, Middle East,
Europe and US. It has an annual processing capacity of 10,000 MT
of frozen vegetables. PFL is promoted by Mr. N.S. Brar and Mr.
Dhillon, who have over two decades of experience in food
processing and contract farming. The promoters are also managing a
company in same business namely Pagro Frozen Foods Private Limited
(PFFL) which is in a similar line of business having an automated
production capacity of 15,000 MT per annum. They are joined by Mr.
Satpal Khattar, who has investments both in PFL and PFFL, through
his investment arm, Khattar Holdings Pte Limited.


PG ASSOCIATES: CRISIL Cuts Rating on INR50MM Loan to 'B'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of PG Associates Pvt Ltd to 'CRISIL B/ Stable' from 'CRISIL
B+/Stable', and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            50       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit      125       CRISIL A4 (Reaffirmed)

   Proposed Letter        25       CRISIL A4 (Reaffirmed)
   of Credit

The rating downgrade reflects the deterioration in PGAPL's
business risk profile, reflected in the decline in its sales to an
estimated at INR164.69 million in 2013-14 (refers to financial
year, April 1 to March 31) from INR274.99 million in 2012-13; the
decline was on account of slow order flows. Moreover, there has
been a stretch in realisation of its receivables, with debtors
estimated at around 150 days as on March 31, 2014, an increase
from 115 days as on March 31, 2013. The company's inventory has
also remained large, estimated at 294 days as on March 31, 2014,
an increase from 179 days as on March 31, 2013. Due to the stretch
in its working capital cycle in 2013-14, PGAPL's liquidity has
remained weak, leading to high reliance on bank borrowings. Its
average bank limit utilisation is estimated at around 98 per cent
during the 12 months ended March 31, 2014.

PGAPL's overall financial risk profile has also weakened, with
interest coverage ratio estimated at around 1.22 times for 2013-
14, a decline from 1.40 times in 2012-13, on account of increase
in working capital requirements. CRISIL believes that the
company's small scale of operations, along with its below-average
financial risk profile and working-capital-intensive operations,
will continue to constrain its business and financial risk
profiles over the medium term.

The ratings reflect PGAPL's small scale of operations in an
intensely competitive timber, ceiling tiles, and gypsum board
trading industry. The ratings also factor in the company's below-
average financial risk profile, marked by weak debt protection
metrics and an average total outside liabilities to tangible net
worth ratio, and its working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive industry
experience of PGAPL's promoters.

Outlook: Stable

CRISIL believes that PGAPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
substantial increase in its revenue and profitability while
significantly improving its working capital management, leading to
better financial flexibility. Conversely, the outlook may be
revised to 'Negative' if PGAPL's financial risk profile,
particularly its liquidity, deteriorates, most likely because of
further decline in its revenue and profitability, or larger-than-
expected debt-funded capital expenditure, or an increase in its
working capital requirements.

PGAPL, incorporated in 1997, is managed by Mr. Narayan Patel and
his family. The company trades in timber and plywood, and also in
ceiling tiles and gypsum boards.

On a provisional basis, it reported a net profit of INR1.28
million on net sales of INR164.69 million for 2013-14; it had
reported a net profit of INR3.71 million on net sales of INR274.99
million for 2012-13.


PINNACLE TELE: CRISIL Raises Rating on INR84MM Loans to 'B+'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pinnacle
Tele Services Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4 'from 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         15        CRISIL A4 (Upgraded
                                    from 'CRISIL D')

   Cash Credit            45        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL D')

   Letter of Credit        6        CRISIL A4 (Upgraded
                                    from 'CRISIL D')

   Term Loan              39        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL D')

The rating upgrade reflects a sustainable improvement in PTPL's
liquidity reflected in timely servicing of debt by PTPL over the
past ten months ended June 30, 2014 along with pre closure in one
of the four term loans. PTPL's liquidity has improved on the back
of healthy improvement in cash accruals generated from business
coupled with a tighter control on the working capital cycle
reflected in an improvement in gross current assets to about 330
days currently from over 380 days a year ago.

The ratings on the bank facilities of PTPL reflect the company's
modest scale of operation, large working capital requirements and
below-average financial risk profile marked by small networth and
moderate gearing. These weaknesses are partially offset by
extensive experience of PTPL's promoters and established presence
in voice- and data-based telecom services.

Outlook: Stable

CRISIL believes that PTPL will continue to benefit from the
promoters expertise in providing cellular IT solutions. The
outlook may be revised to 'Positive' if PTPL generates positive
operating cash flows or if its financial risk profile improves
significantly driven by improvement in working capital management.
Conversely, the outlook may be revised to 'Negative' if PTTL's
receivables stretch further, leading to mismatches between
repayments of term debt obligations and cash flows.

PTPL was incorporated in 2008 by Nagpur based Srivastava family
and Mr. Rajesh Banerjee. PTPL is a Cellular IT solutions company
engaged in the business of providing bulk Short Messaging Service
aggregator and other value-added services like voice services,
Radio frequency identification and tracking services. The company
has a clientele base that includes companies across banking and
fast-moving consumer goods industry. PTPL's registered office is
located in Nagpur (Maharashtra).

PTPL is likely to report a profit after tax (PAT) of INR23 million
on net sales of INR243 million for 2013-14 (refers to financial
year, April 1 to March 31), as against a PAT of INR15 million on
net sales of INR209 million for 2012-13.


PLR FOODS: CRISIL Lowers Rating on INR100MM Term Loan to 'C'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of PLR Foods Pvt Ltd to 'CRISIL C' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        100       CRISIL C (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects PLR's delays in meeting its interest
obligations on debt not rated by CRISIL because of weak liquidity.
CRISIL expects the weak liquidity to continue over the medium term
constraining the company's ability to meet its term loan
repayments on time.

PLR is also exposed to risks related to its early stage of
operations and has a below-average financial risk profile marked
by high gearing and weak debt protection metrics. However, the
company benefits from its promoter's extensive entrepreneurial
experience.

PLR, incorporated in 2011 in Chittoor (Andhra Pradesh),
manufactures pulp and concentrates of fruits such as mango, guava,
papaya, and tomato. It is promoted by Ms. Kavitha Reddy.


PSG TEXOFAB: ICRA Assigns 'B+' Rating to INR5.78cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR1.70
crore cash credit limits and INR4.08 crore long term loan of PSG
Texofab LLP.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund-       1.70        [ICRA]B+ assigned
   Based Limits (CC)

   Long-term Fund-       4.08        [ICRA]B+ assigned
   Based Limits
   (Term Loan)

The assigned rating is constrained by PSG Texofab LLP's (PTLLP or
the firm) nascent stage of operations, weak financial profile
characterized by net losses incurred, leveraged capital structure
on account of high levels of external borrowings and weak credit
metrics. The ratings also take into consideration the
susceptibility of revenues to the competitive pressure prevailing
in the market and to the price fluctuations in the primary raw
material, polyester yarn. The ratings also incorporate the risk of
capital withdrawals, given its constitution as a partnership firm.

The assigned rating, however favourably factors in the significant
experience of the partners in the textile business, locational
benefits and fiscal incentives received. ICRA also notes the
operational support received from its associate concern.

Incorporated in 20th of July, 2013, M/s PSG Texofab Llp is a
limited liability partnership firm engaged in the manufacture of
fancy woven fabrics. The company commenced commercial operations
in November 2013. PSG Texofab Llp is promoted by Mr. Vishal
Pacheriwal, Mr. Kamal Agarwal, Mr. Pramod Agarwal, Mrs. Veena
Pacheriwal, Mr. Vivek Agarwal & Mrs. Parul Agarwal. The firm has
its registered office in Surat, and manufacturing unit in Sachin
(Gujarat).

The firm has three associate concerns- Parvati Fabrics Limited,
Shri Shubham Tex Fab Pvt. Ltd, M/s. Ganga Creation, which are also
into the business of textiles. Parvati Fabrics Limited, engaged in
the production of embroidered apparel, fashion accessories and non
woven textiles has been rated by ICRA at [ICRA]B+ in August 2013.

Recent Results:
As per the provisional numbers of FY14, the firm has reported a
net loss of INR0.02 crore on an operating income of INR1.04 crore.


RABIN SINGHA: CRISIL Lowers Rating on INR190MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rabin
Singha Heavy Earth Movers Co. Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         65       CRISIL D (Downgraded
                                   from 'CRISIL A4+')

   Cash Credit           120       CRISIL D (Downgraded
                                   from 'CRISIL BB-/Stable')

   Long Term Loan          5       CRISIL D (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects delays in servicing of term debt and
instances of overutilisation of working capital limits for over 30
days by RHEMCO, driven by its weak liquidity because of delayed
payments by customers.

RHEMCO also has large working capital requirements and faces
customer and geographical concentration risks. However, it
benefits from its promoters' extensive experience in the civil
construction industry.

Set up as a proprietorship firm in 1985 by Mr. Rabin Singha and
reconstituted as a private limited company in 1990, RHEMCO
undertakes construction activities, particularly earthwork and
civil construction. Mr. Sanjib Singha manages the company's
operations. The company is located in Kolkata, West Bengal.


RATTAN RICE: ICRA Assigns 'B' Rating to INR10cr Loans
-----------------------------------------------------
ICRA has assigned '[ICRA]B' rating to INR6.00 crore fund based
limits and INR4.00 crore proposed limits of Rattan Rice & General
Mill.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based facilities     6.00      [ICRA]B assigned
   Proposed Limits           4.00      [ICRA]B assigned

The assigned rating factors in risks inherent in partnership firm
including the risk of withdrawal of capital by the partners; high
intensity of competition in the rice milling business in which the
firm operates and agro climactic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
also factors in weak financial profile of the firm marked by small
scale of operations which limit the scope for economies of scale,
low profitability & accruals and a low equity base, which has led
to high gearing and consequently weak debt coverage indicators.
The rating is also constrained by working capital intensive nature
of its business owing to the need to maintain significant levels
of inventory, which has resulted in limited cash flow generation
and consequently stretched liquidity. The rating however,
favorably takes into account long standing experience of promoters
in the industry, proximity of the mill to major rice growing area
which results in easy availability of paddy.

Going forward, ability of the firm to maintain healthy growth in
revenues, while at the same time improving its profitability and
capital structure will be the key rating factors.

Rattan Rice and General Mills is a partnership firm, incorporated
in 1993 by Mr. Pankaj Bansal and his family members. RRGM is
engaged in the milling of basmati and non basmati rice. The plant
is is located in Karnal (Haryana) which is in proximity of rice
growing area. The current milling capacity of the firm is 2 tph
and sortex capacity of 4tph.

Recent Results
During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.01 crore on an Operating income of
INR13.90 crore as against PAT of INR0.01 crore on an operating
income of INR9.78 crore in 2011-12. As per the provisional
figures, the firm reported sales of INR~19.00 crore in FY14.


SARNA MARBLES: CRISIL Assigns 'B-' Rating to INR140.2MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' ratings to the bank
facilities of Sarna Marbles Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Rupee Term Loan       51.7       CRISIL B-/Stable

   Cash Credit           80         CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     8.5       CRISIL B-/Stable

The rating reflects SMPL's weak financial risk profile, marked by
a modest net worth, high gearing and weak debt protection metrics,
and its modest scale and working capital intensive nature of
operations in the pipe fittings industry. These rating weaknesses
are partially offset by the promoters' extensive industry
experience.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive experience in pipe fitting
industry. The outlook may be revised to 'Positive' if the company
reports higher-than-expected cash accruals, or there is
significant equity infusion, thus improving its capital structure
and subsequently its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of further
deterioration in its financial risk profile, particularly its
liquidity, because of lower-than-expected cash accruals, or
elongation in its working capital cycle.

SMPL, based in Jaipur (Rajasthan) was established in 2006 by the
Khetan family. The company manufactures industrial pipes and pipe
fittings which find application in infrastructure industry.


SHREE SADBHAV: ICRA Reaffirms 'B' Rating on INR6.50cr Loans
-----------------------------------------------------------
A rating of '[ICRA]B' has been reaffirmed to the INR5.00 crore
cash credit facility and INR1.50 crore term loan facility of Shree
Sadbhav Cotton Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             1.50       [ICRA]B reaffirmed
   Cash Credit           5.00       [ICRA]B reaffirmed

The reaffirmation in rating factors in SSCI's stretched capital
structure characterized by high gearing with resultant high
interest burden and its adverse impact on cash flows. The rating
also continues to account the low value additive nature of the
cotton ginning and crushing industry and intense competition on
account of fragmented industry structure which restricts pricing
flexibility resulting in thin profitability; and vulnerability of
profitability to fluctuations in raw material prices which are in
turn subject to seasonality and crop harvest. ICRA also notes that
SSCI is a partnership firm and any significant withdrawals from
the capital account would adversely impact its net worth and
thereby the capital structure.

The rating, however, positively factors in the long experience of
the promoters in cotton industry as well as the advantages arising
from the firm's proximity to the raw material sources which ensure
regular availability of cotton and strong demand for cotton seed
oil.

Shree Sadbhav Cotton Industries was incorporated in April 2012 and
is engaged in ginning & pressing of raw cotton to produce cotton
seeds & cotton bales and in crushing of cotton seeds to produce
cotton seed oil & oil cake. The firm is promoted jointly by Mr.
Limbabhai Kamariya, Mr. Jayantibhai Kamariya along with other
family members. The firm's plant is located in Rajkot (Gujarat)
with an installed capacity of processing 5,000 MT of raw cotton
and seed crushing capacity of 3,150 MT of cotton seed per annum.


SHREE SUBHLAXMI: CRISIL Assigns 'B' Rating to INR90MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shree Subhlaxmi Foods Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term     90        CRISIL B/Stable
   Bank Loan Facility

The rating reflects SSFL's susceptibility to funding and
implementation risks in relation to its ongoing project, its high
dependence on monsoon, and susceptibility to changes in government
policies. These rating weaknesses are partially offset by the
extensive experience of SSFL's promoters in the agricultural
commodities industry.

Outlook: Stable

CRISIL believes that SSFL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely execution of the company's
project within the projected cost or in case of higher-than-
expected profitability resulting in substantial accruals, and
thus, better financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of time or cost overrun adversely
impacting the company's financial risk profile, particularly its
debt-servicing ability.

SSFL was incorporated in 2014 by Mainpuri (Uttar Pradesh)-based
Maheshwari family. Mr. Sudhir Kumar Maheshwari, Mrs. Santosh
Maheshwari, and Mr. Udit Maheshwari are the company's key
promoters and are actively engaged in managing its operations.
SSFL is setting up a project for rice milling, majorly basmati
rice, at Sirsaganj Road in Mainpuri with installed capacity of
14,080 tonnes per annum. The total project cost is estimated at
INR76.4 million, to be funded in a debt-to-equity ratio of 1.1.
Civil construction of the project started in the first week of May
2014 and the project is expected to start commercial operations in
December 2014.


SHYAM STEELS: CRISIL Reaffirms 'B' Rating on INR92.5MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Shyam Steels Pvt Ltd
continue to reflect SSPL's weak financial risk profile marked by
high gearing, small net worth, weak debt protection metrics and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of SSPL's promoters
in the capital goods industry.

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

   Proposed Long Term
   Bank Loan Facility     16.5      CRISIL B/Stable (Reaffirmed)

   Term Loan              26        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive experience in the capital goods
industry. The outlook may be revised to 'Positive' if the company
strengthens its capital structure with the infusion of capital or
increased accretion to reserves with improvement in its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if its financial risk profile deteriorates,
most likely caused by deterioration in working capital management
or debt-funded capital expenditure, or if the company generates
lower-than-expected accruals leading to weak liquidity.

Set up as a partnership firm, Shyam Steels, in 1984, SSPL was
reconstituted as a private limited company with its current name
in 1987. The company is based in Bhavnagar (Gujarat). It is
promoted by Mr. Shyam Bhushan Khillan and Ms. Shashi Shyambhushan
Khillan. The company fabricates and sells temporary power supply
solutions for industrial usage.

SSPL reported book profit of INR3.8 million on net sales of
INR173.2 million for 2013-14 (refers to financial year, April 1 to
March 31) against book profit of INR3.8 million on net sales of
INR154.0 million for 2012-13.


SREE ANDAL: CRISIL Reaffirms 'B+' Rating on INR230MM Loan
---------------------------------------------------------
CRISIL's rating on the bank facility of Sree Andal and Company
continues to reflect SAC's below-average financial risk profile
marked by weak debt protection metrics, the firm's modest scale of
operations, and exposure to intense competition in the steel
trading industry. These rating weaknesses are partially offset by
the benefits that SAC derives from its promoters' extensive
experience in the steel products trading business and its
established relationship with its principals.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         230        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAC will continue to benefit over the medium
term from its promoters' extensive experience in the steel
products trading business. The outlook may be revised to
'Positive' if the firm's financial risk profile improves, driven
by better-than-expected cash accruals and efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in the event of increased pressure on the firm's
financial risk profile, most likely because of lower-than-expected
cash accruals or larger-than-expected working capital requirements
or significant capital withdrawal by promoters.

SAC, set up in 1992 and based in Chennai (Tamil Nadu), is a
partnership concern promoted by Mr. M Subbiah and his family. The
firm trades in thermo-mechanically treated bars, channels, angles,
joints, and beams.


SRI SAI: ICRA Reaffirms 'B+' Rating on INR0.50cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' for INR9.50
crore (revised from INR6.00 crore) fund based limits of Sri Sai
Balaji Tobaccos Private Limited.  ICRA has also reaffirmed the
rating of [ICRA]B+ assigned to INR0.50 (revised from INR2.00
crore) unallocated limits of SSBTPL. ICRA also has withdrawn the
short term rating of [ICRA]A4 for the bank facilities of SSBTPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     9.50       [ICRA]B+ reaffirmed/
                                    [ICRA]A4 withdrawn

   Unallocated limits    0.50       [ICRA]B+ reaffirmed

The reaffirmation of rating continues to be constrained by the
company's weak financial profile as reflected by high gearing of
3.18 times as on February 28, 2014 and weak coverage indicators
with interest coverage ratio of 1.27 times for 11mFY2014; low
profitability on account of trading nature of business and high
working capital intensive nature of business as reflected by full
utilization of the working capital limits. The rating is also
constrained by limited experience of the promoter in the tobacco
trading business; susceptibility of revenues and profitability to
climatic risks affecting tobacco availability & prices; and
regulatory risks associated with tobacco production & auctioning
with India being a signatory of the WHO mandate of reduction in
tobacco production going forward. The rating however positively
factors in the presence of the company in the major tobacco
growing region in Andhra Pradesh and the inelastic demand for
tobacco in spite of stringent laws in place to combat the health
effect of consuming tobacco.

Going forward, the company's ability to improve its profitability
and effective management of working capital requirements are key
rating sensitivities from credit perspective.

Sri Sai Balaji Tobaccos Private Limited was incorporated in 2011
to undertake the business of trading in tobacco. The company has
three godowns with total area of 11,680 sqft to stock tobacco. The
company is promoted by Mr. N. Showraiah & his relatives and the
godowns are located in Guntur District of Andhra Pradesh. The
company commenced its operations from February, 2012.

Recent Results
The company reported profit after tax of INR0.18 crore on an
operating income of INR27.13 crore during 11mFY2014 (provisional
and unaudited) as against profit after tax of INR0.15 crore on an
operating income of INR17.85 crore during FY2013.


SUDHARMA INFRATECH: ICRA Reaffirms B Rating on INR15.84cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the ratings assigned to the INR3.00 crore fund
based bank facilities, INR7 crore non fund based bank facilities
and INR5.84 crore proposed bank facilities of Sudharma Infratech
Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund based limits       3.00       [ICRA]B Reaffirmed
   Non Fund based limits   7.00       [ICRA]B Reaffirmed
   Unallocated             5.84       [ICRA]B Reaffirmed

The reaffirmation of rating is supported by the past experience of
SIPL's promoters and the large pending order book position of
INR157.66 crore (8.5 times of the OI in FY14) owing to healthy
inflow of INR71.70 crore of orders during Q1FY15. The rating is
however, constrained by the high order book concentration with the
top two projects (total unexecuted project value of INR113.65
crore both belonging to the Gammon Group) contributing to 72% of
the outstanding order book as on June, 2014 and any delays in
these projects may significantly impact the revenues and liquidity
of SIPL. Further, given the large pending order book, timely
enhancement in working capital limits will also remain crucial for
maintaining the pace of execution. The rating continues to be
constrained by SIPL's short track record and the small scale of
past operations which limits its ability to bid for larger
contracts amid growing competitive intensity within the
construction industry. ICRA also notes that the receivables from
GIL continues to remain stretched on account of GIL's stretched
liquidity condition however, SIPL has been managing its working
capital requirements by stretching payments to the subcontractors
and suppliers.

Going forward, the company's ability to scale up its operations to
achieve the planned growth, timely execution of the ongoing orders
along with effective management of working capital would be key
rating sensitivities.

Sudharma Infratech Private Limited, a special class contractor
registered with Govt of A.P., is involved in executing civil works
orders for irrigation and road projects since its incorporation in
2008. The promoters of the company have adequate experience in
civil construction works having worked with various government and
private entities like Great Visakhapatnam Municipal Corporation,
Navayuga Engineering Limited etc. The same set of promoters had
also promoted a group company, Sri Dattatreya Constructions and
Services Private Limited which is not operational at present.
SDCSPL was also involved in the civil construction business in the
past.

Recent Results
During FY14, the company reported a PAT of INR1.19 crore on an
operating income of INR18.52 crore on provisional basis as against
a PAT of INR0.63 crore and operating income of INR14.93 crore in
FY13.


SWARNA CONSTRUCTIONS: CRISIL Reaffirms C Rating on INR55MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swarna Constructions
continue to reflect instances of delay by SLMI in servicing its
equipment loans (not rated by CRISIL); the delays have been caused
by the firm's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         55        CRISIL A4 (Reaffirmed)

   Secured Overdraft      55        CRISIL C (Reaffirmed)
   Facility

The ratings also reflect the high degree of geographical and
customer concentration in SWC's revenue profile, and its modest
scale of operations in the intensely competitive construction
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters, and its
healthy order book.

On May 16, 2014, CRISIL had downgraded its rating on the long-term
bank facilities of SWC to 'CRISIL C' from 'CRISIL B+/Stable', and
reaffirmed its rating on the firm's short-term facilities at
'CRISIL A4'.

Established in 1968 as a partnership entity by Mr. Gottipati
Ramamohan Rao, SWC is engaged in civil construction primarily in
the field of irrigation and water supply distribution for various
government agencies in Andhra Pradesh (AP), Maharashtra, and
Madhya Pradesh. SWC was initially established as G Ramamohan Rao &
Co, and got its current name in 2004. The firm is based in
Vijayawada (AP).


SWASTIK COPPER: CRISIL Reaffirms B+ Rating on INR323.47MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Swastik Copper Pvt
Ltd continue to reflect SCPL's below-average financial risk
profile, marked by a modest net worth, high gearing, and average
debt protection metrics. The ratings also factor in the company's
modest scale of operations in the transformer industry and large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience SCPL's
promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        360         CRISIL A4
   Cash Credit           159.97      CRISIL B+/Stable
   Rupee Term Loan         3.50      CRISIL B+/Stable
   Letter of Credit       20         CRISIL A4
   Cash Credit           160         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SCPL's financial risk profile will remain
constrained over the medium term by large working capital
borrowings. The outlook may be revised to 'Positive' if SCPL's
liquidity and capital structure improve, most likely driven by
substantial equity infusion. Conversely, the outlook may be
revised to 'Negative' if the company faces delays in receipt of
payment from its debtors, leading to further weakening of its
liquidity, or if it undertakes a larger-than-expected debt-funded
capital expenditure programme, thereby weakening its capital
structure.

Established by Mr. Sandeep Jain in 1995, SCPL manufactures
distribution and power transformers, with capacities ranging from
5 kilovolt amperes (kVA) to 10,000 kVA. The company supplies
transformers to electricity boards/power distribution companies in
Uttar Pradesh, Rajasthan, Chhattisgarh, and Madhya Pradesh. It has
an installed capacity to manufacture 1000 transformers of ratings
of up to 250 kVA and 1500 transformers of ratings in the range of
250 kVA to 10,000 kVA, apart from 3000 protective boxes.


TEJASWI MOTORS: ICRA Reaffirms 'B+' Rating on INR35cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
INR35.00 crore fund based limits of Tejaswi Motors Private
Limited.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash credit           30.00      [ICRA]B+
   Term Loan              5.00      [ICRA]B+

The reaffirmation of the rating continues to be constrained by low
margins of the company on account of industry dynamics and the
commission structure being decided by the principal; weak
financial profile characterized by high gearing and weak coverage
indicators; stretched liquidity position mirrored by high working
capital intensity of the company; and high competitive intensity
from dealers of other automobile companies leading to pressure on
sales and profitability. The assigned rating is also constrained
by drop in sales registered by the company in FY2014, in line with
the drop registered by its principal Tata Motors Limited. The
rating, however, derives comfort from the vast experience of the
promoters, established presence of the company in the city and its
presence in the major IT area in the city which could augur well
for its prospects in the future.

The ability of the company to significantly improve its stretched
liquidity position from the current levels and its ability to
increase its sales and improve its financial profile would be the
key rating sensitivities going forward.

Tejaswi Motors Private Limited was incorporated in the year 2005
and commenced its operations in March 2010. It is engaged in the
automobile dealership of TATA Motors passenger cars in Hyderabad.
It is part of Butta Group which is based in Hyderabad and has its
presence in diverse business segments. The company is managed by
Mr. Butta Neelakanta and his family.

Recent Results

In FY2014 (unaudited and provisional), the company reported an
operating income of INR142.22 crore and an operating profit of
INR10.05 crore as against an operating income of INR169.87 crore
and an operating profit of INR11.01 crore in FY2013.



===============
M A L A Y S I A
===============


MALAYSIA AIRLINES: Major Stake Holder May Consider Privatization
----------------------------------------------------------------
Gaurav Raghuvanshi, Jason Ng and P.R. Venkat at The Wall Street
Journal report that the government fund that owns a majority stake
in Malaysia Airlines is increasingly leaning toward taking the
company private, after the carrier lost a second plane in five
months, according to people familiar with the matter.

Khazanah Nasional Bhd., Malaysia's state investment fund and
holder of a 69% stake in flag-carrier operator Malaysian Airline
System Bhd., had already been considering a purchase of the rest
of the company, along with other restructuring proposals, even
before a full flight from Amsterdam to Kuala Lumpur crashed in
Ukraine on July 17, according to the Journal.

The loss of Flight 17, along with a subsequent plunge in Malaysia
Airlines's stock price and the threat of plummeting revenue if
passengers abandon future flights, is strengthening the case for
taking the company private -- although other options remain on the
table, the Journal relates citing people familiar with the matter.

A plan for Khazanah Nasional to buy the rest of Malaysia
Airlines's shares may be announced as soon as early August, one of
the people told The Wall Street Journal.

Khazanah Nasional owns assets worth $40 billion in about 50 firms
spread across sectors as diverse as banks, telecommunications,
hospitals and theme parks.

Shares of Malaysia Airlines plunged as much as 18% to 0.185
Malaysian ringgit on news of Flight 17's loss and are down about
35% so far this year, the Journal notes.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.



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


BROADLANDS FINANCE: S&P Affirms & Withdraws 'B-/C' ICR Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-/C' issuer
credit ratings on Broadlands Finance Ltd. (BFL) has been affirmed
and subsequently withdrawn at the request of the issuer.  At the
time of withdrawal, the outlook on BFL was negative.

BFL has recently repaid all debentures and shareholder loan,
written off a significant portion of its legacy loan book, and is
currently reviewing its business strategy.

RATINGS LIST

                               Ratings
                               To        From
Broadlands Finance Ltd.
Counterparty Credit Rating
  Foreign and Local Currency   N.R.      B-/Negative/C



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


* SOUTH KOREA: 34 Local Firms Subject to Corporate Restructuring
----------------------------------------------------------------
Yonhap News reports that the Financial Supervisory Service said
Sunday [July 20] it has given credit risk ratings to 34 companies
including 21 construction firms, subjecting them to restructuring
programs.

Yonhap relates that South Korea's top financial regulator and
creditors regularly inspect companies with debts of 50 billion won
($48.54 million) or more to assess their risk levels. This year,
34 companies were given the bottom two ratings of "C" and "D,"
they said, Yonhap says.

Eleven companies, including four construction companies, a
shipbuilder and a steelmaker, have been categorized in the group
C, which must reach agreement on a workout schedule with their
creditors, the report relates.

According to Yonhap, the FSS said the other 23 firms were put in
group D, which are unlikely to be helped by creditors, forcing
them into court receivership. This group includes 17 construction
firms and two shipbuilders.

The FSS said the companies in the bottom-two rating groups have
taken out a total of KRW3.5 trillion in loans, Yonhap adds.



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


* BOND PRICING: For the Week July 14 to July 18, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------

A1 INVESTMENTS &     12.00   09/30/14     AUD     0.05
ANTARES ENERGY LT    10.00   10/30/23     AUD     2.18
BOART LONGYEAR MA     7.00   04/01/21     USD    72.25
BOART LONGYEAR MA     7.00   04/01/21     USD    72.38
GRIFFIN COAL MINI     9.50   12/01/16     USD    74.00
GRIFFIN COAL MINI     9.50   12/01/16     USD    74.00
KBL MINING LTD       10.00   08/05/16     AUD     0.27
LAKES OIL NL         10.00   11/30/14     AUD    19.90
MIDWEST VANADIUM     11.50   02/15/18     USD    45.00
MIDWEST VANADIUM     11.50   02/15/18     USD    43.06
MIRABELA NICKEL L     8.75   04/15/18     USD    23.13
MIRABELA NICKEL L     8.75   04/15/18     USD    24.00
NEW SOUTH WALES T     0.50   03/30/23     AUD    74.64
RELIANCE RAIL FIN     3.01   09/26/22     AUD    67.00
TREASURY CORP OF      0.50   11/12/30     AUD    54.59


CHINA
-----

CHANGCHUN CITY DE     6.08   03/09/16     CNY    70.62
CHANGCHUN CITY DE     6.08   03/09/16     CNY    70.41
CHANGZHOU INVESTM     5.80   07/01/16     CNY    70.14
CHANGZHOU INVESTM     5.80   07/01/16     CNY    69.81
CHANGZHOU SMALL &     6.18   11/29/14     CNY    60.24
CHINA GOVERNMENT      1.64   12/15/33     CNY    63.99
DANYANG INVESTMEN     6.30   06/03/16     CNY    70.18
GUANGXI XINFAZHAN     5.75   11/30/14     CNY    39.91
KUNSHAN ENTREPREN     4.70   03/30/16     CNY    69.04
KUNSHAN ENTREPREN     4.70   03/30/16     CNY    69.47
QINGZHOU HONGYUAN     6.50   05/22/19     CNY    49.81
QINGZHOU HONGYUAN     6.50   05/22/19     CNY    49.32
WUXI COMMUNICATIO     5.58   07/08/16     CNY    49.85
WUXI COMMUNICATIO     5.58   07/08/16     CNY    49.81
ZHENJIANG CITY CO     5.85   03/30/15     CNY    70.27
ZHENJIANG CITY CO     5.85   03/30/15     CNY    70.21
ZHUCHENG ECONOMIC     7.50   08/25/18     CNY    57.26
ZIBO CITY PROPERT     5.45   04/27/19     CNY    59.22
ZOUCHENG CITY ASS     7.02   01/12/18     CNY    70.89


INDONESIA
---------

DAVOMAS INTERNATI    11.00   12/08/14     USD    19.50
DAVOMAS INTERNATI    11.00   12/08/14     USD    19.50
INDONESIA TREASUR     6.38   04/15/42     IDR    73.79
PERUSAHAAN PENERB     6.75   04/15/43     IDR    74.67
PERUSAHAAN PENERB     6.10   02/15/37     IDR    70.27


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD    42.25
CORE EDUCATION &      7.00   05/07/15     USD     9.63
COROMANDEL INTERN     9.00   07/23/16     INR    16.25
DEWAN HOUSING FIN     5.50   09/24/23     INR    70.44
GTL INFRASTRUCTUR     2.53   11/09/17     USD    34.60
INCLINE REALTY PV    10.85   08/21/17     INR    20.68
INCLINE REALTY PV    10.85   04/21/17     INR    17.68
INDIA GOVERNMENT      0.23   01/25/35     INR    19.69
JCT LTD               2.50   04/08/11     USD    20.00
MASCON GLOBAL LTD     2.00   12/28/12     USD    10.00
PYRAMID SAIMIRA T     1.75   07/04/12     USD     1.00
REI AGRO LTD          5.50   11/13/14     USD    55.88
REI AGRO LTD          5.50   11/13/14     USD    55.88
SHIV-VANI OIL & G     5.00   08/17/15     USD    27.50


JAPAN
-----

ELPIDA MEMORY INC     0.70   08/01/16     JPY    14.38
ELPIDA MEMORY INC     0.50   10/26/15     JPY    15.75
ELPIDA MEMORY INC     2.03   03/22/12     JPY    16.50
ELPIDA MEMORY INC     2.10   11/29/12     JPY    16.50
ELPIDA MEMORY INC     2.29   12/07/12     JPY    16.50
JAPAN EXPRESSWAY      0.50   03/18/39     JPY    71.44
JAPAN EXPRESSWAY      0.50   09/17/38     JPY    72.17
DONGBU METAL CO L     5.20   09/12/19     KRW    65.68
EXPORT-IMPORT BAN     0.50   10/23/17     TRY    73.58
EXPORT-IMPORT BAN     0.50   12/22/17     BRL    67.93
EXPORT-IMPORT BAN     0.50   11/21/17     BRL    69.28
EXPORT-IMPORT BAN     0.50   12/22/17     TRY    72.31
HYUNDAI MERCHANT      7.05   12/27/42     KRW    44.27
KIBO ABS SPECIALT    10.00   02/19/17     KRW    29.97
KIBO ABS SPECIALT    10.00   09/04/16     KRW    30.68
KIBO ABS SPECIALT    10.00   08/22/17     KRW    32.50
SINBO SECURITIZAT     5.00   10/01/17     KRW    29.72
SINBO SECURITIZAT     5.00   08/24/15     KRW    70.99
SINBO SECURITIZAT     5.00   12/07/15     KRW    72.64
SINBO SECURITIZAT     5.00   02/02/16     KRW    73.15
SINBO SECURITIZAT     4.60   06/29/15     KRW    72.61
SINBO SECURITIZAT     4.60   06/29/15     KRW    72.61
SINBO SECURITIZAT     5.00   01/19/16     KRW    72.57
SINBO SECURITIZAT     5.00   03/13/17     KRW    29.57
SINBO SECURITIZAT     5.00   03/13/17     KRW    29.57
SINBO SECURITIZAT     5.00   08/31/16     KRW    30.00
SINBO SECURITIZAT     5.00   08/31/16     KRW    30.00
SINBO SECURITIZAT     5.00   02/21/17     KRW    28.04
SINBO SECURITIZAT     5.00   02/21/17     KRW    29.54
SINBO SECURITIZAT     5.00   05/27/16     KRW    73.19
SINBO SECURITIZAT     5.00   05/27/16     KRW    73.19
SINBO SECURITIZAT     5.00   09/28/15     KRW    70.93
SINBO SECURITIZAT     5.00   07/19/15     KRW    71.13
SINBO SECURITIZAT     5.00   07/26/16     KRW    30.10
SINBO SECURITIZAT     5.00   07/26/16     KRW    30.10
SINBO SECURITIZAT     5.00   09/13/15     KRW    73.26
SINBO SECURITIZAT     5.00   09/13/15     KRW    63.51
SINBO SECURITIZAT     5.00   06/29/16     KRW    30.18
SINBO SECURITIZAT     8.00   03/07/15     KRW    74.39
SINBO SECURITIZAT     5.00   03/14/16     KRW    72.49
SINBO SECURITIZAT     5.00   07/08/17     KRW    30.48
SINBO SECURITIZAT     5.00   07/08/17     KRW    30.48
SINBO SECURITIZAT     5.00   06/07/17     KRW    27.68
SINBO SECURITIZAT     5.00   06/07/17     KRW    27.68
SINBO SECURITIZAT     5.00   10/05/16     KRW    29.97
SINBO SECURITIZAT     5.00   10/05/16     KRW    29.97
SINBO SECURITIZAT     5.00   08/16/16     KRW    30.20
SINBO SECURITIZAT     5.00   08/16/17     KRW    30.15
SINBO SECURITIZAT     5.00   08/16/17     KRW    30.15
SINBO SECURITIZAT     5.00   01/29/17     KRW    29.68
SINBO SECURITIZAT     5.00   10/01/17     KRW    29.72
SINBO SECURITIZAT     5.00   10/01/17     KRW    29.72
SINBO SECURITIZAT     5.00   12/13/16     KRW    29.78
STX OFFSHORE & SH     6.90   04/09/15     KRW    74.96
TONGYANG CEMENT &     7.30   06/26/15     KRW    70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW    70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW    70.00
TONGYANG CEMENT &     7.50   04/20/14     KRW    70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW    70.00
U-BEST SECURITIZA     5.50   11/16/17     KRW    29.99
WOONGJIN ENERGY C     2.00   12/19/16     KRW    61.13


SRI LANKA
---------

SRI LANKA GOVERNM     5.35   03/01/26     LKR    67.91


MALAYSIA
--------

BANDAR MALAYSIA S     0.35   02/20/24     MYR    64.71
BRIGHT FOCUS BHD      2.50   01/22/31     MYR    66.85
BRIGHT FOCUS BHD      2.50   01/24/30     MYR    68.33
LAND & GENERAL BH     1.00   09/24/18     MYR     0.42
SENAI-DESARU EXPR     1.15   12/29/23     MYR    69.42
SENAI-DESARU EXPR     1.35   12/29/28     MYR    60.03
SENAI-DESARU EXPR     1.15   06/28/24     MYR    68.00
SENAI-DESARU EXPR     1.35   06/30/28     MYR    61.04
SENAI-DESARU EXPR     1.10   06/30/22     MYR    73.73
SENAI-DESARU EXPR     1.15   12/30/22     MYR    72.46
SENAI-DESARU EXPR     1.15   06/30/23     MYR    70.88
SENAI-DESARU EXPR     1.15   12/31/24     MYR    66.77
SENAI-DESARU EXPR     1.15   06/30/25     MYR    65.61
SENAI-DESARU EXPR     1.35   12/31/25     MYR    66.20
SENAI-DESARU EXPR     1.35   06/30/26     MYR    65.16
SENAI-DESARU EXPR     1.35   12/31/26     MYR    64.10
SENAI-DESARU EXPR     1.35   06/30/27     MYR    63.08
SENAI-DESARU EXPR     1.35   12/31/27     MYR    62.04
SENAI-DESARU EXPR     1.35   06/29/29     MYR    59.05
SENAI-DESARU EXPR     1.35   12/31/29     MYR    58.06
SENAI-DESARU EXPR     1.35   06/28/30     MYR    57.13
SENAI-DESARU EXPR     1.35   12/31/30     MYR    56.18
SENAI-DESARU EXPR     1.35   06/30/31     MYR    55.28
UNIMECH GROUP BHD     5.00   09/18/18     MYR     1.28


NEW ZEALAND
-----------

KIWI INCOME PROPE     8.95   12/20/14     NZD     1.04


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

BAYAN TELECOMMUNI    13.50   07/15/06     USD    22.75
BAYAN TELECOMMUNI    13.50   07/15/06     USD    22.75
BAKRIE TELECOM PT    11.50   05/07/15     USD    11.10
BAKRIE TELECOM PT    11.50   05/07/15     USD    10.13
BLD INVESTMENTS P     8.63   03/23/15     USD    29.63
BUMI CAPITAL PTE     12.00   11/10/16     USD    48.00
BUMI CAPITAL PTE     12.00   11/10/16     USD    47.04
BUMI INVESTMENT P    10.75   10/06/17     USD    50.15
BUMI INVESTMENT P    10.75   10/06/17     USD    50.03
ENERCOAL RESOURCE     9.25   08/05/14     USD    39.67
INDO INFRASTRUCTU     2.00   07/30/10     USD     1.88
OVERSEA-CHINESE B     3.50   12/27/37     USD    73.96


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD    13.63
MDX PCL               4.75   09/17/03     USD    17.13


VIETNAM
-------

BANK FOR INVESTME    10.20   05/19/21     VND    74.29




                             *********

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 ***