TCRAP_Public/140724.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

           Thursday, July 24, 2014, Vol. 17, No. 145


                            Headlines


A U S T R A L I A

ALFRESCO ON: Federal Court Appoints Clifton Hall as Liquidator
AUSTRALIAN ENERGY: Placed In Administration
EXCELL DECOR: Farnsworth Shepard Appointed as Administrator
MELDAVALY HOMES: Hall Chadwick Appointed as Liquidators
PACT GROUP: Moody's Withdraws 'Ba3' Corporate Family Rating

POTATO MAGIC: Placed Into Administration
* AUSTRALIA: 114 Builders Collapse Since Last Year


C H I N A

CHINA: Debt Tops 250% of National Income, FT Reports
HUATONG ROAD: Avoids $64.5MM Bond Default
LDK SOLAR: NYSE Reschedules Hearing on ADS Suspension Review


I N D I A

ASM SPUN: CRISIL Places 'B' Rating on INR243.9MM Loans
BALAJI FERTILISERS: ICRA Assigns 'B-' Rating to INR9cr Loan
BALARK BUILDCON: CRISIL Reaffirms B+ Rating on INR100MM Loan
BHOLA NATH: CRISIL Assigns 'B+' Rating to INR120MM Loans
ETHICS BIO: CRISIL Upgrades Rating on INR90MM Loans to 'B+'

GARG RICE: ICRA Suspends 'B' Rating on INR6cr Loans
HARSHIT JEWELLERS: CRISIL Suspends 'B' Rating on INR100MM Loan
IMPERIAL GARMENTS: ICRA Withdraws 'C' Rating on INR12.8cr Loan
INS E SOLUTIONS: ICRA Suspends 'B-' Rating on INR8cr Loans
K.P. PACKAGING: ICRA Suspends 'D' Rating on INR13cr Loans

KALYANI INDUSTRIES: ICRA Suspends 'B' LT Rating on INR6cr Loan
KANAKADURGA POULTRY: ICRA Assigns 'B+' Rating to INR8cr Loans
KHODAL COTTON: ICRA Assigns 'B+' Rating to INR9cr Loan
KHUSHI TRADEX: ICRA Suspends 'B' Rating on INR13cr Bank Loan
LAKSHMI PRECISION: CRISIL Suspends 'D' Rating on INR1.50BB Loans

MITTAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR80MM Loans
MUKUND AGRO: CRISIL Lowers Rating on INR55.2MM Loans to 'D'
PCM TEA: ICRA Suspends 'B+' Rating on INR7.4cr Loans
SAMRIDHI PETROCHEM: CRISIL Assigns 'B' Rating to INR20MM Loans
SANT BABA: ICRA Reaffirms 'B' Rating on INR14.08cr Loans

SIYARAM YARN: ICRA Reaffirms 'B+' Rating on INR7.87cr Loans
SRI BUCHIYYAMMA: ICRA Reaffirms 'B+' Rating on INR25cr Loan
SRI GANESH: CRISIL Lowers Rating on INR85MM Loans to 'B+'
SRI LAKSHMI: ICRA Suspends B+ Rating on INR5.50cr Bank Loans
SRI VALLURAMMA: ICRA Suspends 'D' Rating on INR7cr Loan

SUPER FLOORINGS: ICRA Suspends 'B/A4' Rating on INR15cr Loan
TATA STEEL: Fitch Rates Proposed USD and Euro Notes 'BB+ (EXP)'


I N D O N E S I A

INDIKA ENERGY: Fitch Revises Outlook to Neg. & Affirms 'B+' IDR


J A P A N

SIGNUM VANGUARD: S&P Puts BB- Rating on CreditWatch Positive
SURUGA BANK: Fitch Affirms 'B' Support Rating Floor


N E W  Z E A L A N D

POSTIE PLUS: Creditors May Be Out Of Pocket


S I N G A P O R E

IBC CAPITAL: S&P Assigns 'B+' CCR & Rates First-Lien Loan 'B+'


S R I  L A N K A

ASIAN ALLIANCE: Fitch Affirms IFS Rating at 'B'


                            - - - - -


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


ALFRESCO ON: Federal Court Appoints Clifton Hall as Liquidator
--------------------------------------------------------------
Daniel Lopresti -- dlopresti@cliftonhall.net.au -- of Clifton Hall
was appointed Official Liquidator of Alfresco On Rundle Pty Ltd on
July 23, 2014, by Order of the Federal Court of Australia.


AUSTRALIAN ENERGY: Placed In Administration
-------------------------------------------
Mathew T Gollant -- mgollant@foremans.com.au --  & Timothy MS
Holden -- holden@foremans.com.au -- of Foremans Business Services
were appointed as administrators of Australian Energy Efficient
Solutions Pty Ltd on July 15, 2014.

A first meeting of the creditors of the Company will be held at
Foremans Business Services, Suite 8, 56-60 Bay Road, in
Sandringham, Victoria, on July 25, 2014, at 10:30 a.m.


EXCELL DECOR: Farnsworth Shepard Appointed as Administrator
-----------------------------------------------------------
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Excell Decor Hardware Pty Limited on July 15, 2014.

A first meeting of the creditors of the Company will be held at
Parmelia Hilton Perth, 'Fremantle Room', 14 Mill Street, in Perth,
on July 25, 2014, at 12:00 p.m.


MELDAVALY HOMES: Hall Chadwick Appointed as Liquidators
-------------------------------------------------------
Jacquie Mackay at 612 ABC Brisbane reports that Meldavaly Homes
has been placed into liquidation.

Accounting firm Hall Chadwick have been appointed the liquidators
and the company's building license has been suspended, the report
says.

According to ABC, Scott Taylor a Partner in Taylor David Lawyers
representing the Directors of Meldavaly Homes said the company was
one of the largest builders in Central Queensland and this
situation is indicative of the downturn in the economy in the
Central Highlands.


PACT GROUP: Moody's Withdraws 'Ba3' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn its Ba3 Corporate Family
Rating for Pact Group Industries (ANZ) Pty Ltd, formerly Pact
Group Industries Pty Ltd, for business reasons.

Ratings Rationale

Moody's has withdrawn the ratings for its own business reasons.

Headquartered in Australia, the Pact Group Holdings Ltd is the
largest manufacturer of rigid plastic packaging products in
Australia and New Zealand. The company produces rigid plastic
packaging for the food and beverage, chemical, household,
industrial and health industries. Pact Group also manufactures
tinplate packaging products.

List of Affected Ratings

Outlook Actions:

Issuer: Pact Group Pty Ltd

Outlook, Changed To Rating Withdrawn From Stable

Withdrawals:

Issuer: PACT Group Industries Pty Ltd

Corporate Family Rating, Withdrawn, previously rated Ba3


POTATO MAGIC: Placed Into Administration
----------------------------------------
Laurissa Smith at ABC Rural reports that Potato Magic Australia
has been placed into administration.

Potato Magic Australia was established by Paul Rennie.

According to the report, administrator PPB Advisory said the
Griffith site has suffered a period of financial losses and it's
now trying to find a buyer for the business.

ABC Rural relates that the receiver said it's licensed the
operations of Potato Magic Australia to Mr. Rennie, so the company
can continue to operate and service clients.

The business currently employs four permanent and 12 casual staff,
with an annual revenue of AUD1.2 million, ABC Rural discloses.

ABC Rural notes that one creditor said he is owed up to
AUD18,000, or eight months' worth of invoices, and has applied
twice to have the company placed into administration.

Mr. Rennie has been under investigation by the Tax Office and the
Australian Federal Police for millions of dollars in alleged
offshore tax evasion, the report adds.

Potato Magic Australia is potato chip business based in Griffith,
New South Wales.


* AUSTRALIA: 114 Builders Collapse Since Last Year
--------------------------------------------------
David Ellery at The Canberra Times reports that an estimated 114
building and construction-related companies have gone to the wall
in Canberra since the start of last year, leaving behind more than
AUD80 million in debts, Australian Securities and Investments
Commission data has revealed.

With the downturn in the building, home improvement and renovation
sector expected to worsen as public servants remain uncertain
about their futures, ACT insolvency specialists said the
snowballing "tsunami" of economic pain documented in wind-up
notices on the ASIC website won't end soon, according to The
Canberra Times.

"All things being equal we would generally expect an increase in
insolvency appointments during such a period (as this),"
Tony Lane, the senior manager for insolvency and reconstruction
with accountants Vincents, told Fairfax.

He warns "larger and larger entities" are likely to fail as the
impact of liquidations and unpaid debt cascades through the
sector, the report relays.

The collapse of one company leaving unpaid debts often will push
others over the brink, The Canberra Times notes.

"(Businesses) most exposed are those with poor and outdated
systems, poor or non-existent cost controls, out-of-date service
delivery mechanisms, inefficient work practices and poor cash
flow," the report quotes Mr. Lane as saying.

According to the report, Michael Slaven --
mslaven@kazarslaven.com.au -- of the insolvency firm Kazar Slaven,
said he did not expect the rate of company collapses to increase
but he wasn't expecting it to slow either.

Kazar Slaven has handled almost 30 per cent of the building and
construction-related insolvencies in the ACT over the past 18
months.

Other major players include Deloitte Touche Tohmatsu (about
10 per cent), the Government Solicitor (about 15 per cent) and RSM
Bird Cameron (also about 15 per cent).  Almost 25 per cent have
gone to interstate firms, usually based in Sydney, the report
discloses.

The Canberra Times relates that Mr. Slaven said cash flow
shortages were among the most common reasons for a company
failing.

"One of the big issues (in the building sector) is the amount of
time it takes to get paid," the report quotes Mr. Slaven as
saying. "Often a company just can't absorb a bad debt."
The report adds that Mr. Slaven said it was wrong to blame
contractors for continuing to work on projects after payments had
slowed to a trickle.

"Once you [a contractor] have started on a project if you don't
complete it [your part of the work] you won't get anything," the
report quotes Mr. Slaven as saying.

This means that in reality large companies, which sub-contract
smaller "mum and pop" operations for electrical, plumbing, tiling,
rendering and other services can use them as a source of
unofficial credit, the report relays.

"It is a case of 'in for a penny, in for a pound'," Mr. Slaven, as
cited by The Canberra Times, said.



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


CHINA: Debt Tops 250% of National Income, FT Reports
----------------------------------------------------
Jamil Anderlini at the Financial Times reports that China's total
debt load has climbed to more than two and a half times the size
of its economy, underscoring the difficult challenge facing
Beijing as it seeks to spur growth without sowing the seeds of a
financial crisis.

The total debt-to-gross domestic product ratio in the world's
second-largest economy reached 251 per cent at the end of June, up
from just 147 per cent at the end of 2008, the FT relates citing a
new estimate from Standard Chartered bank.

Such a rapid build-up is far more of a concern than the absolute
level of debt, since increases of that magnitude in such a short
period have almost always been followed by financial turmoil in
other economies, the FT says.

The FT relates that while calculations of the ratio vary depending
on exactly what types of credit are included, several other
economists agreed with the new figure. Even those with slightly
different calculations said the general trend was clear.

"China's current level of debt is already very high by emerging
markets standards and the few economies with higher debt ratios
are all high-income ones," FT quotes Chen Long, China economist at
Gavekal Dragonomics, a research advisory, as saying. "In other
words China has become indebted before it has become rich."


HUATONG ROAD: Avoids $64.5MM Bond Default
-----------------------------------------
Grace Zhu, Lingling Wei and Wynne Wang at The Wall Street Journal
report that a Chinese company facing a $64.5 million bond
repayment found a way to pay at the last minute, averting a
potentially unsettling default but raising concern that investors
buying risky assets will expect the government to bail them out.

The Journal relates that an official at China Guangfa Bank Co.,
one of the bond's underwriters, said Huatong Road & Bridge Group
Co., a closely held construction company based in northern China's
Shanxi province, raised sufficient funds to repay both the
principal and interest of a CNY400 million bond that was due by
the end of [July 23]. The official said Huatong deposited the
funds in an escrow account with the clearing house in charge of
settling the bond, the Journal relays.

The official declined to comment on where the company received the
funds, the Journal notes.  Huatong, which last week warned about
its ability to pay, didn't respond to requests for comment, the
news agency adds.

According to the Journal, Huatong last week blamed its inability
to pay on the absence of its chairman, Wang Guorui, who it said is
assisting an official investigation.  The Journal recounts that a
local political advisory body said this month that it had stripped
Mr. Wang of his membership in the group over a suspected violation
of the law. It didn't provide details, the report notes.  Mr. Wang
couldn't be reached for comment, the Journal says.

The Journal adds that analysts said local government officials
hoping to avoid the disruptions of a default likely stepped in, as
they have with past near-defaults elsewhere. According to the
report, an official with the finance bureau of the city of
Yangquan, where Huatong is headquartered, said the government
didn't provide any financial support to the company because the
bond was corporate and "has nothing to do" with the government.

The Journal relates that some analysts said the fact that
investors avoided a financial hit -- and that it remains unclear
who ended up picking up the tab -- risks sending a message that
reckless investing and lending can continue. That could damage a
Chinese financial system that already faces challenges.

"Local governments have the incentive to bail out companies under
their jurisdictions because a default could hurt their own credit
ratings, but the central government has recognized the need to
deal with moral hazard," the Journal quotes Peng Junming, a former
central bank official who now runs his own investment firm, Empire
Capital Management, in Beijing, as saying. "Their interests are
not always aligned."

Officials at China's central bank and top securities regulator
declined to comment, the Journal adds.


LDK SOLAR: NYSE Reschedules Hearing on ADS Suspension Review
------------------------------------------------------------
LDK Solar Co., Ltd., in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, announced that the New York Stock
Exchange Committee for Review has rescheduled LDK Solar's review
hearing to Monday, Sept. 8, 2014.  The hearing was originally
scheduled for June 26, 2014.

The Company had requested a review of the decision made on
March 31, 2014, by the Staff of NYSE Regulation, Inc., to suspend
trading in the Company's American depositary shares on the NYSE
and to commence delisting proceedings.

Trading of the Company's ADSs has been suspended on the NYSE since
March 31, 2014.  Quotations of the Company's ADSs have been
available on OTC Pink Limited Information under the symbol
"LDKSY".

                           About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.



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


ASM SPUN: CRISIL Places 'B' Rating on INR243.9MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of ASM Spun Tex.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                100      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       113.9     CRISIL B/Stable

   Bank Guarantee             6.1     CRISIL A4

   Cash Credit               30.0     CRISIL B/Stable

The ratings reflect ASM's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and initial phase
of operations in the highly fragmented cotton yarn industry. These
rating weaknesses are partially offset by the benefits that the
firm derives from its promoters' extensive experience in the
industry.

Outlook: Stable

CRISIL believes that ASM will maintain its business risk profile
over the medium term driven by its promoters' extensive
experience. The outlook may be revised to 'Positive' in case of
higher than expected cash accruals backed by stabilisation of
capacity, resulting in improvement in liquidity and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the firm's margins deteriorate, adversely affecting its business
profile leading to weak liquidity and capital structure.

Established in 2011, ASM is a Panipat-based proprietorship firm
that manufactures cotton yarn. The company is being managed by Mr.
Sanjay Garg. The firm began commercial operations in April 2014.


BALAJI FERTILISERS: ICRA Assigns 'B-' Rating to INR9cr Loan
-----------------------------------------------------------
A long-term rating of [ICRA]B- has been assigned to the INR9.00
crore fund based limits of Balaji Fertilisers Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term fund        9.00       [ICRA]B- assigned
   based limits

The rating assigned takes into consideration the small scale of
operations of the company along with the low capacity utilisation
levels of its manufacturing unit, and its weak financial profile
characterised by a highly leveraged capital structure and high
working capital intensity of operations. The rating is further
constrained by the exposure of the company's operations to the
risks associated with regulatory changes in the fertiliser
industry and the vulnerability of profitability to the
fluctuations in the prices of the raw materials, as evinced by the
losses incurred at the operating level in FY2014. ICRA also notes
the vulnerability of operations of the company to the risks
associated with the agro-climatic conditions in the company's area
of operations, and the intense competitive pressures in this
industry, arising from the presence of several small-scale
manufacturers and other established market participants.

The rating however, draws comfort from the long standing
experience of the company's promoters in the field of manufacture
of fertilisers and the diversified clientele base serviced by the
company in several districts of Maharashtra.

Balaji Fertilisers Private Limited was established in 1991 and has
since been engaged in the manufacture of granulated NPK (Nitrogen,
Phosphorus, Potassium) mixture fertilisers. The product profile of
the company included three grades of granulated NPK fertilisers,
viz. 20:10:10, 18:18:10 and 20:20:00, though currently, the
production of the 20:10:10 variety has been discontinued. In 2003,
the company also forayed into the production of Single Super
Phosphate (SSP) fertilisers. The manufacturing facility of the
company is located at Nanded (Maharashtra) and is equipped with an
installed capacity of 60,000 metric tonnes per annum (MTPA),
including 20,000 MTPA for SSP fertilisers. The company's products
are targeted at farmers based in Maharashtra, especially at
Nanded, Yavatmal, Warora, Hingoli etc.

Recent Results
During FY2014, BFPL reported a net loss of INR2.78 crore on an
operating income of INR13.46 crore (provisional). During FY2013,
BFPL reported a profit after tax of INR0.53 crore on an operating
income of INR9.16 crore.


BALARK BUILDCON: CRISIL Reaffirms B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's rating to the long-term bank facility of Balark Buildcon
continues to reflect BB's exposure to risks regarding completion,
funding, and saleability of its ongoing project. The rating also
factors in the firm's vulnerability to cyclicality inherent in the
Indian real estate industry. These rating weaknesses are partially
offset by the extensive experience of BB's promoters in the real
estate industry in Pune (Maharashtra), and the moderate demand for
BB's project because of its affordability and the initial good
response received for it.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan             100     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BB will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry in Pune. The outlook may be revised to 'Positive' in case
of better-than-expected bookings of units and receipt of customer
advances, leading to higher-than-expected cash inflows.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected customer bookings and time or cost overrun in
the project, leading to lower-than-expected cash inflows and
deterioration in the firm's financial risk profile, particularly
its liquidity.

Update
BB is currently undertaking a residential real estate project
named 'Suraajya' at Donje, in the outskirts of Pune. The firm had
launched phase-1 of this project consisting of 252 saleable units
in April 2013 and has received bookings for 210 units by May 2014,
which is more than 80 per cent of the saleable units. BB has
completed more than 70 per cent of construction of the project,
leading to healthy customer advances. The firm has utilized a
large portion of the surplus advances to buy land for the next
phase of the project. Consequently, the upcoming large term debt
repayments of INR     100 million in 2014-15 (refers to financial
year from April 1 to March 31) will test the firm's liquidity. The
implementation of next phase of the project is expected to be
initiated upon receiving required statutory approvals. The funding
mix of the subsequent phases will be crucial in ensuring a stable
financial risk profile and hence will continue to remain key
rating sensitivity factor over the medium term.

BB is a special purpose vehicle launched by the Pate group to
undertake a residential real estate project named 'Suraajya' at
Donje, in the outskirts of Pune, under development agreements with
the landowners.

The Pate group, established by Mr. Balkrishna K Pate and currently
managed by Mr. Nilesh Pate, Mr. Yogesh Pate, and Mr. Pramod Wani,
has been engaged in the real estate business in Pune since 1983,
and has implemented more than 70 projects so far.


BHOLA NATH: CRISIL Assigns 'B+' Rating to INR120MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Bhola Nath Zaveri Jewellers Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               67.5    CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        52.5    CRISIL B+/Stable

The rating reflects the company's modest scale of operations
coupled with low operating profitability and working capital
intensive operations. These rating weaknesses are partially offset
by the promoter's considerable industry experience and their
established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that BZJPL will continue to benefit from its
promoters' extensive experience in the diamond studded and gold
jewellery business. The outlook may be revised to 'Positive' if it
reports more than expected growth in revenues and margins, and
improved debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the company's debt protection metrics
deteriorate because of lower-than-expected growth in revenues and
margins, larger-than-expected debt-funded capex, or a significant
stretch in working capital cycle.

BZJPL a private limited company was incorporated in 2006. The
Company had taken over all the assets and liabilities of M/s
Zaveri Jewellers a partnership firm including the running trade
name 'ZAVERI JEWELLERS' with effect from 20.10.2011, which was
started by Mr. Raj Kapoor and Mr. Ashok Kapoor in the year 1989.
The Kapoor family has been in the jewellery business since the
1800s. Mr. Sushil Kapoor and his two brothers; Mr. Raj Kapoor and
Mr. Ashok Kapoor look after the day-to-day operations of the
Company. BZJPL deals with manufacturing, wholesaling & retailing
of customized diamond jewellery through its single showroom
located at Karol Bagh, New Delhi.


ETHICS BIO: CRISIL Upgrades Rating on INR90MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ethics Bio Lab Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan            85      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that EBLPL will
maintain its improved liquidity over the medium term marked by
improvement in cash accruals. The company's cash accruals improved
to an estimated Rs.76 million for 2013-14 (refers to financial
year, April 1 to March 31) compared to cash losses in 2012-13;
improvement in cash accruals was driven by healthy operating
profitability of 46 per cent for 2013-14. CRISIL believes that
EBLPL's cash accruals will remain healthy over the medium term
backed by strong operating profitability.

The rating reflects customer concentration in EBLPL's revenue
profile and the company's exposure to regulatory risks. These
rating weaknesses are partially offset by EBLPL's healthy
financial risk profile marked by healthy gearing and debt
protection metrics, and its promoters' extensive experience in the
pharmaceuticals industry.

Outlook: Stable

CRISIL believes that EBLPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
substantial increase in revenue while maintaining its
profitability, leading to improvement in its business risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company records lower-than-expected  cash accruals or if its
working capital management weakens or if it undertakes any large
debt-funded capital expenditure programme, weakening its financial
risk profile.

EBLPL, incorporated in 2012, is a contract research company
providing services such as bio-equivalence studies and clinical
research. The company, promoted by Mr. J Jayaseelan, Mr. Muthusamy
Shanmugam, and Clan Laboratories P Ltd, commenced operations in
January 2013.


GARG RICE: ICRA Suspends 'B' Rating on INR6cr Loans
---------------------------------------------------
ICRA has suspended the long- term rating of [ICRA]B to the INR6.00
crore fund based bank facilities of Garg Rice and General Mills.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-
   Cash Credit           5.00        [ICRA]B Suspended

   Fund Based Limits-
   Term Loan             1.00        [ICRA]B Suspended

The rating was suspended due to lack of cooperation by the client
to provide any further information.

Garg Rice & General Mills is a proprietorship firm which was set
up in 1980 by Mr. Ram Lal Garg. GRGM is engaged in processing and
selling of basmati rice mainly to local traders. It has a plant at
Cheeka, Kaithal (Haryana) which has a milling capacity of 5 tonnes
per hour.


HARSHIT JEWELLERS: CRISIL Suspends 'B' Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Harshit
Jewellers Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        100     CRISIL B/Stable Suspended
   Bank Loan Facility

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

HJPL was set up in 2003 by Mr. Murari Goyal and his family. The
company is engaged in retailing and wholesale trading of gold and
diamond studded jewellery. HJPL operates through a showroom at
Karol Bagh (New Delhi).


IMPERIAL GARMENTS: ICRA Withdraws 'C' Rating on INR12.8cr Loan
--------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]C assigned to the
INR12.80 crore fund based limits and short term rating of [ICRA]A4
assigned to INR3.10 crore non fund based limits of Imperial
Garments Limited, as all the bank limits of IGL were taken over by
GTN Engineering(India) Limited due to amalgamation of IGL with GTN
Engineering(India) Limited.


INS E SOLUTIONS: ICRA Suspends 'B-' Rating on INR8cr Loans
----------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B- assigned to the
INR8.00 Crore fund based and non fund based bank facilities of INS
E Solutions Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

INS E Solutions Limited was incorporated in FY 2000 and is
primarily engaged in installation of IT network, Audio-Visual and
Security systems along with the hardware. In addition, the company
also provides manpower staffing services for IT facility
management and network maintenance. Prior to FY 2000, the business
operations were carried out in partnership firm Infotech Network
Systems and were transferred to INS E Solutions Limited in FY
2000.


K.P. PACKAGING: ICRA Suspends 'D' Rating on INR13cr Loans
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR6.00 crore fund-based limits, INR4.00 crore term loan facility
and the short-term rating of [ICRA]D assigned to the INR3.00 crore
non fund based limits of K.P. Packaging Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


KALYANI INDUSTRIES: ICRA Suspends 'B' LT Rating on INR6cr Loan
--------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B and a short-term
rating of [ICRA]A4 assigned to the INR6.00 crore bank facilities
of Kalyani Industries. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


KANAKADURGA POULTRY: ICRA Assigns 'B+' Rating to INR8cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR5.00 crore
term loan limits, INR2.10 crore cash credit limits and INR0.90
crore unallocated limits of Kanakadurga Poultry Farm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             5.00        [ICRA]B+ assigned
   Cash Credit           2.10        [ICRA]B+ assigned
   Unallocated Limits    0.90        [ICRA]B+ assigned

The assigned rating is constrained by modest scale of operations
in the poultry (table egg production) industry; cyclicality
associated with the poultry industry which results in volatility
of table egg prices; and vulnerability of profits to fluctuation
in prices of feed (primarily maize and soya) which accounts for
over 80% of production cost. The rating is also constrained by
single customer concentration risk and weak financial profile
characterized by low net profit levels of 0.28% due to high
interest costs despite 17.47% of operating margins, leveraged
capital structure with gearing of 3.03 times as on March 31, 2014.
The rating, however, favorably factors in the experience of the
management in commercial layer poultry farming and healthy demand
outlook for the layer segment of the industry on account of
increasing acceptance of eggs as a daily meal component.

Going forward, company's ability to manage its working capital
requirement would be the key rating sensitivity from the credit
perspective.

Kanakadurga Poultry Farms is a partnership firm founded in the
year 2012 by Mr.Chiranjeevulu and 13 other partners. KPF is into
production of table eggs and the poultry farm is located at owned
premises of the firm at Dharmaram Village, Medak District, spread
over 16.10 acres. The capacity of the poultry farm is 1,56,000
birds.

Recent Results

The company reported profit after tax of INR0.02 crore on an
operating income of INR8.13 crore during FY2014 which is its first
year of operation.


KHODAL COTTON: ICRA Assigns 'B+' Rating to INR9cr Loan
------------------------------------------------------
ICRA has assigned long term rating of [ICRA]B+ rating to the
enhanced bank facilities of Khodal Cotton Processing Private
Limited. ICRA also has rating of [ICRA]B+ outstanding for the
INR9.73 crore bank facilities of Khodal Cotton Processing Private
Limited. The rated amount is enhanced from INR9.73 crore to
INR10.16 crore.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based-Cash       9.00      [ICRA]B+; assigned/outstanding
   Credit

   Fund Based-Term       1.16      [ICRA]B+; outstanding
   Loan

The reaffirmation of rating takes note of Khodal Cotton Processing
Private Limited's (KCPPL) modest scale of operations and weak
financial profile as reflected by thin profitability and modest
debt coverage indicators. ICRA also takes note of the highly
competitive and fragmented industry structure with the limited
value additive nature of operations, which leads to pressure on
profitability. The rating further incorporates the vulnerability
to adverse movement in raw material prices, which in turn is
linked to the seasonal nature of the cotton industry and
government regulations on MSP and export.

The rating, however, favourably considers the long experience of
the partners in the cotton industry as well as the favorable
location of the company, giving it easy access to high quality raw
cotton.

Incorporated in 2011, Khodal Cotton Processing Private Limited
(KCPPL) is engaged in cotton ginning and pressing business. The
company is currently managed by four directors namely Mr.
Dalsukhbhai Vaghasiya, Mr. Rameshbhai Hirpara, Mr. Jaysukhbhai
Kalkani and Mr. Aswinbhai Ajani. The company's manufacturing
facility is located at Jangvad in Rajkot, Gujarat. It currently
has 24 ginning machines and one pressing machine (automatic) with
an installed capacity to produce 280 cotton bales per day (24
hours operation).

Recent Results
During FY14 (unaudited provisional financials), the company
reported an operating income of INR76.42 crore and a net profit of
INR0.20 crore against an operating income of INR68.48 crore and
net profit of INR0.12 crore in FY13.


KHUSHI TRADEX: ICRA Suspends 'B' Rating on INR13cr Bank Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR13.0 crore
bank facilities of Khushi Tradex Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


LAKSHMI PRECISION: CRISIL Suspends 'D' Rating on INR1.50BB Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Lakshmi
Precision Screws Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Bill Discounting            65      CRISIL D Suspended
   Cash Credit                310      CRISIL D Suspended
   Foreign Bill Discounting   180      CRISIL D Suspended
   Letter of Credit           490      CRISIL D Suspended
   Packing Credit             140      CRISIL D Suspended
   Proposed Long Term Bank    65       CRISIL D Suspended
   Loan Facility
   Term Loan                  105      CRISIL D Suspended
   Working Capital Demand
   Loan                       150      CRISIL D Suspended

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

LPS was incorporated in 1968 as a private limited company,
promoted by three brothers, Mr. Lalit Kumar Jain, Mr. Vijay Kumar
Jain, and Mr. Rajesh Jain, and their cousin, Mr. Dinesh Kumar
Jain; it was reconstituted as a public limited company in 1972.
LPS manufactures high-tensile fasteners, and is one of the largest
manufacturers of fasteners in India.


MITTAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR80MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mittal Engineering
Works continue to reflect MEW's modest scale of operations in the
intensely competitive industrial components industry. The ratings
also factor in the firm's average financial risk profile, marked
by average gearing and debt protection metrics and a modest net
worth, and the working-capital-intensive nature of its operations.
These rating weaknesses are partially offset by the extensive
experience of MEW's promoters in the industrial components
industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            60      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       10      CRISIL A4 (Reaffirmed)
   Term Loan              20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MEW 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
substantial growth in its scale of operations while maintaining
its margins and improving its capital structure.  Conversely, the
outlook may be revised to 'Negative' if MEW's financial risk
profile deteriorates, most likely due to lengthening of its
operating cycle, or a sharp decline in its revenue or
profitability, or large debt-funded capital expenditure.

Update
For 2013-14 (refers to financial year, April 1 to March 31), MEW
registered revenue of INR272 million, a growth of around 10 per
cent over the previous year's INR247 million. The firm's revenue
growth is supported by its established relationships with
customers, resulting in regular orders, as well as addition of new
customers. MEW's revenue is expected to grow steadily at 10 to 12
per cent per annum over the medium term. Its operating margin is
expected to remain stable at around 10 per cent over this period,
in line with past trends.

MEW's financial risk profile is average, marked by gearing of 1.8
times and a small net worth of INR42 million as on March 31, 2014.
The gearing is expected to remain at a similar level over the
medium term on account of the firm's high dependence on bank lines
to fund its working capital requirements and modest accretion to
reserves. MEW has average debt protection metrics, with interest
coverage and net cash accruals to total debt ratios at around 2.3
times and 0.18 times, respectively, in 2013-14.

MEW's operations are working capital intensive as reflected in its
gross current assets of 181 days as on March 31, 2014. The firm
maintains inventory of 90 to 100 days and extends credit of around
90 days. Consequently, its bank limits continued to be fully
utilised at around 96 per cent over the 12 months through March
2014. In 2014-15, MEW's cash accruals are expected to be around
INR16 million, which would be sufficient to meet its term debt
obligations of INR9 million during the year.

MEW reported a profit after tax (PAT) of INR0.8 million on net
sales of INR247.5 million for 2012-13, as against a PAT of INR0.7
million on net sales of INR131.2 million for 2011-12.

MEW, a partnership firm established in 1999, primarily
manufactures electric resistance welded (ERW) tubes and other
products which find application in various automobile components.
The firm's manufacturing facility is at Pune (Maharashtra). It is
currently managed by Mr. Mukesh Suresh Mittal, Mr. Laxminarayan
Agrawal, and Mr. Devichand Agrawal.


MUKUND AGRO: CRISIL Lowers Rating on INR55.2MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mukund Agro Products Pvt Ltd to 'CRISIL D' from 'CRISIL B-
/Stable'.

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

   Term Loan            5.2     CRISIL D (Downgraded from
                                'CRISIL B-/Stable')

The rating downgrade reflects MAPPL's overdrawn cash credit limits
for more than 30 consecutive days; the limits have been overdrawn
because of the company's weak liquidity.

MAPPL is vulnerable to cyclical downturns due to its small scale
of operations. However, the company benefits from the extensive
experience of its promoters in the rice milling industry.

Incorporated in 1998, MAPPL is engaged in milling of non-basmati
rice. Its manufacturing facility is at Midnapore (West Bengal).
The company's day-to-day operations are looked after by its
promoter-director, Mr. Sachdanand Ojha.


PCM TEA: ICRA Suspends 'B+' Rating on INR7.4cr Loans
----------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR1.9
crore term loans, INR5.0 crore working capital facilities & INR0.5
crore non fund based facilities of PCM Tea Processing Pvt. Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SAMRIDHI PETROCHEM: CRISIL Assigns 'B' Rating to INR20MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long-term bank facilities of Samridhi Petrochem.

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

   Proposed Long Term          5     CRISIL B/Stable
   Bank Loan Facility

   Cash Credit                15     CRISIL B/Stable

   Letter of Credit           40     CRISIL A4

The ratings reflect SP's low profitability, susceptibility to
fluctuations in foreign exchange prices and modest scale of
operations in the intensely competitive packaging industry. These
rating weaknesses are partially offset by SP's above-average
financial risk profile marked by a low total outside liabilities
to tangible net worth (TOLTNW) ratio and moderate debt protection
metrics.

Outlook: Stable

CRISIL believes that SP will continue to benefit from its above-
average financial risk profile marked by a low TOLTNW ratio and
moderate debt protection metrics. The outlook may be revised to
'Positive' if SP increases its scale of operations or
profitability substantially leading to higher-than-expected cash
accruals while prudently managing its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if the firm reports deterioration in its capital structure or
working capital cycle, or if it generates lower-than-estimated
cash accruals.

SP, established in 2011, trades in plastic (polyvinyl chloride,
polyethylene and polypropylene) products. SP is promoted by Mr
Amit Agarwal and is based in Jaipur (Rajasthan).


SANT BABA: ICRA Reaffirms 'B' Rating on INR14.08cr Loans
--------------------------------------------------------
ICRA has reaffirmed [ICRA]B ratings for the INR14.08 Crore bank
facilities of Sant Baba Bhag Singh Memorial Charitable Society.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Facilities      5.50      [ICRA]B Reaffirmed
   Term Loans                 8.58      [ICRA]B Reaffirmed

The reaffirmation of rating takes into account over a decade long
experience of SBBSMCS in the education sector and comfortable
capital structure. The rating is, however, constrained on account
of society's large funding requirements for setting up a
university in the short term as well as high competition faced by
SBBSMCS, that expose it to the challenges of attracting and
retaining quality faculty as well as students. As a result of the
high competition, the society's flagship college, Sant Baba Bhag
Singh Institute of Engineering and Technology (SBBSIET) that
contributes more than 50% of the society's total revenues has been
witnessing a decline in enrollments over the last four years.
Going forward, an improvement in student enrollments and the
society's ability to maintain its financial risk profile in the
context of expansion plans remain key rating sensitivities.

Recent Results
In 2013-14, as per provisional financials, SBBSMCS reported
Revenue receipts of INR19.4 Crore, Surplus before Depreciation,
Interest and Tax of INR4.3 Crore and net surplus of INR2.2 Crore.

Sant Baba Bhag Singh Memorial Charitable Society (SBBSMCS) was
registered in the year 2000 and its registered office is located
at Dera Santpur Manko, Jalandhar, Punjab. The society was set up
with the aim of spreading education by establishing educational
institutes and providing healthcare facilities to the people of
the village. The Chairman of the society is Sant Baba Malkiat
Singh who has been associated with the society since its
inception. Sant Baba Malkiat Singh is a spiritual leader of his
Dera and has been involved in various educational initiatives and
other social projects such as construction of road, bridges and
providing roadside electricity etc. The day to day affairs of the
society are handled by Mr. Gurdev Singh, secretary of the society
and an ex-Army office. The society currently manages four higher
education institutes, two schools and one multi facility
charitable hospital. All these are located at its campus spread
across 225 acres of owned land situated in Village Khiala,
Jalandhar District, Punjab.


SIYARAM YARN: ICRA Reaffirms 'B+' Rating on INR7.87cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR6.37 crore term loan facility and INR1.50 crore cash credit
facility of Siyaram Yarn Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term loan        6.37         [ICRA]B+ reaffirmed
   Long Term cash
   credit facility       1.50         [ICRA]B+ reaffirmed

The reaffirmation of rating takes into consideration the small
scale of operations and the weak financial profile of the company,
as characterized by thin net margins and stretched liquidity
position. The rating is also constrained by the highly leveraged
capital structure on account of debt funded nature of capital
expenditure. The rating is further constrained by the
vulnerability of the profitability to the volatility in
the crude-oil linked prices of the raw materials, the cyclicality
inherent in the textile industry, and the fragmented and highly
competitive nature of the textile industry, which limits the
pricing power of the company.

The rating, however, continues to draw comfort from the long
standing experience of the company's promoters in the textile
industry through several group concerns and the locational
advantage available due to the proximity to raw material sources
and fabric processing units. ICRA also positively notes that the
company's revenues have shown a healthy growth in the previous
fiscal on account of stabilization of its operations and in turn
higher capacity utilization levels.

Siyaram Yarn Private Limited was incorporated in Feb 2009 by Mr.
Shiv Ratan Deora to undertake weaving of polyester yarn into grey
fabric. The company has established a weaving unit with 60
shuttle-less water jet looms at Karanj, Surat (Gujarat) with an
annual installed capacity of ~1.0 crore meters of grey cloth. It
commenced operations from August 2012. The grey cloth so produced
is sold to processing units (bleaching, dyeing, printing and
finishing of polyester fabric) which is then made into the final
product, i.e. dress materials.

For FY2014, SYPL reported a profit after tax of INR0.07 Cr. on an
operating income of INR14.71 crore (provisional). For FY 2013,
SYPL reported a profit after tax of INR0.01 Cr. on an operating
income of INR5.61 crore.


SRI BUCHIYYAMMA: ICRA Reaffirms 'B+' Rating on INR25cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR25.00
crore fund based limits of Sri Buchiyyamma Rice Mill.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund        25.00      [ICRA]B+ reaffirmed
   based Limits

The rating reaffirmation factors in weak financial profile of the
firm characterised by low profitability & modest coverage
indicators. Also the highly fragmented and competitive nature of
the industry limits the ability of the firm to pass on the
increase in input costs which has resulted in the drop in the
operating margins from 4.34% in FY13 to 3.96% in FY14. ICRA notes
that the fortunes of the industry is dependent on the procurement
policy of FCI which affect the quantum of rice available for open
market sales as well as the Minimum Support Price policy which
affects the procurement price of raw material for rice and also
the agro-climatic risks which affect the availability of paddy.
The rating, however, favourably factors in the presence of the
milling facility in a major rice growing region of Andhra Pradesh
(East Godavari district) resulting in better availability of paddy
and the growth witnessed by SBRM during FY14 (by 0.88%) on account
of increase in realizations by 17%.

Going forward, the ability of the firm to increase its sales while
improving its profitability would remain key rating sensitivities.

Sri Buchiyyamma Rice Mill is a partnership firm established in
1983 and is engaged in the milling of paddy for the production of
non-basmati rice products (raw rice & boiled rice). The milling
unit is located in East Godavari District of Andhra Pradesh with
an installed capacity of 43200 MTPA.

According to provisional FY 2013-14 results, the firm has recorded
an operating income of INR46.49 crores with an operating profit of
INR1.84 crore.


SRI GANESH: CRISIL Lowers Rating on INR85MM Loans to 'B+'
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Sri Ganesh Exime to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Standby Line of         5        CRISIL B+/Stable (Downgraded
   Credit                           from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that SGE's financial
risk profile will remain weak over the medium term, marked by weak
debt protection metrics. The firm's interest coverage ratio
declined sequentially to an estimated 1.20 times for 2013-14 from
2.17 times for 2011-12. The weakening of the debt protection
metrics has been on account of incremental working capital
requirements, which are debt funded due to low operating margin.
CRISIL believes that SGE's interest coverage ratio will remain
weak over the medium term, because of low operating margin and
high dependence on debt for funding the incremental working
capital requirements.

The rating reflects SGE's small scale of operations, below-average
financial risk profile, marked by small net worth and weak
interest coverage ratio, and low operating margin with
susceptibility to volatility in raw material prices. These
weaknesses are partly offset by the benefit that SGE derives from
its promoters' extensive experience in the groundnut industry and
funding support from them.

Outlook: Stable

CRISIL believes that SGE will continue to benefit over the medium
term from its promoters' extensive experience in the groundnut
industry. CRISIL, however, believes that the firm's financial risk
profile will remain weak during this period, because of working-
capital-intensive operations and low cash accruals. The outlook
may be revised to 'Positive' if SGE's liquidity improves because
of significant improvement in cash accruals, sustainable reduction
in working capital requirements or equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
there is any pressure on profitability or in case of increase in
debt-funded working capital requirements.

SGE was set as a partnership firm in 2007 by Mr. K Nagaraj and his
son, Mr. N Satish. The firm trades in rice, groundnut seeds,
tamarind seeds, maize, and other agricultural products. SGE is
also involved in processing tamarind, groundnut seeds and
extraction of groundnut oil.


SRI LAKSHMI: ICRA Suspends B+ Rating on INR5.50cr Bank Loans
------------------------------------------------------------
ICRA has suspended long term rating of '[ICRA]B+' assigned to
INR5.50 crore bank facilities of Sri Lakshmi Venkata Maruthi Raw &
Boiled Rice Trading Company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


SRI VALLURAMMA: ICRA Suspends 'D' Rating on INR7cr Loan
-------------------------------------------------------
ICRA has suspended long term rating of '[ICRA]D' assigned to
INR7.00 crore bank facilities of Sri Valluramma Raw & Par Boiled
Rice Mill. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SUPER FLOORINGS: ICRA Suspends 'B/A4' Rating on INR15cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to the
INR15.0 crore bank facilities of Super Floorings Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


TATA STEEL: Fitch Rates Proposed USD and Euro Notes 'BB+ (EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Tata Steel Limited's (TSL; BB+/Stable)
proposed US dollar and euro denominated senior unsecured
guaranteed notes an expected rating of 'BB+(EXP)'.

The notes will be issued by Singapore-based ABJA Investments Co
Pte Ltd, a wholly owned subsidiary of TSL, and unconditionally and
irrevocably guaranteed by India-based TSL. The notes are therefore
rated at the same level as TSL's foreign-currency senior unsecured
rating of 'BB+'. The final rating of the proposed notes is
contingent upon the receipt of documents conforming to information
already received.

Proceeds of the notes will be used to refinance the group's
offshore debt obligations and for general corporate purposes
outside India. The notes will rank pari passu with the TSL's
existing and future senior unsecured indebtedness.

KEY RATING DRIVERS
TSL's Financial Profile to Moderate: Fitch Ratings expects the
financial profile of TSL to moderate, with net leverage (net
adjusted debt/operating EBITDAR) to fall below 4x by the financial
year ending 31 March 2015 (FY15) (FY13:4.9x). We expect TSL's
strong cash generation to support the deleveraging over the medium
term, driven by improved performance at both its European and
Indian operations.
TSL's EBITDA improved to INR164.1bn in FY14 from INR123.2bn a year
earlier, driven by higher Indian sales volumes and improved
profitability. Fitch expects both sales volume growth and stronger
profitability to be sustainable. The planned commissioning of the
first phase of its new plant at Odisha in 4QFY15 will also support
stronger earnings. The first phase of the new plant is expected to
add 3 million tonnes per annum (mtpa) of capacity.

Assets Sales Support Capex: TSL has undertaken measures to control
its rising debt levels. In March 2014, the company sold a land
parcel in Mumbai and in May 2014 sold its 50% stake in Dhamra Port
Company Limited. Fitch believes that the company is likely to
divest additional assets, if required, which will help fund its
capex and constrain TSL's debt levels. The company also now
expects to start major work on the second phase (3mtpa) of its new
Odisha plant following the commissioning and stabilisation of the
first phase.

European Operations Rebound: Tata Steel UK Holdings Limited's
(TSUKH) profitability has risen over the last four quarters.
EBITDA was GBP314m in FY14, up from GBP89m in FY13. Fitch's
expectation of a sustained boost to TSUKH's profitability reflects
the modestly better market conditions for western European steel
producers, together with continued cost-rationalisation and an
improving product mix.

Sound Indian Steel Market: Fitch expects steel demand in India to
strengthen in the next 12 months as investment picks up. The weak
economic environment in the past two years has affected the key
automobile, construction and engineering sectors. As a result,
steel prices softened, which narrowed the margins of producers
over 2012-2013.

Parent Group Support: TSL's ratings continue to benefit from a
one-notch uplift because of the potential support from the Tata
group due to TSL's strategic importance to the group.

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

- TSL's net financial leverage of more than 4x on a sustained
basis

- Any weakening of linkages of between TSL and the Tata group

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

- Significant improvement in TSL's net financial leverage to below
2.5x on a sustained basis, coupled with sustained profitable
operations at TSUKH would be positive for the Foreign-Currency
IDR.



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


INDIKA ENERGY: Fitch Revises Outlook to Neg. & Affirms 'B+' IDR
---------------------------------------------------------------
Fitch Ratings has revised Indonesia-based Indika Energy Tbk's
(Indika) Outlook to Negative from Stable.  At the same time the
agency has affirmed Indika's Long-Term Foreign and Local Currency
Issuer Default Ratings (IDR) at 'B+'.  Indika's senior unsecured
notes have also been affirmed at 'B+' with a Recovery Rating of
'RR4'.

The outlook revision reflects weakened interest coverage at Indika
due to the currently weak coal industry dynamics.  The affirmation
of the ratings, however, factors in Indika's adequate liquidity
arising from its cash reserves and the absence of major debt
maturities till 2018, as well as Fitch's expectation that some,
albeit marginal, recovery in coal prices will happen in the next
12-18 months.  The rating headroom is however limited.  Given
varying ownership and control of its many operating entities,
Fitch has focused on credit metrics calculated based on the EBITDA
of Indika and its fully owned subsidiaries, including dividends
from its other operating entities (holding company EBITDA).

KEY RATING DRIVERS

Weak Interest Coverage: Indika's interest coverage - the ratio of
the holding company EBITDA to the interest expenses of Indika and
its fully owned subsidiaries - fell to about 2x in 2013 from 3.2x
in 2012.  This was due to a near halving of dividend inflows,
especially from its 46% owned coal asset, PT Kideco Jaya Agung
(Kideco), which paid Indika USD108m of dividends, or nearly 70% of
Indika's total cash inflows, in 2013.  Fitch expects holding
company interest coverage to weaken further in 2014 and 2015
because of a further decline in dividends from Kideco based on
realised coal prices in 2013 and so far in 2014.  Dividends from
Kideco will decline to USD88m in 2014 and Fitch expects this to
further decline to below USD50m in 2015.  In addition to dividends
from Kideco, we expect about USD20m of dividends per annum from
Indika's other associate companies and subsidiaries.

Given lower dividends and capex on a new office building and
investments in a new coal asset PT Multi Tambangjaya Utama, Fitch
expects the holding company to generate negative free-cash flows
in 2014.  Indika's listed investments, contract mining company PT
Petrosea Tbk (Petrosea) and barging company MBSS, are self-
sufficient and require no financial assistance from Indika.
Fitch, however, expects an improvement in holding company interest
coverage from 2016, due largely to the expected improvement in
coal prices, albeit only marginally, and an increase in the volume
of coal produced at Kideco.

Weak Coal Prices: The agency expects benchmark Newcastle coal
prices (currently at about USD70/MT) to gradually increase.  This
is due to the agency's belief that a sizable proportion of coal
supplied to the sea-borne market is unprofitable at current
prices.  Fitch also notes that most coal miners have been
selectively mining in the more cost-effective areas of the mines,
which generally are at the expense of long-term reserves and
cannot be sustained.  However, any improvement in prices will
occur slowly because the market will remain oversupplied,
especially with weak demand from China.

Adequate Liquidity: Indika's next bond maturity of USD300m is due
only in 2018.  The company had about USD300m of cash and
equivalents (excluding those of the non-fully owned subsidiaries),
which should comfortably cover the expected negative free cash
flows at the holding company level in 2014 and 2015.  Indika also
has another USD500m of debt maturity due in 2023.  Of this
USD500m, USD115m has been on-lent to its 70%-owned subsidiary
Petrosea.

RATING SENSITIVITIES

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

   -- A material weakening of liquidity at the holding company
      level as measured by a decrease in the freely available
      cash balances at the holding company and its fully owned
      subsidiaries to below USD150m

   -- A failure to improve the holding company EBITDA interest
      coverage to above 1.5x on a forecast basis

   -- weaker-than-expected coal prices

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

   -- Fitch may revise Indika's rating outlook to Stable, while
      affirming its IDR at 'B+' if the company can improve its
      holding company interest coverage to over 1.5x and maintain
      strong liquidity



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


SIGNUM VANGUARD: S&P Puts BB- Rating on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed its rating on one
Japanese synthetic collateralized debt obligation (CDO)
transaction on CreditWatch with positive implications.

The CreditWatch positive placement reflects the tranche's
synthetic rated overcollateralization (SROC) level, which exceeded
100% with a sufficient SROC cushion at a higher rating than the
current rating as of June 30, 2014.

S&P intends to review this tranche by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING PLACED ON CREDITWATCH POSITIVE

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To                       From           Amount
BB- (sf)/Watch Pos       BB- (sf)       JPY4.0 bil.


SURUGA BANK: Fitch Affirms 'B' Support Rating Floor
---------------------------------------------------
Fitch Ratings has affirmed Japan-based Shizuoka Bank, Ltd.'s
(Shizuoka) and Suruga Bank Ltd.'s (Suruga) Long-Term Issuer
Default Ratings (IDR) at 'A' and 'A-', respectively.  The Outlooks
are Stable.

KEY RATING DRIVERS - VIABILITY RATING (VR) AND IDRs

The IDRs of Shizuoka and Suruga are driven by their VRs.  Like
major banks in Japan, most regional banks remain exposed to a
challenging operating environment with uncertainties over the
sustainability of Abenomics.  Nevertheless, the Stable Outlook for
both banks' IDRs reflects their resilient financial profile
underpinned by adequate risk controls.

Shizuoka's VR ('a') reflects its sustained strong capitalization
(Fitch Core Capital ratio of 17.3% at end-March 2014), leading
franchise in the regional economy of Shizuoka Prefecture and
potential buffer against credit risk through a high level of
guarantee/collateral coverage, including public guarantees.

Suruga's VR ('a-') continues to factor in decent profitability by
Japanese standards (ROA at 0.7% compared with mega banks' average
of 0.5% for the year ended March 2014) and consistent internal
capital generation.

Funding and liquidity remain key positive features of the Japanese
banking system and also are the major drivers for the two banks'
ratings.

Constraining factors for Shizuoka's ratings include its limited
options for diversification in its revenue base, which currently
relies on lending in the Shizuoka Prefecture.

Suruga's ratings are constrained by a lack of diversification as a
result of concentration in retail lending and its small asset size
(consolidated total assets of JPY4trn compared with Shizuoka's
JPY11trn at end-March 2014).

RATING SENSITIVITIES - VR AND IDRs

A positive rating action for Shizuoka is unlikely given Japan's
sovereign rating is at 'A+', with a Negative Outlook.

For Suruga, positive action would likely stem from further
structural improvement in the domestic operating environment
leading to stronger loan growth and faster internal capital
generation without a material increase in risk appetite.  However,
Fitch believes such structural improvement to be remote.

For both banks, substantial deterioration in the operating
environment resulting in greater volatility in performance,
including through taking more risk to offset the impact of the
operating environment, could exert negative pressures on the VRs
and IDRs.  This would include larger exposure to market risk,
which is currently viewed as manageable.

KEY RATING DRIVERS -SUPPORT RATING (SR) AND SUPPORT RATING FLOOR
(SRF)

Both banks' SRs and SRFs are affirmed on the basis that the
Japanese government's propensity to support the domestic banking
sector remains unchanged.

Shizuoka's SR and SRF reflect Fitch's belief that the government's
propensity to support, if necessary, is strong.  On the other
hand, the propensity to support Suruga may be limited given the
bank's marginal systemic importance within Japan's financial
system and its small operational size.

RATING SENSITIVITIES - SR AND SRF

Shizuoka's SR of '2' and SRF of 'BBB-' are sensitive to changes to
Japan's sovereign rating, which underlines its ability to support
the bank.  Fitch expects the bank's SR and SRF to be maintained,
even if the sovereign's rating is downgraded to 'A'.  This is
based on Fitch's belief that the government's propensity to
support Shizuoka, if necessary, remains strong.  On the other
hand, Suruga's SR and SRF are not immediately sensitive to the
sovereign rating, given the limited probability of support.

FULL LIST OF RATING ACTIONS

Shizuoka:

   -- Long-Term Foreign and Local Currency IDRs affirmed at 'A';
      Outlook Stable

   -- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'

   -- Viability Rating affirmed at 'a'

   -- Support Rating affirmed at '2'

   -- Support Rating Floor affirmed at 'BBB-'

Suruga:

   -- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
      Outlook Stable

   -- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'

   -- Viability Rating affirmed at 'a-'

   -- Support Rating affirmed at '4'

   -- Support Rating Floor affirmed at 'B'



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


POSTIE PLUS: Creditors May Be Out Of Pocket
-------------------------------------------
Cecile Meier at Stuff.co.nz reports that a creditor of national
clothing chain Postie Plus said most creditors have lost hope of
getting any of their money back.

The NZX-listed company was put into voluntary administration with
PwC in June to avoid liquidation.

Although the company was sold on July 18 to South African retail
group Pepkor as a going concern, the administrators have remained
tight-lipped about the fate of Postie's creditors and
shareholders, Stuff.co.nz relates.

According to the report, one of Postie's creditors, speaking
anonymously, said he understood most of the creditors would not
get paid.

"My understanding is that BNZ is going to get part of their money
back but certainly the other creditors won't get anything," the
creditor, as cited by Stuff.co.nz, said.

Postie owed his business multiple tens of thousands of dollars and
he was unhappy about the secrecy that had surrounded the process,
Stuff.co.nz says.

"There was a meeting last week for the major creditors but all the
others didn't get to hear anything," he said.  "The administrators
have done an excellent job at looking after BNZ,
but I don't believe they cared about anybody else."

He said the toll would be heavy on smaller suppliers, the report
relays.  "A couple of the smaller creditors were pretty
distressed," he said.

Stuff.co.nz notes that a watershed meeting at which the
administrator calls in creditors to decide the future of the
company was supposed to happen within 20 working days of the date
the administrator is appointed, but PwC applied for an extension
until September 1.

The creditor said he was concerned about the delay, and the time
given to directors of the company to report on the company's
failings, the report notes.

Stuff.co.nz reports that administrator Colin McCloy of PwC
declined to respond to the creditor's criticism.

Asked of creditors and shareholders would get anything, he said
there were a number of matters to work through before he could
announce creditors' and shareholders' final positions, the report
says.

"Pre-administration creditors remain frozen at this stage," the
report quotes Mr. McCloy as saying.  "We are not yet in a position
to advise the extent to which they may receive payments of pre-
administration balances.

"We are not in a position to advise the extent to which, if any,
shareholders will receive anything for their shares."

He could not give a date for the watershed meeting, the report
adds.

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

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

Postie Plus has 64 retail stores located throughout New Zealand.



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


IBC CAPITAL: S&P Assigns 'B+' CCR & Rates First-Lien Loan 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term corporate credit rating to IBC Capital Ltd.  The
outlook is stable.  S&P also assigned its 'axBB' long-term ASEAN
regional scale rating to the company.  At the same time, S&P
assigned its 'B+' long-term issue rating to IBC Capital's proposed
US$520 million first-lien term loan maturing 2021 with a recovery
rating of '3'.  S&P also assigned its 'B-' long-term issue rating
to the company's proposed US$200 million second-lien term loan
maturing 2022 with a recovery rating of '6'.  IBC Capital is a
Singapore-based holding company that will own intermediate bulk
container (IBC) lessor Goodpack Ltd. IBC Capital is controlled by
Kohlberg Kravis Roberts (KKR).

"The rating on IBC Capital reflects the company's high leverage
and ownership by a financial sponsor," said Standard & Poor's
credit analyst Katsuyuki Nakai.  "IBC Capital's limited scale,
single-product concentration, and heavy exposure to the cyclical
tire market also constrain the rating.  The company's strong
market position and strong profitability temper these weaknesses."

S&P's rating analysis factors in IBC Capital's proposed
acquisition of Singapore-based Goodpack.  In relation to the
acquisition, IBC Capital will borrow US$520 million under the
first-lien term loan maturing in 2021, and US$200 million under
the second-lien term loan maturing in 2022.

S&P expects IBC Capital's leverage after the transaction to be
about 6.5x.  The high leverage and the company's ownership by
financial sponsor KKR support S&P's assessment that IBC Capital's
financial risk profile is "highly leveraged."  The company could
improve its leverage ratio to about 5x and below over the coming
years owing to its steady free cash flows.  However, it would
depend on KKR's financial policy on the use of free cash flows.
S&P also believes that IBC Capital's high flexibility regarding
its capital expenditure supports its financial risk profile.

IBC Capital's limited scale, single product concentration, and
exposure to the cyclical global tire market are key risks to the
company's competitive position, in S&P's opinion.

IBC Capital's status as a leading intermediate bulk container
service provider globally supports its business risk profile.  In
S&P's view, IBC Capital's customer relationships are firm, given
that the switching cost for customers to other logistics solutions
is high.  S&P anticipates that the rubber transportation business
will continue to grow over the next few years, given its
expectation of steady global tire demand.

IBC's Capital's operating efficiency is high, in S&P's opinion.
The company has good visibility over capacity requirement since
customers are required to submit their IBC needs for the next six
months on a monthly basis.  In addition, IBC Capital has cost
pass-through clauses in its customer contracts.

S&P believes IBC Capital's deleveraging prospect is not fully
captured in its anchor of 'b', given the company's record of
resilient and very solid profitability.  S&P's rating is therefore
one notch higher than the anchor to reflect its "positive"
comparable rating analysis.

S&P's 'B+' issue rating and recovery rating of '3' on the proposed
first-lien term loan reflect its expectation of recovery prospects
at the lower end of its "meaningful" category (50%-70%) in the
event of default.  The 'B-' issue rating and recovery rating of
'6' on the proposed second-lien term loan indicates S&P's
expectation of negligible (0%-10%) recovery in the event of a
payment default.

"The stable outlook factors in our expectation that IBC Capital's
EBIT margin will remain at 35%-40% in fiscal 2015 (ending June
2015) and onward, backed by our stable industry outlook and the
company's higher operating efficiency," said Mr. Nakai.  "We also
anticipate that the company will not have large capital spending
and shareholder distribution and will lower its debt-to-EBITDA
ratio to 5.0x-5.5x over the next two to three years."

An upgrade is unlikely in the next 12 months, given S&P's
assessment of the company's financial sponsor-driven financial
policy, and the financial sponsor's untested leverage appetite.

S&P could lower the rating if IBC Capital's EBIT margin weakens
below 35% without any sign of near-term improvement.  This could
happen if the company's trip volume declines sharply or it loses
some major customers.  S&P could also downgrade the company if a
more aggressive financial policy stance makes sustainable
deleveraging unlikely.  The downside risk will also increase if
IBC Capital's competitive position severely deteriorates, which
could happen as new and larger players enter its operating
segment.



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


ASIAN ALLIANCE: Fitch Affirms IFS Rating at 'B'
----------------------------------------------
Fitch Ratings Lanka has affirmed Sri Lanka-based Asian Alliance
Insurance PLC's (AAIP) Insurer Financial Strength (IFS) Rating at
'B'.  The agency has also affirmed the National Insurer Financial
Strength Rating and the National Long-Term Rating at 'BBB+(lka)',
respectively.  The ratings are on Stable Outlook.

Key Rating Drivers

AAIP's ratings reflect the synergistic benefits from its ultimate
parent, Softlogic Holdings Plc (SHP; BBB+(lka)/Stable) based on
its 47.2% effective ownership. The ratings also reflect AAIP's
modest but growing market share and the pressure on its
capitalisation from aggressive top line growth.

AAIP has operational synergies with the group due to its presence
in healthcare and financial services. The company also has access
to the group's branches and retail outlets across the country. The
company has 53 branches.

AAIP's regulatory solvency for the life segment at 31 March 2014
was 2.89x (end-2013: 2.48x and end-2012: 1.88x). Non-life solvency
deteriorated to 2.02x (end-2013: 2.21x and end-2012: 2.37x) mainly
due to premium growth. The management has committed to maintain
the life solvency above 2x and improve the non-life solvency to 3x
by end-2014.

In 2013, gross written premium (GWP) in life grew 24%, supported
by new business, and the non-life GWP moderated to 31% after
aggressive growth of 90% in 2012. AAIP's investment portfolio
remains heavily exposed to equity at 25.7% of total invested
assets. The non-life combined ratio was very high at 129% and
compares with an industry average of 105%. Management intends to
improve this ratio through a more disciplined approach to pricing
and by concentrating on profitable business lines. Fitch expects
any improvement to the combined ratio to be slow given the intense
price competition in the non-life business.

Established in 1999, AAIP is a composite (life and non-life)
insurer accounting for less than 3% of industry assets at end-
2013. In 2011, the company became a part of SHP, a diversified
conglomerate. In early 2013, strategic investors, Deutsche
Investitions- und Entwicklungsgesellschaft and Financierings-
Maatschappij voor Ontwikkelingslanden N.V. bought 38% of AAIP from
Soft Logic Capital.

Rating Sensitivities
The ratings may be downgraded if there is a sustained weakening in
AAIP's regulatory solvency ratios to below its management-
committed internal thresholds of above 2x for life and 3x for non-
life. Any significant weakening in SHP's credit profile will
result in a downgrade.

A stable contribution from AAIP's life and non-life operations,
resulting in more sustained pre-tax income while strengthening its
market share, is a trigger for an upgrade.



                             *********

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
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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
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                 *** End of Transmission ***