TCRAP_Public/140729.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 29, 2014, Vol. 17, No. 147


                            Headlines


A U S T R A L I A

MILLER DIAMONDS: Placed Into Liquidation
RIBAND STEEL: Goes Into Voluntary Administration


C H I N A

MODERN LAND: Fitch Rates Proposed US$ Sr. Unsec. Notes 'B(EXP)'
REDCO PROPERTIES: Fitch Rates US$ Sr. Unsec. Notes 'B(EXP)'


I N D I A

AARAMBH (INDIA): ICRA Cuts Rating on INR26cr Loans to 'D'
ANAND DISTILLERIES: CRISIL Suspends 'D' Rating on INR350MM Loans
APINDIA BIOTECH: ICRA Upgrades Rating on INR8.44cr Loans From B+
BASIL ASSOCIATES: CRISIL Assigns 'B+' Rating to INR130MM Loan
BLACKSTONE LOGISTICS: CARE Assigns B+ Rating to INR10.77cr Loan

BLAUMANN INDUSTRIES: CRISIL Suspends B- Rating on INR100MM Loans
DESAI COTTEX: CARE Reaffirms 'B' Rating on INR7.01cr Bank Loan
DIN DAYAL: CRISIL Reaffirms 'B+' Rating on INR600MM Loan
DURGA RICE: CRISIL Suspends 'B-' Rating on INR92MM Loans
GHANSHYAM BROS: CRISIL Suspends 'B' Rating on INR63MM Cash Credit

GOLDEN JUBILEE: ICRA Suspends 'D' Ratings on INR385cr Loans
HEMANT SURGICAL: CRISIL Reaffirms 'B+' Rating on INR99cr Loans
HINDUSTAN ZIRCON: ICRA Reaffirms B+ Rating on INR9.09cr Loans
LITTLE BEE: CRISIL Suspends 'D' Rating on INR608.5MM Loans
M.V. WAGHADKAR: ICRA Reaffirms 'B+' Rating on INR8.5cr Loan

MOHAN BREWERIES: CARE Reaffirms 'D' Rating on INR212.04cr Loans
MUMBAI PRODUCTS: CARE Assigns 'B+' Rating to INR8.07cr Bank Loan
NARAYANI RICE: CARE Reaffirms B+ Rating on INR10.56cr Bank Loan
NATIONAL EXPORT: CRISIL Reaffirms 'B+' Rating on INR133.5MM Loans
ORTEL COMMUNICATIONS: CRISIL Suspends D Rating on INR1.53BB Loans

RABIA LOGISTICS: CARE Assigns B+ Rating to INR9.23cr Bank Loan
ROLTA INDIA: Fitch Assigns 'BB-' Rating on Unit's USD300MM Notes
S.B. SAHOO: ICRA Assigns 'B+' Rating to INR7cr Loan
SAGAR PULP: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
SANJAY COTTON: CRISIL Assigns 'B+' Rating to INR50.5MM Loans

SANTARAM SPINNERS: CARE Assigns B+ Rating to INR2.90cr Bank Loan
SHIVA SATYA: CARE Reaffirms 'D' Rating on INR40.40cr Bank Loan
SHREEJI POWER: CRISIL Suspends 'D' Rating on INR215MM Loans
SHUBHAM COTTON: CRISIL Reaffirms 'B' Rating on INR180MM Loans
SIKKIM BREWERIES: CRISIL Suspends 'D' Rating on INR300MM Loan

SUMANJALI PARBOILED: ICRA Assigns 'B+' Rating to INR4.0cr Loan
SWASTIK REALTY: ICRA Upgrades Rating on INR100cr Loan From B
U K. CEMENT: CRISIL Suspends 'B' Rating on INR520MM Bank Loan


N E W  Z E A L A N D

CHORUS LTD: Amends Committed Bank Facilities, Dividend Update
SPI PROPERTY: Auditor's Report Cites Securities Act Breaches


P H I L I P P I N E S

CHINA BANKING: Fitch Affirms 'BB' LT IDR; Outlook Stable


S O U T H  K O R E A

LEO MOTORS: Appoints Jeong Youl Choi as Chief Financial Officer
LEO MOTORS: Asher Enterprises Holds 5% Equity Stake


S R I  L A N K A

DFCC BANK: Fitch Rates IDR at 'B+'; Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week July 21 to July 25, 2014


                            - - - - -


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


MILLER DIAMONDS: Placed Into Liquidation
----------------------------------------
Sule Arnautovic of Jirsch Sutherland was appointed as liquidator
of Miller Diamonds Pty Ltd on July 18, 2014.

Miller Diamonds Pty Ltd is a Sydney-based diamond supplier.


RIBAND STEEL: Goes Into Voluntary Administration
------------------------------------------------
ABC News reports that Riband Steel Pty Ltd has gone into voluntary
administration with the loss of 12 jobs.

It comes after 60 workers lost their jobs at Wangaratta's Bruck
Textiles earlier this month, the report says.

The staff of Riband Steel were told by liquidators on July 23 and
handed separation certificates, according to the report.

According to ABC News, the liquidator, Greg Andrews from GS
Andrews Advisory, said no money was put aside for the workers'
entitlements and he does not think the business can be sold.

"But if we make sufficient recoveries from the company's debtors
then the employees' entitlements may well be met from the
company's assets," the report quotes Mr. Andrews as saying.
"Obviously in circumstances such as these you want to make sure
that the employees have immediate access to government support.
We think that we'll be selling off the assets of the company that
are on site there at Wangaratta.  We anticipate an auction will be
conducted on that site, so it's unlikely that we'll find a buyer
for the existing facility."

Riband Steel Pty Ltd specialises in design construction and a
variety of steel products.



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


MODERN LAND: Fitch Rates Proposed US$ Sr. Unsec. Notes 'B(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Modern
Land (China) Co., Limited's (Modern Land; B/Stable) proposed US
dollar senior unsecured notes an expected rating of 'B(EXP)' and
Recovery Rating of 'RR4'.

The notes are rated at the same level as Modern Land's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.  The
final rating of the proposed notes is contingent upon receipt of
documents conforming to information already received.  Modern Land
plans to use the proceeds for refinancing of existing borrowings
as well as general corporate purposes.

KEY RATING DRIVERS

Land Acquisition Raises Leverage: Fitch expects Modern Land's net
debt to adjusted inventory to rise to over 35% by mid-2014,
reversing from a net cash position at end-2013, and the company's
contracted sales/gross debt to decline to around 1.3x from 2.0x
over the same period.  This is due to an estimated CNY3bn of
payments for land acquisitions in 1H14 to expand the company's
scale.  However, Fitch expects a larger number of sales launches
and lower land premium payments in 2H14 to improve Modern Land's
credit metrics from 2H14.

Limited Scale: Modern Land's limited scale in terms of land bank,
contracted sales and geographical coverage leaves the company
susceptible to greater volatility in earnings.  Modern Land's
contracted sales of CNY2.29bn for 1H14 (2013: CNY4.4bn) and its
current land bank of about 2.8 million sqm (excluding presold
properties) as at the end-2013 are commensurate with homebuilders
rated in the 'B' category (those rated 'B+', 'B' or 'B-').

Product Mix May Dilute Margin: Modern Land has been generating
strong EBITDA margin of 25%-33% over the past three years (2013:
29%), a level higher than Chinese mass market homebuilders in
general.  This is due to a combination of high-end products in
Beijing, its product differentiation strategy and the company's
comparatively lower land cost.  Modern Land is likely to maintain
its margin at the current level for the next two years, boosted by
continuing sales of high-end products.  However, the EBITDA margin
would likely moderate to around 20%-25% over the medium term
because of its increasing exposure to the mid-end and mass market
segments in lower-tier cities as well as higher land costs (end-
2013: CNY2,699/sqm versus recent land acquisition costs of
CNY1,800-CNY7,388/sqm).

Longer Gestation Period for Niche Product: Modern Land's market
positioning as a niche homebuilder that provides energy-efficient
homes needs a longer gestation period because it will take time
for the company to make its products known, particularly in the
second- and third-tier cities that the company has recently
entered.  Gross profit margins for initial launches are likely to
be lower (20%-30%) and the company is only likely to be able to
raise prices in subsequent launches after obtaining market
acceptance following the handover of the initial projects.

Sales Geographically Concentrated: Modern Land currently has six
projects under development in six cities across five provinces.
While the majority of its land bank is in lower-tier cities such
as Xiantao and Changsha, the company's contracted sales for the
next two years would likely be still driven by projects in Beijing
and Taiyuan, which have higher value and margins.  In Fitch's
view, meaningful geographical diversification will occur when
Modern Land's operations in lower-tier cities mature and it is
able to sustain its profit margins over the medium term even
though a smaller proportion of sales come from Beijing and
Taiyuan.

RATING SENSITIVITIES

Positive rating action is not expected in the next 18-24 months
due to Modern Land's small operational scale.  However, future
developments that may, individually or collectively, lead to
positive rating action include:

   -- Contracted sales sustained above CNY7bn without
      compromising leverage
   -- EBITDA margin sustained above 25%

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

   -- EBITDA margin sustained below 20%
   -- Contracted sales/gross debt sustained below 1.0x
   -- Net debt/adjusted inventory sustained above 40%


REDCO PROPERTIES: Fitch Rates US$ Sr. Unsec. Notes 'B(EXP)'
-----------------------------------------------------------
Fitch Ratings has published China-based residential property
developer Redco Properties Group Limited's (Redco) senior
unsecured rating of 'B' and recovery rating of 'RR4'.  Fitch has
also assigned Redco's proposed US dollar senior unsecured notes an
expected rating of 'B(EXP)', and recovery rating of 'RR4'.

The notes are rated at the same level as Redco's senior unsecured
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.  The final rating of
the proposed notes is contingent upon receipt of documents
conforming to information already received.

Redco's 'B' rating is supported by its low land-bank cost,
satisfactory profit margin and prudent control on SG&A expenses.
However, the rating is constrained by its small business scale,
overall land-bank quality and aggressive bidding for land in
Shenzhen.

KEY RATING DRIVERS

Limited Business Scale: Redco has a limited business scale among
the Chinese property developers that Fitch has rated.  With 11
projects in the pipeline in seven cities, Redco had a land-bank
size of 4.0m square metres (sqm) as at end-2013.  Redco achieved
contracted sales of CNY3.1bn in 2013.  Fitch thinks Redco does not
have a significant presence in any of the cities except for
Nanchang, where Redco ranked seventh in terms of contracted sales
in 2013.

Projects Mostly In Secondary Locations: Redco's projects are
mostly in secondary locations (except in Nanchang and Jinan),
which is reflected in its low average selling price of
CNY6,473/sqm in 2013.  Fitch expects the company to add land
mainly in Yantai, Xianyang and the seafront of Tianjin, where
Redco has 4.3m sqm GFA of land pending acquisition under framework
agreements with local governments.  The potential downside risk is
insufficient demand for these sizable projects in secondary
locations where there is abundant supply from competitors.

Aggressive Bidding In Shenzhen: Fitch has concerns that Redco is
being aggressive in purchasing land in public auctions when it
enters new cities with intense competition.  For example, in
Fitch's opinion, the land parcel that Redco bought in Shenzhen in
4Q13 was not cheap.  The land is in Pingshan district and was sold
at CNY980m, 211% above the base price.  Redco placed a high
priority on building its brand name in Shenzhen, a first-tier city
that it was entering.  However, the property market in China has
shown signs of faltering in 2014, and the profit margin of Redco's
Shenzhen project could be squeezed.

Low Land Cost: Redco enjoyed a low land cost of CNY962/sqm at end-
2013 through early involvement with local governments and
acquiring land at cheaper costs.  Redco has also signed framework
agreements or letters of intent with local governments in Tianjin,
Yantai and Xianyang to make sure that it can continue to expand
its land bank at lower costs.

Margins Comparable to Peers': In 2012-2013, Redco achieved gross
profit margin of around 30%, a level that is comparable to
similarly rated peers'.  This is because Redco acquired land in
earlier years at low costs and it enjoyed rising property prices
over the last few years.  Besides, Redco controls its SG&A expense
well, which amounted to 5.1% and 6.0% of its contracted sales and
gross revenue respectively in the past three years.  However,
Redco's profit is heavily concentrated on two to three projects.
Hence, its profit margin could be volatile.

Sufficient Liquidity to Repay Debt: At end-December 2013, Redco
had cash and cash equivalents of CNY828m (excluding restricted
cash of CNY132m).  Together with the IPO net proceeds of CNY752m
received in January 2014, we believe that this is sufficient to
cover the company's short-term debt of CNY474m and settle the
amounts due to related parties of CNY748m in 2014.

RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Annual contracted sales sustained above CNY8bn (2013:
      CNY3.1bn) without compromising leverage, and
   -- EBITDA margin sustained above 20% (2013: 28%), and
   -- Contracted sales/total debt sustained above 1.3x (2013:
      2.1x).

Negative: Factors that may, individually and collectively, lead to
negative rating action include:

   -- Net debt/ adjusted inventory sustained above 50% (end-2013:
      32.6%), or
   -- EBITDA margin sustained below 15%, or
   -- Contracted sales/total debt sustained below 1.0x.



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


AARAMBH (INDIA): ICRA Cuts Rating on INR26cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the
INR13.00crore fund based limits of Aarambh (India) Private Limited
from [ICRA]BB+ to [ICRA]D. ICRA has also revised the short term
rating assigned to the INR13.00crore non fund based limits of AIPL
from [ICRA]A4+ to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund        13.00      [ICRA]D; downgraded
   Based Limits                     from [ICRA]BB+ (stable)

   Short Term Fund       13.00      [ICRA]D; downgraded
   Based Limits                     from [ICRA]A4+

The rating revision takes into account delays in the debt
servicing by the Company. Further, the ratings are constrained by
seasonal and intensely competitive nature of the agro industry,
AIPL's modest scale of operations and its low bargaining power
vis-…-vis its customers who are relatively large entities. The
ratings assigned also factor in vulnerability of AIPL's
profitability margins to volatility in commodity prices and
foreign exchange fluctuation risk on export receivables.
Nevertheless, ICRA takes note of the long and established track
record of promoters in export of agricultural commodities.

AIPL was incorporated in 1996 and was taken over by current
directors- Mr. Shri Kant and Mr. Ajay Pal Singh in 2000. The
company is engaged in export of rice (basmati and non-basmati),
fresh fruits & vegetables, almonds and spices as well as in
contract farming in Uttar Pradesh.


ANAND DISTILLERIES: CRISIL Suspends 'D' Rating on INR350MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anand Distilleries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              67.5     CRISIL D Suspended

   Proposed Long Term
   Bank Loan Facility       42.5     CRISIL D Suspended

   Term Loan               240       CRISIL D Suspended

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

ADPL was incorporated in 1988, promoted by Mr. Anand Bhamore. The
company is engaged in the manufacture of spirits and country
liquor. The manufacturing facility of the company is situated at
Ketakpur (Maharashtra).


APINDIA BIOTECH: ICRA Upgrades Rating on INR8.44cr Loans From B+
----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR8.44 crore
bank facilities of Apindia Biotech Private Limited to [ICRA]BB-
from [ICRA]B+. The outlook on long term rating is stable. ICRA has
also reaffirmed the short term rating of [ICRA]A4 to INR0.05 crore
non fund based bank facility of ABPL. Further, ICRA has also
assigned ratings of [ICRA]BB- and [ICRA]A4 to INR7.51 crore
unallocated limits of ABPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Cash Credit             1.00      Upgraded to [ICRA]BB-
                                     (Stable) from [ICRA]B+

   Term Loans              7.44      Upgraded to [ICRA]BB-
                                     (Stable) from [ICRA]B+

   Non Fund Base Working   0.05      [ICRA]A4 reaffirmed
   Capital Limits

   Unallocated Limits      7.51      [ICRA]BB-(Stable)/[ICRA]A4
                                     Assigned

The revision in the long-term rating takes into account improved
financial risk profile as reflected by reduced gearing and
improved liquidity position by equity infusion and moderate cash
accruals. The upgrade of the long-term rating also factors in the
approval of fiscal benefits available to the company during FY 14.
The ratings continue to favourably factor in the long track record
of promoters and proximity of manufacturing facility to raw
material. The ratings also take into consideration the fact that
the promoter group has extended support to the company in form of
fresh equity and conversion of advances to equity in FY14.

However, the ratings are constrained by customer concentration
risk, as almost all of ABPL sales is directed towards single
customer only; modest scale of operation and low capacity
utilization with the profitability remaining vulnerable to agro-
climatic & regulatory risk inherent in fertilizer business. The
ratings also factor in suppliers and geographical concentration
risks as heavy rainfall in the area resulted in constrained raw
material supply in FY14 affecting operations of the company.
Further, ICRA takes note of the limited financial flexibility of
the company owing to large repayments in relation to expected cash
generation in FY15.

APIndia Biotech Private Limited is engaged in the manufacturing of
granulated NPK fertilizers and beneficiated rock phosphate (BRP).
The company was incorporated in 1998 and was engaged in the
manufacture and sale of primarily NPK fertilizers till FY12.
However, from FY13 onwards the company diversified into
manufacturing of beneficiated rock phosphate. The manufacturing
facilities of the company are located at Deewanganj and Meghnagar
in Madhya Pradesh. The facilities are located near rock phosphate
mines which are prime raw material for SSP (Single Super
Phosphate) fertilizers.

Recent Results:
Based on provisional accounts, the company reported a net profit
of INR1.35 crore on an operating income of INR20.94 crore in FY14
against net profit of INR1.78 crore on an operating income of
INR23.95 crore in FY13.


BASIL ASSOCIATES: CRISIL Assigns 'B+' Rating to INR130MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Basil Associates.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        130     CRISIL B+/Stable

The rating reflect the firm's small scale of operations in a
fragmented civil construction industry, large working capital
requirements and it's below average financial risk profile marked
by subdued debt protection metrics. These rating weaknesses are
partially offset by the promoter's extensive experience in the
civil construction industry, and its moderate order book
Outlook: Stable

CRISIL believes that BA will benefit over the medium term from its
partners' industry experience in the civil construction segment.
The outlook may be revised to 'Positive' in case the firm scales
up its operations significantly while improving its profitability,
leading to better-than-expected cash accruals and improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case BA reports lower than expected revenues or
profitability or its working capital management deteriorates
resulting in stretched liquidity or if the firm undertakes a large
debt funded capex programme leading to weakening of financial risk
profile.

Set up in 1985, BA is engaged in execution of civil contracts. The
daily operations of the firm are managed by Mr. Basil Varghese.

The firm reported a net profit of INR2.9 million on net sales of
INR200 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR2.6 million on net sales
of INR181 million for 2011-12.


BLACKSTONE LOGISTICS: CARE Assigns B+ Rating to INR10.77cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Blackstone
Logistics Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.77      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Blackstone Logistics
Private Limited is constrained by the nascent stage of operations,
limited experience of the promoters in the warehousing industry,
leveraged capital structure and high dependence upon a single
customer.

These factors far offset the benefits derived from tie-up for
entire storage space with reputed players, thereby leading to
low counter party risk along with favorable prospects of the
warehousing industry.

The ability of BLPL to increase scale of operations by efficiently
utilizing the warehousing space amidst high competition along with
timely receipts of rentals are the key rating sensitivities.

Incorporated in 2010, Blackstone Logistics Private Limited is
engaged into leasing of warehouses. The warehouse is located at
Khamgaon, Maharashtra, measuring 2.10 lakh square feet with
storage capacity of 35,000 Metric tonnes (MT).

BLPL completed construction of warehouse in July 2013 and leased
out the entire space to Maharashtra State Warehousing Corporation
(MSWC) for storage of agro commodities.

As per FY14 provisional result (refers to the period April 1 to
March 31), the company posted a total operating income of
Rs.1.74 crore and incurred a net loss of INR0.67 crore.


BLAUMANN INDUSTRIES: CRISIL Suspends B- Rating on INR100MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Blaumann Industries Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60       CRISIL B-/Stable Suspended
   Letter of Credit         10       CRISIL A4 Suspended
   Term Loan                40       CRISIL B-/Stable Suspended

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

Sri Harihar Industries was established as a proprietorship firm of
Blaumann Agencies Pvt Ltd in 1994. BAPL is a family-owned company
founded in 1988 by Mr. S P Agarwal. Later in April, 2012, the name
BAPL was changed to Blaumann Industries Pvt Ltd (BIPL). BIPL was
engaged in the manufacturing and export of narrow woven fabrics,
comprising of plain and elastic tapes used for manufacturing
hosiery, through SHI. The manufacturing activity will henceforth
be conducted under BIPL.


DESAI COTTEX: CARE Reaffirms 'B' Rating on INR7.01cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Desai Cottex.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.01      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Desai Cottex
continues to remain constrained on account of DEC's small scale of
operations in a highly fragmented and competitive cotton ginning
industry, susceptibility of operating margins to the raw material
price fluctuation, seasonality associated with the cotton industry
and susceptibility to the change in the government policies. The
rating is further constrained due to its financial risk profile
marked by thin profit margins, moderately leveraged capital
structure, moderate debt coverage indicators and moderate
liquidity position.

The rating continues to derive benefits from the partners'
experience and location advantage in terms of proximity to the
cotton-growing regions in Gujarat.

The ability of DEC to increase its scale of operations with an
improvement in profit margins in light of volatile raw material
prices and improvement in the capital structure along with better
working capital management remain the key rating sensitivities.

Amreli-based (Gujarat), Desai Cottex (DEC) was established as a
partnership firm in May, 2012 by six partners namely Mr
Manubhai Desai, Mr Bhagwanbhai Desai, Mr Jaysukhbhai Desai, Mr
Vijaybhai Desai, Mr Sureshbhai Desai and Mr Hirenbhai Desai. DEC
completed a Greenfield project in the field of cotton ginning and
pressing during November 2013 with an installed capacity of 5,032
MTPA for cotton bales and 8,806 MTPA for cotton seeds as on
March 31, 2014 at Amreli (Gujarat).

DEC has another associate concern in the name of M/s. Desai & Co.
which is engaged in the business of timber trading. It is a
partnership firm and is managed by Mr Manubhai Desai, Mr
Bhagwanbhai Desai, Mr Jaysukhbhai Desai and Mr Vijaybhai Desai.
During FY14 (refers to the period April 1 to March 31), DEC
reported a TOI of INR24.23 crore and PAT of INR0.03 crore.


DIN DAYAL: CRISIL Reaffirms 'B+' Rating on INR600MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Din Dayal
Purushottam Lal continues to reflect DDPL's average financial risk
profile, marked by a small net worth and high ratio of total
outside liabilities to tangible net worth. The rating also factors
in the firm's low profitability due to the trading nature of its
operations and its exposure to intense market competition. These
rating weaknesses are partially offset by the extensive experience
of DDPL's partners in the cotton trading business, and its long-
standing relationships with its major customers and suppliers.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           600      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated unsecured loans
from partners as neither debt nor equity as they are subordinated
to bank borrowings and are expected to remain in the business over
the medium term.

Outlook: Stable

CRISIL believes that DDPL will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if there is substantial improvement
in DDPL's financial risk profile, most likely through fresh equity
infusion, improvement in its overall working capital requirements,
or more-than-expected increase in its net cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
further weakening in the firm's financial risk profile, most
likely caused by withdrawal of sizeable capital by its partners,
or deterioration in its working capital management, or lower-than-
expected cash accruals

Update
For 2013-14 (refers to financial year, April 1 to March 31), DDPL
registered estimated sales of around INR6.3 billion, as against
INR6.2 billion a year ago. This has mainly been due to supply
constraints in terms of cotton procurement which has led to modest
revenue growth through the year. The firm's operating
profitability continues to remain stable at about 1 per cent for
2013-14 and is expected to remain modest on account of the trading
nature of business over the medium term.

DDPL has moderate operating cycle with debtor, inventory and
creditors at 30 days of sales, 10 days of sales and 7 days of
purchases respectively estimated for 2013-14, marking gross
current asset of over 45 days for 2013-14. DDPL also has an
average financial risk profile, with a total outside liabilities
to tangible net worth ratio of 2 times, interest coverage and net
cash accruals to debt ratios at 1.2 times and 0.03 times
respectively estimated for 2013-14. DDPL has moderate liquidity.
For 2013-14, its cash accruals are expected at around INR0.9
million against zero debt obligations. Furthermore, the firm has
highly utilised its bank limits of INR480 million at an average of
94 per cent over the 12 months through March 2014.
About the Firm

DDPL was founded in 1971. The firm undertakes cotton trading on a
direct-sale-purchase basis. Its head office is in Sirsa (Haryana).
Its partners are Mr. Lalit Mohan Sharda, and his sons, Mr. Mahesh
Sharda and Mr. Pankaj Sharda.

DDPL reported a profit after tax (PAT) of INR7.1 million on net
sales of INR6.19 billion for 2012-13, as against a PAT of INR5
million on net sales of INR6.91 billion for 2011-12.


DURGA RICE: CRISIL Suspends 'B-' Rating on INR92MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Durga
Rice Mills.

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

   Proposed Long Term
   Bank Loan Facility     39.8    CRISIL B-/Stable Suspended

   Term Loan               2.2    CRISIL B-/Stable Suspended

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

DRM, set up in 1982 as a partnership firm by Mr. Madan Gopal and
Mr. Lala Ram, is engaged in milling, processing, and selling
basmati and non-basmati rice and its by-products.


GHANSHYAM BROS: CRISIL Suspends 'B' Rating on INR63MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ghanshyam Bros.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               63      CRISIL B/Stable Suspended

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

GB was established in 2000 as a partnership firm by Mr. Kulbhushan
Goel and his brother Mr. Rajesh Goel in Karnal (Haryana). At
present, key promoter Mr. Kulbhushan Goel and his son, Mr.
Abhimanyu Goel, look after the day-to-day operations of the firm.
GB is mainly engaged in milling and marketing of both basmati and
non-basmati rice.


GOLDEN JUBILEE: ICRA Suspends 'D' Ratings on INR385cr Loans
-----------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' assigned to
the INR350.00 crore long term loans and the short term [ICRA]D
assigned to the INR35.00 crore non fund based limits of Golden
Jubilee Hotels Limited.  The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the Company.


HEMANT SURGICAL: CRISIL Reaffirms 'B+' Rating on INR99cr Loans
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Hemant Surgical
Industries Ltd continue to reflect its below-average financial
risk profile, marked by a small net worth, high total outside
liabilities by total net worth (TOLTNW) ratio and below-average
debt protection metrics. The rating also factors in HSIL's large
working capital requirements and its modest scale of operations.
These weaknesses are partially offset by the promoters' experience
in the medical equipment and disposables distribution segment and
established relationship with the principals.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee            1      CRISIL A4 (Reaffirmed)

   Cash Credit              90      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        100      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        9      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HSIL will benefit over the medium term from
its established relationship with its key principals and the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its liquidity with a
material increase in its revenue and profitability margins or a
significant equity infusion. Conversely, the outlook may be
revised to 'Negative' if the company's debt protection metrics
deteriorate with a decline in profitability or sizeable debt to
meet its working capital requirements.

HSIL, established as a proprietorship firm by Mr. Hanskumar Shamji
Shah in 1983, was reconstituted as a closely held public limited
company in 1989. The Mumbai-based company markets and distributes
medical equipment and disposables and also manufactures
injectables formulations.

For 2013-14 (refers to financial year, April 1 to March 31), HSIL
reported, on a provisional basis, a profit before tax (PAT) of
INR4.8 million on net sales of INR312.9 million; the company
reported a PAT of INR5.5 million on net sales of INR302.5 million
for 2012-13.


HINDUSTAN ZIRCON: ICRA Reaffirms B+ Rating on INR9.09cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR8.00 crore cash credit facility and INR1.09 crore (reduced from
INR1.43 crore) term loan facility of Hindustan Zircon.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           8.00        [ICRA]B+ reaffirmed
   Term Loans            1.09        [ICRA]B+ reaffirmed

Rating Rationale
The reaffirmation of rating factors in the modest scale of the
firm's operations and significant increase in the working capital
intensity in its business in FY 2013 and FY 2014 owing to
stretched receivables and high inventory levels. The rating also
takes into account the vulnerability of profitability to
fluctuations in prices of raw materials and adverse foreign
exchange rate movements. The rating is further constrained by the
intensely price competitive business environment given the
fragmented industry structure for CGF segment. ICRA also notes
that the demand for frits remains exposed to performance of
ceramic tile industry which remains dependent on real estate
business cycles. Further, as HZ is a partnership firm, any
significant withdrawals from the capital account by the partners
would adversely affect its net worth and thereby its capital
structure and thus remains a key rating sensitivity.
The rating, however, favourably factors in the long experience of
promoters and Astron group of industries in the domestic ceramic
industry; the location advantage derived from proximity of its
manufacturing facility to major tile manufacturing hubs like
Morbi, Kadi, Himmatnagar etc. in Gujarat, and captive consumption
by group concerns which partly mitigates the off take risk for the
firm.

Incorporated in July 2010, Hindustan Zircon (HZ) is a partnership
firm engaged in the business of manufacturing Zirconium Silicate -
a mineral used as an input during manufacturing of ceramic glaze
frits for tiles, sanitary ware etc at its facility located at
Himmatnagar, Gujarat. The firm is a part of Astron Group. The
group has been associated with the ceramic tile industry for over
a decade and is primarily engaged in the manufacturing of ceramic
and zircon products which are the key raw materials required for
manufacturing of ceramic tiles. The other group concerns include
Shreenath Ceramic Industries (rated at [ICRA]BB-
(Stable)/[ICRA]A4), Spire Cera Frit Private Limited (rated at
[ICRA]BB-(Stable)/[ICRA]A4), Welsuit Glass & Ceramics Private
Limited and Vishwa Glass & Ceramics Private Limited.

Recent Results

During FY 2014 (provisional financials), HZ reported an operating
income of INR35.88 crore and profit after tax of INR0.66 crore as
against an operating income of INR30.15 crore and profit after tax
of INR0.32 crore during FY 2013.


LITTLE BEE: CRISIL Suspends 'D' Rating on INR608.5MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Little
Bee Impex.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL D Suspended
   Export Packing Credit    250      CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility       135.8    CRISIL D Suspended
   Term Loan                 32.7    CRISIL D Suspended
   Working Capital
   Term Loan                170      CRISIL D Suspended

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

Little Bee was formed as a partnership firm in 2003. It is engaged
in bee-keeping and extracting, processing, and exporting honey.
The firm, till 2010-11, was an export-oriented unit and mainly
exported to the US and the Middle East. In January 2012, the firm
surrendered its EOU status, so as to be able to sell in the local
markets as well. The firm has a manufacturing facility in Ludhiana
(Punjab) and procures unprocessed honey through its network of
more than 6000 bee-keepers (80 per cent of the annual
requirements) and 50,000 captive beehives (20 per cent). The firm
is part of a group that includes Kashmir Apiaries Pvt Ltd
(supplier of honey in the domestic market), M/s Kashmir Apiaries
Exports (exporter of honey in bulk quantities), M/s Lee Bee Foods
(manufacturer of jams and pickles), and M/s Little Bee Products
(manufactures chips).


M.V. WAGHADKAR: ICRA Reaffirms 'B+' Rating on INR8.5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ on the
INR8.50 crore long-term bank facilities of M.V. Waghadkar & Sons
Jewellers Private Limited. The rating suspension done in February
2014 stands revoked.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term, Fund-      8.50       [ICRA]B+ reaffirmed;
   based facilities                 suspension revoked

The rating reaffirmation takes into account promoters' experience
and operating track record of over three generations in the
jewellery retail industry with established presence in Thane
region and the future scope of value unlocking from inventory held
on books due to LIFO basis of accounting followed by the company.
ICRA also notes the strong revenue growth reported during FY13
driven by expansion and healthy demand. However, revenue growth
was constrained during FY14 due to various regulatory measures.

The rating is however constrained by the small scale of jewellery
retailing operations in a highly fragmented and cost competitive
industry with low profitability levels, adverse capital structure
with high leverage, weak debt protection metrics and stretched
liquidity profile of the company.

M.V. Waghadkar & Sons Pvt. Ltd. was founded by the late Mr.
Waghadkar in 1943. It is a family business spanning three
generations of the promoter family. The company is involved in the
business of manufacturing and retailing of gold, silver and
diamond ornaments. The company was set up as a proprietorship
concern in the name of M.V.Waghadkar & Sons Jewellers. In the year
1991, it was converted into a private limited company and the name
was changed to its current name. MVW has two retail outlets in
Thane district Dombivali and Kalyan. The stores are spread over an
area of ~6,000 square feet.

Recent results:
MVW reported profit after tax (PAT) of INR0.28 crores on operating
income of INR31.62 crores for FY 2012-13.


MOHAN BREWERIES: CARE Reaffirms 'D' Rating on INR212.04cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mohan Breweries And Distilleries Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    182.22      CARE D Reaffirmed
   Short-term Bank Facilities    29.82      CARE D Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Mohan Breweries and
Distilleries Limited continue to take into account the instances
of delays in debt servicing by MBDL.

Mohan Breweries and Distilleries Limited was incorporated in 1982
to manufacture and sell Indian Made Foreign Liquor (IMFL) in Tamil
Nadu. As on September 30, 2013, the entire stake in MBDL is held
by Mr M Nandagopal and family members.

As on September 30, 2013, MBDL has an installed capacity of 78.63
lakh cases of IMFL in TN, 12 lakh cases of IMFL in AP, 105.3 lakh
cases of beer in TN, 62 KLPD distillery unit in TN and 78,000 TPA
(tonnes per annum) installed capacity of glass production. MBDL
also has a 35.2 MW wind farm plant.

As on September 30, 2013, MBDL had investments aggregating INR117
crore in the form of preference share capital in M/s Binny Ltd
(BL). MBDL expects to realise a sum of nearly INR166 crore from BL
including arrears of cumulative dividend aggregating INR48 crore,
as BL has sold a portion of its land holding. In FY13 (refers to
the period October 1 to September 30), the company also revalued
its land holding at prevailing market prices, resulting in a
significant revaluation reserve.

As per the audited results for FY13, MBDL reported a net loss of
INR43 crore over a total income of INR599 crore as against
a PAT of INR47 crore over a total income of INR621 crore during
FY12. The delays in debt servicing can be attributed to the
stressed liquidity position of the company due to a delay in
realisation of the receivables, absence of returns from
investments made in subsidiaries & associates and the net loss
made by the company in FY13.


MUMBAI PRODUCTS: CARE Assigns 'B+' Rating to INR8.07cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Mumbai
Products (India).

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     8.07       CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo a change in case of the withdrawal of the
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Mumbai Products
(India) is primarily constrained on account of its relatively
small scale of operations in the highly competitive and fragmented
textile industry and its weak financial risk profile marked by
thin profitability, leveraged capital structure, stressed debt
coverage indicators and working capital intensive nature of
operations. The rating, further, constrained due to vulnerability
of its profit margins to fluctuations in the raw material prices
and its constitution as a proprietorship concern.

The rating, however, derives strength from significant experience
of the proprietor in the textile industry, its established
marketing network and diversified customer base.

The ability of the firm to increase its scale of operations while
improving profitability in light of the volatile raw material
prices and efficient management of working capital is the key
rating sensitivities.

Balotra-based (Rajasthan) MPI was formed as a proprietorship
concern in 2004 by Mr Jitendra Kumar. MPI is engaged in
the processing of cotton grey fabrics and produces dyed poplin
which is used in ladies dress material mainly petticoats.
The firm has its processing facility located at Balotra with an
installed capacity of 250 Lakh Meters Per Annum (LMPA) as
on March 31, 2014, wherein the firm carries out phase-wise process
of mercerizing, dyeing starch padding and finishing of
cloths.

Padam Shree Tex Fab Private Limited (PSPL; rated 'CARE BB-') is an
associate concern of MPI which is engaged in the dyeing and
processing of synthetic fabrics with an installed capacity of 400
LMPA and its processing facilities are located at Balotra.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), MPI has reported a total operating income of
INR70.87 crore as against INR58.40 crore during FY13 and PAT of
INR0.23 crore during FY14 as against INR0.13 crore during FY13.


NARAYANI RICE: CARE Reaffirms B+ Rating on INR10.56cr Bank Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Narayani
Rice Mill Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.56      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.24      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Narayani Rice Mill
Private Limited continue to remain constrained by its nascent
stage coupled with its small scale of operations in a highly
regulated, fragmented and competitive industry, exposure to the
vagaries of nature and working capital intensive nature of
operations leading to a leveraged capital structure. The ratings,
however, continue to derive strength from the experience of the
management and proximity of the plant to the raw material sources.

The ability of the company to increase its scale of operations
along with an improvement in the profitability margins and
effective management of working capital would be the key rating
sensitivities.

NRMPL was incorporated on March 10, 2010, jointly by eight female
members of four business families (the Khemka family of Durgapur,
the Gaddhyan family of Chirkunda, the Agarwal family of Asansol
and the Saraya family of Durgapur).

The company is engaged in the processing and milling of non-
basmati rice with an aggregate installed capacity of 48,000
metric tonnes per annum (MTPA) at its plant located in Burdwan,
West Bengal. NRMPL has commenced commercial operations at its
plant from March 2012 onwards.

During FY14 (refers to the period April 1 to March 31), NRMPL
achieved a PBILDT of INR2.24 crore (Rs.1.98 crore in FY13)
and a PAT of INR0.21 crore (Rs.0.07 crore in FY12) on the total
income of INR37.15 crore (Rs.33.42 crore in FY13).


NATIONAL EXPORT: CRISIL Reaffirms 'B+' Rating on INR133.5MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of National Export
Industries continue to reflect NEI's weak financial risk profile
marked by below-average capital structure and weak debt protection
metrics, its large working capital requirements, and small scale
of operations in the fragmented edible oils industry. These rating
weaknesses are partly offset by the established position of NEI's
promoters in the edible oils industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         0.1      CRISIL A4 (Reaffirmed)
   Cash Credit          120.0      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    13.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NEI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations substantially and improves its capital
structure, most likely driven by capital infusion by promoters or
by improvement in working capital management. Conversely, the
outlook may be revised to 'Negative' if the firm's financial risk
profile weakens, most likely because of large capital withdrawals,
or if its profitability declines significantly, leading to
pressure on its cash accruals.

NEI, a partnership firm, is based in Gujarat. The firm
manufactures and trades in edible oils and de-oiled cakes. Set up
in 1988, NEI was taken over by its current promoters in 1994.

NEI reported a book profit of INR7 million on net sales of INR430
million for 2013-14 (refers to financial year, April 1 to
March 31), against a book profit of INR6 million on net sales of
INR576 million for 2012-13.


ORTEL COMMUNICATIONS: CRISIL Suspends D Rating on INR1.53BB Loans
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ortel
Communications Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       100      CRISIL D Suspended
   Rupee Term Loan        1,435.3    CRISIL D Suspended

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

Ortel was established as a private limited company in 1996. Ortel
provides analogue and digital cable television services and high-
speed internet access, primarily in Orissa.


RABIA LOGISTICS: CARE Assigns B+ Rating to INR9.23cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Rabia
Logistics Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.23       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Rabia Logistics
Private Limited is constrained by the nascent stage of operations,
limited experience of the promoters in the warehousing industry,
leveraged capital structure and high dependence upon a single
customer.

These factors far offset the benefits derived from tie-up for the
entire storage space with reputed player leading to low
counter party risk, favorable government policies and favorable
prospects of the warehousing industry.

The ability of RLPL to increase the scale of operations by
efficiently utilizing the warehousing space amidst high
competition along with timely receipts of rentals are the key
rating sensitivities.

Incorporated in 2008, Rabia Logistics Private Limited (RLPL) is in
the business of constructing and leasing out warehouses. RLPL
completed construction of its warehouse in June 2013 and has
subsequently entered into a long-term contract to lease out the
entire space with Central Warehousing Corporation (CWC). RLPL has
a warehouse measuring 1.8 lakh square feet with a total storage
capacity of 30,000 Metric Tonnes (MT) and is located in Washim
district, Maharashtra.

As per the provisional results during FY14 (refers to the period
April 1 to March 31), RLPL reported a total income of INR1.03
crore with a net loss of INR0.14 crore and GCA of INR0.23 crore.


ROLTA INDIA: Fitch Assigns 'BB-' Rating on Unit's USD300MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Rolta Americas LLC's USD300m 8.875%
senior unsecured notes due 2019 a final rating of 'BB-'.  The
final rating follows the receipt of documents conforming to
information already received, and is in line with the expected
rating assigned on 15 July 2014.  Rolta Americas LLC is a wholly
owned subsidiary of Rolta India Limited (Rolta; BB-/Stable), a
company with interests in information technology (IT) and
geospatial services.

The notes are unconditionally and irrevocably guaranteed by Rolta,
and are therefore rated at the same level as Rolta's foreign-
currency senior unsecured rating of 'BB-'.  The company will use
about 75% of the proceeds of the notes to refinance its existing
secured debt and the balance for general corporate purposes.  The
notes rank pari passu with the issuer's existing and future senior
unsecured indebtedness.  Rolta has changed its financial year-end
from June 30 to March 31.  The ratings factor in its financial
results for the nine months ended March 2014 and our expectations
for future performance.

USD300m bond's terms and conditions are similar to Rolta LLC's
USD200m 10.75% guaranteed senior notes due 2018, except that in
the USD300m notes the interest reserve account is not required,
the fixed charge coverage ratio is lowered to 2.5x from 3.0x, and
Rolta's guarantee on the notes is reduced to 1.5x the bond
issuance amount from 2.0x.

These changes provide weaker comfort for bondholders in a stressed
scenario.  However, in light of the company's current
profitability levels, ability to generate positive free cash flow
(FCF), and rating level of 'BB-', these changes do not affect the
ratings.

KEY RATING DRIVERS

Low Ratings Headroom: Rolta's funds flow from operations (FFO)-
adjusted leverage of 3.7x at end-March 2014 (FY13: 4.1x) is close
to the 4.0x threshold above which Fitch may consider a negative
rating action.  Fitch expects its leverage to remain stable at
around 3.5x during FY15-16 as a decline in capex/revenue to 12%-
13% (9MFY14: 29%) would offset a likely deterioration in operating
EBITDAR margin to 33%-35% (FY14: 37.3%) resulting in FCF margin of
5%-6% (9MFY14: -9%).

Likely Lower Profitability: Rolta is gradually shifting its
business from a high-margin but capital-intensive model to a
lower-margin, lower-capex model.  Fitch expects annual capex to
decrease to around INR3.5bn-4bn during FY15-16 in line with the
company's plan to generate new products, the development costs of
which would be expensed rather than capitalized.  Management
expects annual capex to fall to INR2bn during the same period.
Rolta invested about INR45bn, or 56% of its revenue, during FY11-
14 mostly to acquire intellectual property, intangible assets and
to develop demonstrations and prototypes.

Changing Revenue Mix: Operating EBITDAR margin is also likely to
fall due to a change in the product mix with a higher revenue
contribution from Rolta's IT services business, which contributed
72% of FY14 revenue (FY09: 55%) and typically generates relatively
lower operating EBITDAR margin of 28%-30%.  The geospatial
segment, which generates margins of 50%-55%, contributed 28% of
FY14 revenue.

Reasonable Barriers to Entry: Rolta's 'BB-' ratings benefit from
its niche-market strategy, established market position in
engineering and geospatial services and innovative product
portfolio in IT services, which are reasonably differentiated from
traditional IT companies.  Rolta's geospatial segment has high
entry barriers with limited competition in geospatial services
including 3D mapping, surveying and image processing to various
federal and local governments, utilities, telcos, and
infrastructure and defence agencies.

Improved Debt Structure: At end-July 2014, total debt of USD670m
consists of USD200m 10.75% notes at Rolta LLC and USD300m 8.875%
notes at Rolta Americas LLC.  Rolta's bonds are subordinated to
secured debt of around USD170m or 25% of total debt which is
mainly commercial loans from Indian banks to operating companies.
Fitch does not notch the unsecured notes one level down from the
IDR given reasonable recovery on unsecured debt, growing cash
generation and management's strategy to replace secured debt with
unsecured debt.

Positive FCF starting FY15: Fitch expects Rolta to start
generating positive FCF of INR1.5bn-2bn or 5%-6% of its revenue
during FY15-16 as operating cash generation should be stable and
capex lower.  During FY15, Fitch forecasts that Rolta will
generate about INR10bn of EBITDA, which would be sufficient to
cover its interest and tax of INR3bn-4bn and a similar amount on
capex.  Rolta is likely to remain with its dividend policy of
distributing 20% of its net income.

RATING SENSITIVITIES

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

   -- FFO-adjusted leverage at above 4.0x.  However, Fitch
      expects the company to maintain leverage below 4.0x during
      FY15-18, driven by a decrease in capex and stable FFO
      growth.

Rolta's IDRs are constrained by the small scale of its operations.
As such, Fitch does not foresee any positive rating action over
the medium term.


S.B. SAHOO: ICRA Assigns 'B+' Rating to INR7cr Loan
---------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR7.00 crore cash
credit facility of S.B. Sahoo & Co. Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-    7.00         [ICRA]B+ assigned
   Cash Credit

The assigned rating takes into account the financial risk profile
of SBSCPL characterized by weak profitability, leveraged capital
structure and depressed level of coverage indicators and the
company's susceptibility to inventory price risk, given that the
purchases of cement and steel are not backed by confirmed orders.
The rating is also constrained by low bargaining power against
established suppliers, highly competitive and fragmented nature of
the trading business, which is characterized by low entry barriers
and in turn keeps margins under pressure. The rating, however,
derives comfort from the experience of the promoters in the cement
and steel trading business and the established relationship with
reputed suppliers, which ensure regular supply of raw materials.

Incorporated in November 2010, S.B. Sahoo & Co. Pvt Ltd is
currently engaged in the trading of cement and steel products like
TMT bars and rods. The company is an authorized dealer for reputed
cement and steel product manufacturers. In 2011, the company took
over the entire business of the partnership firm, M/s S.B. Sahoo
which was in the same line of business since 2005.

Recent Results
In 2013-14, the company reported a net profit of INR0.18 crore
(provisional) on an operating income of INR37.46 crore
(provisional), as compared to a net profit of INR0.07 crore on an
operating income of INR31.95 crore in 2012-13.


SAGAR PULP: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
---------------------------------------------------------
CRISIL's rating on the bank facilities of Sagar Pulp & Paper Mills
Ltd continues to reflect SPPML's small scale of operations in the
highly fragmented kraft paper industry, its large working capital
requirements, and financial flexibility constrained by modest net
worth. These rating weaknesses are partially offset by the
benefits that SPPML derives from its promoters' industry
experience and its moderate financial risk profile marked by
moderate gearing and adequate debt protection metrics.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)
   Term Loan              60       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPML will sustain its business risk profile
on the back of its promoters' industry experience, though its
overall credit risk profile will remain constrained by its weak
liquidity arising from high working capital intensity. The outlook
may be revised to 'Positive' if there is a sizeable infusion of
long-term funds or in case of larger-than-expected cash generation
from business that alleviates the pressure on SPPML's liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital cycle deteriorates further or if SPPML
undertakes any large, unanticipated, debt-funded capital
expenditure programme which weakens its overall financial risk
profile.

Update
SPPML reported operating income of INR334.3 million for 2013-14
(refers to financial year, April 1 to March 31), up 15.2 per cent
over the previous year's INR290.2 million. The increase was driven
by diversification into tissue paper and poster paper, which are
high-value products. CRISIL believes that SPPML will maintain
sales growth of around 10 per cent over the medium term. Its
operating margin declined to 7.4 per cent from 9.6 per cent, on
account of its policy of pushing sales in new segments for
sizeable revenue contribution from these segments. CRISIL believes
that SPPML's operating margin is expected to remain stable at
around 7 per cent over the medium term.

SPPML's working capital requirements remain large, in line with
CRISIL's expectation, on account of large inventory and debtors.
Its gross current assets were at 125 days as on March 31, 2014,
against 115 days a year ago. The working capital requirements
increased because of increase in inventory to 46 days as on March
31, 2014, from 36 days a year earlier; debtors decreased slightly
to 70 days from 74 days. Because of large working capital
requirements, the company' bank limit utilisation remains high.

SPPML's gearing is low, at about 1.01 times as on March 31, 2014,
slightly better than 1.30 times a year ago. Its debt protection
metrics for 2013-14 are in line with CRISIL expectation, with
interest coverage and net cash accruals to total debt ratios at
2.6 times and 26 per cent, respectively. The company is expected
to generate sufficient cash accruals of INR17.5 million against
term loan repayment of INR10.9 million in 2014-15. CRISIL believes
that the financial risk profile of SPPML will remain moderate over
the medium term in absence of any debt funded capex plans.

SPPML reported a profit after tax (PAT) of INR4.1 million on net
sales of INR334.3 million for 2013-14, as against a PAT of INR3.9
million on net sales of INR290.2 million for 2012-13.

SPPML was set up in 2005 in Muzaffarnagar (Uttar Pradesh) by Mr.
Rajbir Singh Tyagi and his family. The company manufactures fine
quality kraft paper used for making corrugated boxes and for
general packaging. It commenced operations in 2010. SPPML has
manufacturing capacity of 50 tonnes per day, which is currently
fully utilised. The promoters have experience of about seven years
in manufacturing kraft paper through group company Sagar Paper
Mills Pvt Ltd (incorporated in 2004).


SANJAY COTTON: CRISIL Assigns 'B+' Rating to INR50.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sanjay Cotton (Gondal).

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

   Proposed Long Term
   Bank Loan Facility          0.5   CRISIL B+/Stable

The rating reflects SC's weak financial risk profile, marked by a
small net worth and high gearing, its small scale of operations in
the intensely competitive cotton ginning industry, and its
vulnerability to changes in government policies. These rating
weaknesses are partially offset by the extensive industry
experience the firm's promoters, and the advantages it derives
from the proximity of its unit to the cotton-growing belt in
Gujarat.

Outlook: Stable

CRISIL believes that SC will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations and achieves higher-than-expected
accruals, or if its capital structure improves through capital
infusion or higher accretion to reserves. Conversely, the outlook
may be revised to 'Negative' if SC's financial risk profile
deteriorates, most likely because of increased working capital
borrowings or large debt-funded capital expenditure, or if its
operations are negatively impacted by any change in government
policies.

Established in May 2005 as a partnership firm, SC has a cotton
ginning and pressing unit with a capacity of producing 200 bales
per day in Gondal district (Gujarat). Its day-to-day operations
are managed by Mr. Dineshkumar J Bhalodi, who has 10 years of
experience in the cotton ginning and pressing industry.

SC, on a provisional basis, reported a book profit of INR0.01
million on net sales of INR296 million for 2013-14 (refers to
financial year, April 1 to March 31); it had reported a book
profit of INR0.02 million on net sales of INR263 million for 2012-
13.


SANTARAM SPINNERS: CARE Assigns B+ Rating to INR2.90cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Santaram Spinners Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.90       CARE B+ Assigned
   Long-term/Short-term Bank     8.00       CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Santaram Spinners
Limited are constrained on account of its thin profitability due
to limited value addition in the cotton ginning business, and weak
debt protection indicators. The ratings are further constraint by
the working capital intensive operations and susceptibility of its
operating margin to volatile cotton prices.

The ratings, however, favorably takes into consideration the vast
experience of the promoters in the cotton ginning business and its
strategic location within the cotton producing region of Gujarat.
The ratings also factor in the moderate leverage and reputed
clientele base of SSL.

SSL's ability to increase its scale of operations while
efficiently managing its working capital requirements along with
the improvement in the profitability would be the key rating
sensitivities.

SSL was incorporated in September 1983, as a private limited
company and subsequently got converted into a public limited
company in December 1994. SSL is engaged in cotton ginning and
pressing with an installed capacity of 300 Metric Tons per Day
(MTPD) along with the trading of kapas, ginned cotton and cotton
seeds. SSL has also set up an oil mill with 11 oil expellers
having an installed capacity of 10 MTPD for manufacturing raw oil
and de-oiled cakes. The manufacturing facilities of the company
are located at Kadi, Gujarat. SSL has also commissioned wind
turbine generator of 0.80 MW at Jamnagar.

Based on FY14 provisional results, (refers to the period April 1
to March 31), SSL reported a Total Operating Income (TOI)
of INR80.71 crore (P.Y.: INR136.63 crore) and loss of INR0.01
crore (P.Y.: Profit of INR0.28 crore).


SHIVA SATYA: CARE Reaffirms 'D' Rating on INR40.40cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shiva Satya Hotels Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     40.40      CARE D Reaffirmed

Rating Rationale

The rating of the bank facilities of Shiva Satya Hotels Private
Limited continues to be constrained by the instances of delay in
servicing of its debt obligations due to stressed liquidity on
account of its loss-making and subdued operating performance.

SHPL was incorporated in October 2007 with the intent to set up a
five-star hotel at Ahmedabad. SHPL is promoted by Mr Ramesh
Sachdev, an NRI (Non-Resident Indian) businessman based out of the
UK (United Kingdom), along with his son, Mr Rishi Sachdev. SHPL is
a 100% subsidiary of its Mauritius-based holding company, Shiva
Hotels (Mauritius) Ltd. The Mauritian holding company of SHPL is
in turn a step-down subsidiary of Shiva Hotels Ltd (UK). SHPL
commenced operations from Q1FY14 (refers to the period
April 1 to June 30).

As per the provisional results for FY14 (refers to the period
April 1 to March 31), SHPL incurred a net loss of INR11.63 crore
on a total operating income of INR2.63 crore.


SHREEJI POWER: CRISIL Suspends 'D' Rating on INR215MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shreeji Power and Insulators Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                45     CRISIL D Suspended

   Letter of credit &
   Bank Guarantee             10     CRISIL D Suspended

   Term Loan                 160     CRISIL D Suspended

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

Incorporated in 2007, and promoted by the Kiran group, SPIPL
manufactures electrical insulators from its facilities in Bhachau
(Gujarat).


SHUBHAM COTTON: CRISIL Reaffirms 'B' Rating on INR180MM Loans
-------------------------------------------------------------
CRISIL rating on the long-term bank facilities of Shubham Cotton
Mills Pvt Ltd continues to reflect customer concentration risks in
SCMPL's revenue and its below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of SCMPL's promoters in the cotton
ginning and guar gum industry.

                     Amount
   Facilities      (INR Mln)   Ratings
   ----------      ---------   -------
   Cash Credit        175      CRISIL B/Stable (Reaffirmed)
   Term Loan            5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCMPL will benefit from the extensive
experience of its promoters in the cotton ginning and guar gum
industry, over the medium term. The outlook may be revised to
'Positive' if SCMPL's net worth improves significantly, backed by
equity infusion by promoters, and if its profitability improves
significantly, leading to larger-than-expected accruals generated
in business. Conversely, the outlook may be revised to 'Negative'
in case the company undertakes more-than-expected debt-funded
capital expenditure programme, resulting in further deterioration
in its financial risk profile, or in case of an increase in its
working capital requirements.

Update
SCMPL reported, on a provisional basis, net sales of INR2.76
billion in 2013-14 (refers to financial year, April 1 to
March 31), compared to INR2.33 billion a year ago; witnessing
year-on-year growth of 19 per cent. CRISIL believes that SCMPL
will register moderate sales growth of around 10 per cent over the
medium term driven by increased guar processing. Its operating
margin remained low at 0.52 per cent in 2013-14 compared to 0.45
per cent a year ago, and is expected to remain at similar level
over the medium term. SCMPL has moderate working capital
requirements, with gross current assets of 28 days as on March 31,
2014, compared to 24 days a year ago. Though SCMPL has moderate
working capital requirements, it avails of low credit from
suppliers leading to high reliance on external debt. Also, low
profitability combined with no major equity infusion in the past,
led to small net worth of INR26.6 million as on March 31, 2014.
SCMPL's gearing remained high at 7.6 times as on March 31, 2014,
compared to 6.28 times a year ago and is expected to remain high
over medium term. Though average bank limit utilisation remained
at 50 per cent for the 12 months ended May 2014, the same remained
high during December to May, when the company stocks inventory for
raw materials. SCMPL is expected to generate net cash accruals of
around INR8.6 million against repayment obligation of INR3 million
over the next couple of years. SCMPL's promoters also support its
operations by extending unsecured loan, which grew to INR22.5
million in 2013-14 from INR1.04 million in 2011-12. CRISIL
believes SCMPL promoters will continue to support its operation
via infusion of USL and equity over medium term.

For 2013-14, SCMPL's estimated profit after tax (PAT) is INR1.5
million on net sales of INR2.76 billion; the company reported a
PAT of INR0.83 million on net sales of INR2.33 billion for 2012-
13.

SCMPL, incorporated in 1988, is engaged in ginning of cotton,
extraction of oil from cotton seeds, and manufacturing of guar gum
and its by-products, churi and korma. The company's processing and
manufacturing unit is in Ellenabad (Sirsa; Haryana). The company
was acquired by the current promoters, Mr. Vinod Kumar, Mr. Naresh
Kumar, Mr. Mukesh Kumar, in 2003 from Mr. Ajay Kumar, Mr. Raj
Kumar and Mr. Prem Kumar.


SIKKIM BREWERIES: CRISIL Suspends 'D' Rating on INR300MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sikkim
Breweries Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          300      CRISIL D Suspended

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

SBL was incorporated in 1995. The promoters Mr. Gopajji Prasad and
his son, Mr. Suresh Kumar Gupta, have been engaged in the liquor
trading business in Sikkim since 1939, and have a developed
distribution network. The company is engaged in the manufacturing
of beer.


SUMANJALI PARBOILED: ICRA Assigns 'B+' Rating to INR4.0cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR4.00 crore
fund based limits and short term rating of [ICRA]A4 to INR0.25
crore fund based limits of Sumanjali Parboiled Private Limited.
ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 to INR5.75
crore unallocated limits of SPPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     4.00       [ICRA]B+ assigned
   Fund based limits     0.25       [ICRA]A4 assigned
   Unallocated limits    5.75       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by the small scale of
operations in the rice industry and weak financial profile of SPPL
characterised by thin profitability levels and modest coverage
indicators for FY2014. Moreover, government policy restrictions on
the quantity of rice which can be sold in the open market limits
the flexibility and realizations for the company and operating
profitability and revenues are susceptible to agro-climatic risks
which impact the availability of the paddy in adverse weather
condition. However, the assigned rating draws comfort from the
long track record of the promoters in the rice mill business; easy
availability of paddy from proximity of plant in major paddy
cultivating region of the country and favourable demand prospects
for rice with India being the second largest producer and consumer
of rice internationally. Going forward, the firm's ability to
improve its operating margins while managing its working capital
requirements is the key rating sensitivities from credit
perspective.

Incorporated as a private limited company in 1998, Sumanjali
Parboiled Private Limited is engaged in milling of paddy to
produce raw and boiled rice mill. The plant is located in Nalgonda
district of Telangana and the total installed capacity of the
plant is 6 tonnes per hour which is increased from 3 tonnes per
hour in FY2014.

Recent Results

The company reported profit after tax of INR0.10 crore on an
operating income of INR30.58 crore during FY2014 (provisional and
unaudited) as against profit after tax of INR0.06 crore on an
operating income of INR17.99 crore during FY2013.


SWASTIK REALTY: ICRA Upgrades Rating on INR100cr Loan From B
------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR100.00
Cr. fund based limits of Swastik Realty Pvt. Ltd. from [ICRA]B to
[ICRA]B+.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Proposed Limits        100       Upgraded from [ICRA]B
                                    to [ICRA]B+

The rating revision favourably factors in the advanced stage of
construction of all three projects under construction coupled with
healthy response in bookings on soft launch and the increase in
the outstanding order book for construction business from INR12
crore as on April 2013 to INR22 crore as on July 2014. The rating
also favourably factors in the long standing experience of the
promoters in redevelopment projects of housing societies and
reduced funding risk since debt tie up is in place for all the
three projects under construction.

The rating however is constrained by lack of clarity on the source
of INR14 crore of security premium that is yet to be received
coupled with booking risk since majority of the project funding is
to be met through customer advances which is contingent on
bookings and healthy collection efficiency. The rating is further
constrained by exposure to selling risk given that the company is
yet to formally launch the projects for booking.

Incorporated in 1996, Swastik Realty Pvt. Ltd. is promoted by Mr.
Rajendra Wani, Mrs. Kalpana Wani and Mr. Sachin Yeola who have
over 15 years of experience in real estate redevelopment. SRPL has
completed the development of ~6 lakh sq ft of residential and
commercial space in Mumbai. Currently the company operates two
verticals: the real estate vertical and the construction vertical
-- the real estate vertical is undertaking the redevelopment of
MHADA housing societies in Andheri, Goregaon and Chembur region
with a total built up area of ~ 1.7 lakh sq ft and a saleable area
of 1.3lakh sq ft while the construction vertical is undertaking
three construction projects with an outstanding order book of
INR22 crore as on July 2014. SRPL is an ISO certified company.

Recent Results

For the financial year ending March 2014, SRPL reported an
operating income of INR30.60 crore and a profit after tax of
INR1.02 crore on a provisional basis, as compared to revenues of
INR25.68 crore and net profit of INR0.74 crore in the previous
year.


U K. CEMENT: CRISIL Suspends 'B' Rating on INR520MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of U K.
Cement Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        520     CRISIL B/Stable Suspended
   Bank Loan Facility

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

UKCPL, incorporated in 2009, is currently setting up a cement
grinding unit at Durgapur, West Bengal. The project is current at
initial stage. The company is promoted by Kolkata-based Das
family, who has interests in cement manufacturing, rice milling,
agri commodities and steel trading, hotels, and real estate.



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


CHORUS LTD: Amends Committed Bank Facilities, Dividend Update
-------------------------------------------------------------
Chorus Ltd on July 25, 2014, agreed amendments to its committed
bank facilities, providing significant additional financial
flexibility and funding certainty.

Chorus CFO Andrew Carroll said Chorus appreciated the banks'
ongoing support as Chorus reshapes its business -- operationally
and financially -- following the Commerce Commission's initial
pricing principle decision of November 2013.

Under the agreements, the banks have agreed to:

- increase Chorus' covenant levels from 3.75 to 4.25 times
   net debt to EBITDA at pricing levels consistent with the
   Commerce Commission's initial pricing principle decisions,
   with covenant levels stepping down to 3.75 times net debt
   to EBITDA if the Commerce Commission's final pricing
   principle prices are consistent with current regulated
   pricing;

- extend the maturity of Chorus' November 2015 facility to
   July 31, 2016; and

- waive rights potentially available to the banks associated
   with the material reduction in regulated pricing to take
   effect on Dec. 1. 2014.

As part of its capital management update in February 2014, Chorus
indicated that a future dividend policy would be communicated when
financially sustainable and there was sufficient certainty of
outcomes from the Chorus initiatives, Crown Fibre Holdings
discussions and regulatory reviews. As part of these amendments,
Chorus has agreed that no dividends will be paid until the later
of the conclusion of the Commerce Commission's final pricing
principle review processes or June 30, 2015.

Chorus has also agreed to limit total drawings across all
committed bank facilities to NZ$1.2 billion until outcomes from
the Commission's final pricing principle processes are known and
also reduce its July 2016 facility by NZ$100m to NZ$575m, which is
expected to provide Chorus with sufficient operating liquidity.
Chorus will pay amendment fees consistent with normal market
practice but there is no change in borrowing margins or other
fees. "The changes we have agreed with the banks reflect Chorus'
focus on achieving financial stability, particularly with the
Commerce Commission's pricing review processes now scheduled to
continue through to April next year.

"We also have an extensive range of operating cost, capital
expenditure and revenue initiatives in train to help address this
ongoing period of pricing uncertainty," it said. "In addition, we
have also agreed two sets of initiatives with Crown Fibre Holdings
that assist us to deliver the UFB programme."

Chorus' committed bank facilities now comprise tranches of
NZ$575 million maturing in July 2016 and NZ$675 million maturing
in November 2017, supported by 10 banks. A NZ$250 million tranche
maturing in May 2019 is supported by a subset of four banks.

Chorus' debt of NZ$1.8 billion at December 31 comprised
NZ$1,140 million in bank debt and NZ$677 million in European
Medium Term Notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2013, Stuff.co.nz said credit ratings agency Standard &
Poor's expects Chorus will breach its banking covenants within two
years unless it receives help.  Stuff.co.nz said that fresh
evidence has emerged both for and against the contention that
Chorus could absorb a NZ$10 reduction in the price it can charge
for copper broadband without government intervention.  According
to Stuff.co.nz, Standard & Poor's and Moody's are both reviewing
Chorus's credit ratings after the Commerce Commission on
November 5 ordered a 23 per cent cut in wholesale copper broadband
pricing.

                          About Chorus Ltd

Chorus Ltd -- http://chorus.co.nz/-- is a telecommunications
utility provider. The Company provides services, such as network
access services, property co-location services, field services and
roadmap of services. The Company's network access services provide
direct access to Chorus local access network. It connects around
1.8 million New Zealand homes and businesses. Its property
portfolio includes local telephone exchanges, roadside cabinets,
mobile masts and radio towers. The Company manages security and
access to its buildings and infrastructure across the country. The
Company installs or repairs end customers' phone or Internet
services. The phone and Internet companies use its network to
deliver services. The Company also provides services to radio
operators or organizations that need wireless communications.
These organizations include TeamTalk, NZ Police, Civil Defense
organizations and broadcasters.


SPI PROPERTY: Auditor's Report Cites Securities Act Breaches
------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a property
fund that last year did not have the money to fully pay investors
owed NZ$1.5 million failed to comply with the Securities Act by
not keeping investor funds in a separate trust account, an
auditor's report said.

According to the Herald, the Financial Markets Authority said it
knows of the report, but can't comment because its inquiries are
still in progress.

The directors of the SPI Property Fund, Murray Alcock and Allister
Knight, face eight FMA charges of filing company statements late,
the Herald notes.

The report says these charges, alleging breaches of the Financial
Reporting Act, carry a maximum penalty of NZ$100,000.

After they were filed, SPI Property Fund on July 9 lodged annual
accounts with the Companies Office for the 2011 to 2013 financial
years, according to the report.

The report relates that offer documents said the SPI Property
Fund, owned by SPI Capital, was envisioned as a vehicle to buy
mainly commercial, industrial and retail properties in
New Zealand.

Promotional material from 2007 said the fund was aiming to raise
NZ$75 million and was "an incredible investment vehicle" in which
money was secured against assets, the Herald says.

According to the Herald, the reports now filed with the Companies
Office said the fund raised NZ$1.8 million from investors in 2008,
of which NZ$905,214 had been returned by the end of March last
year.

The Herald says the NZ$1.8 million was not allocated to capital,
as less than NZ$4.75 million -- the minimum amount required for
the offer to proceed -- was raised.

Almost NZ$900,000 had yet to be repaid as at March 31 last year.
As well, close to NZ$580,000 of interest has accrued on investors'
funds by March 31 last year, says the Herald.

The 2013 accounts were audited by Auckland accounting firm William
Buck Christmas Gouwland, the Herald notes.

In their report, dated July 1, the auditors said there were
"insufficient resources in the company to enable the full
repayment of these funds and the accrued interest," the Herald
reports.

According to the Herald, the auditor's report said the company's
board had not complied with the Securities Act, the Companies Act
and the Financial Reporting Act.

"As at March 31, 2013, the company had funds held on behalf of
investors totalling NZ$894,786 from subscriptions received
relating to a prospectus issued in 2008.

"The board has failed to comply with s36A of the Securities Act
1978 to hold those funds in trust until they were returned to
investors."



=====================
P H I L I P P I N E S
=====================


CHINA BANKING: Fitch Affirms 'BB' LT IDR; Outlook Stable
--------------------------------------------------------
Fitch has affirmed the ratings of three Philippine banks -- China
Banking Corporation, Security Bank Corporation and Rizal
Commercial Banking Corp. -- including their Long-Term Issuer
Default Ratings (IDRs) at 'BB' and Viability Rating (VR) at 'bb'.
Their Outlooks are Stable.

At the same time, the agency has affirmed Union Bank of the
Philippines' Long-Term IDR at 'BB-' and its VR at 'bb-' and
simultaneously withdrawn them.  Fitch has chosen to withdraw the
ratings of UnionBank for commercial reasons.  The Outlook for the
bank remains Positive.

KEY RATING DRIVERS - VRs, IDRs and National Ratings

The VRs and IDRs of the four Philippine banks, as well as the
National Ratings of China Bank, Security Bank and UnionBank
reflect their satisfactory core capitalisation and loan loss
reserves relative to their ratings, as well as their sound
funding, liquidity and domestic franchises as medium-sized
players.  The ratings take into account the banks' above-average
risk appetite and incorporate the different degrees of structural
issues faced by these four banks (as well as many major domestic
banks), including large corporate loan concentrations, modestly
reserved foreclosed assets, developing corporate governance
standards, and the presence of families as controlling
shareholders.

The Positive Outlook on UnionBank's rating is driven by Fitch's
expectation that its credit profile would improve over time.  Its
loan mix has diversified following the acquisition of City Savings
Bank, a thrift bank focusing on teacher loans, in 2013.  However,
Fitch believes that it would take time for the benefits of the
acquisition to materialize.  This acquisition has also contributed
to UnionBank growing its loan book well above industry averages,
which could give rise to asset quality concerns in time if not
managed appropriately.

The Stable Outlooks on the ratings on China Bank, Security Bank
and RCBC reflect Fitch's expectation that their credit profiles
will likely stay steady over the near to medium term.  This is
supported by a robust domestic economy, manageable corporate
leverage and supportive domestic interest rates.  Healthy domestic
consumption and growth in the manufacturing and services sectors
should continue to drive domestic demand.  This, together with
strong foreign inflows, including rising overseas remittances are
contributing to the brisk expansion of credit activities,
especially in property lending, and could result in
disproportionate asset price inflation if left unchecked.

The agency notes that some of these banks have been more
acquisitive over the last two to three years.  They have bought
smaller banks to increase their branch networks and improve their
franchises.  While such acquisitions are part of the banks'
strategy to strengthen their franchise and market share, they are
not without risk, not least because the targets are generally
weaker.  Loan growth has also been more rapid and above the
industry average for some of these banks.  All of the four banks
aim to increase their lending into the consumer and SME sectors
although any meaningful progress in this area through organic
growth is likely only over the medium term.

In Fitch's view, these banks are in a good position to weather
reasonable deterioration in the operating environment due to their
sound funding profiles and high loss-absorption capacity.  The
central bank has been monitoring the real estate sector and
currently limits real estate exposure to 20% of the banks' loan
book.  However, it may change this limit or the types of loans
covered to facilitate further economic growth and better manage
various property-related risks.  The central bank has already
taken some measures to avoid excessive risks building up within
the system, and Fitch expects further measures to be taken should
risks continue to rise.

RATING SENSITIVITIES - VRs, IDRs and National Ratings

The VRs of China Bank, Security Bank and RCBC could come under
pressure should the banks' loss-absorption capacities weaken
significantly in the face of event risks such as sizeable
takeovers, aggressive growth plans or a material increase in risk
appetite, including increasing concentration of exposures,
unseasoned portfolios and excessive lending to the volatile
property sector.  Such a scenario would also be negative for the
IDRs of the three banks and the National Ratings of China Bank and
Security Bank.  In particular, RCBC's capital levels are lower
than its domestic peers, and could be more vulnerable to negative
rating actions.

Further diversity and stability in funding, loans and revenue
bases arising from disciplined expansion and a more established
franchise, strong core capitalization, sustained risk-adjusted
profitability and improvements in asset quality would be rating-
positive for China Bank, Security Bank and RCBC.

But upside rating potential may be undermined by any further
build-up of risks, such as from brisk property lending growth, and
rapidly rising corporate leverage and household debt in the
Philippines.

Rating sensitivities for UnionBank are no longer relevant given
the ratings have been withdrawn.

KEY RATING DRIVERS AND RATING SENSITIVITIES - Support Ratings
(SRs) and Support Rating Floors (SRFs)

The SRs and SRFs of the four Philippine banks are the same at '3'
and 'BB-', respectively, reflecting Fitch's view of a moderate
probability of extraordinary state support available to them, if
needed.  The banks each have a 3%-5% market share of domestic
banking assets, and hence are of moderate systemic importance to
the country relative to their larger peers.

A change in the government's ability to provide extraordinary
support would affect the SRs and SRFs.  This could stem from a
change in the sovereign ratings.  However this likelihood is low
in the near term as the Long-Term Foreign-Currency IDR for the
Philippines was recently affirmed at 'BBB-' with a Stable Outlook.

The SRs and SRFs will also be impacted by any change in the
government's willingness to extend timely support.  One
development that could lead to this adverse outcome, for instance,
is global initiatives to reduce implicit state support available
to banks, and Fitch views this to be a long-term risk for the
Philippines.

Rating sensitivities for UnionBank are no longer relevant given
the ratings have been withdrawn.

KEY RATING DRIVERS AND RATING SENSITIVITIES - Debt Ratings

RCBC's senior notes' ratings of 'BB' are in line with its IDR.
This is because the notes constitute direct, unsubordinated and
senior unsecured obligations of the bank, and rank equally with
all its other unsecured and unsubordinated obligations.

RCBC's Basel II perpetual hybrid notes is rated 'B', which is
three notches down from the bank's 'bb' VR, reflecting the
presence of both subordination and going-concern loss-absorption
mechanisms.

A change in RCBC's IDR and VR will affect the ratings on its
senior notes and perpetual hybrid notes, respectively.

FULL LIST OF RATING ACTIONS

China Bank

   -- Long-Term Foreign- and Local-Currency IDRs affirmed
      at 'BB'; Outlook Stable
   -- National Long-Term Rating affirmed at 'AA-(phl)'; Outlook
      Stable
   -- Viability Rating affirmed at 'bb'
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB-'

Security Bank

   -- Long-Term Foreign- and Local-Currency IDRs affirmed
      at 'BB';
      Outlook Stable
   -- Short-Term Foreign-Currency IDR affirmed at 'B'
   -- National Long-Term Rating affirmed at 'AA-(phl)'; Outlook
      Stable
   -- Viability Rating affirmed at 'bb'
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB-'

RCBC

   -- Long-Term Foreign- and Local-Currency IDRs affirmed
      at 'BB';
      Outlook Stable
   -- Viability Rating affirmed at 'bb'
   -- Support Rating affirmed at '3'
   -- Support Rating Floor affirmed at 'BB-'
   -- Ratings on senior notes affirmed at 'BB'
   -- Ratings on Basel II perpetual callable subordinated hybrid
      notes affirmed at 'B'

UnionBank

   -- Long-Term Foreign- and Local-Currency IDRs affirmed at
      'BB-' and withdrawn; Outlook Positive
   -- National Long-Term Rating affirmed at 'A+(phl)' and
      withdrawn; Outlook Positive
   -- Viability Rating affirmed at 'bb-' and withdrawn
   -- Support Rating affirmed at '3' and withdrawn
   -- Support Rating Floor affirmed at 'BB-' and withdrawn



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


LEO MOTORS: Appoints Jeong Youl Choi as Chief Financial Officer
---------------------------------------------------------------
The Board of Directors of Leo Motors, Inc., appointed Mr. Jeong
Youl Choi to serve as the Company's chief financial officer.  Mr.
Choi currently serves as a member of the Company's Board of
Directors.

Mr. Choi joined the Company in January of 2012.  Currently, Mr.
Choi serves as the chief executive officer of Leo Motors, Co.,
Ltd., one of the Company's Korean branches.  Previously, from 2008
through 2012, Mr. Choi worked as an independent financial
consultant.  Mr. Choi worked as chief executive officer of Neo
Solar, a solar power company, from 2006 to 2007.  Mr. Choi was
chief executive officer of Good EMG, an entertainment company,
from 2007 to 2008.  Mr. Choi helped to stage the A1 Grand prix
Korea, World Motor Racing Challenge for National team, 2007 while
at Good EMG.  Mr. Choi received his degree at the Business School
of Yonsei University.

On July 23, 2014, the Board of Directors of the Company appointed
Mr. Jun Hee Won and Mr. Seok Heo to each serve as members of the
Company's Board of Directors.

Mr. Jun Hee Won joined the Company in 2007 and served as a
research engineer until 2010. Beginning in 2010 and until the
present, Mr. Won has served as chief executive officer of LGM Co.,
Ltd., one of the Company's newly acquired Korean branches.  Mr.
Won received his Bachelor's degree in aerospace engineering and
electronic engineering from Sejong University and his Master's
degree in converging technology from Hansung University.

Mr. Seok Heo founded and served as chief executive officer of
Summer Rain Communication Co., Ltd.  From 2004 until 2006 during
which time he managed on and off line integrated communication
services.  In 2008, Mr. Heo co-founded and, until 2011, served as
chief executive officer of Templicher Game Studio where he managed
and produced on-line gaming systems.  From 2011 until the present
time Mr. Heo worked as a freelance programmer.  Mr. Heo received
his bachelor's degree in computer science from Korea Advanced
Institute of Science and Technology and his Master's degree in
computer science from Yonsei University.

There is no family relationship between either of Mr. Jun Hee Won
or Mr. Seok Heo and any of the Company's other officers and
directors.

Except for the aforementioned appointment and actions, there has
been no transaction or currently proposed transaction, in which
the Company was or is to be a participant and the amount involved
exceeds $120,000, and in which Mr. Won or Mr. Heo had or will have
a direct or indirect material interest since the beginning of the
Company's last fiscal year.

                         About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of $1.24 million on $0 of revenues
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.88 million on $25,605 of revenues during the prior year.  The
Company's balance sheet at March 31, 2014, showed $1.14
million in total assets, $1.80 million in total liabilities and a
$656,382 total deficit.

John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred significant losses since inception
of $16,871,850.  This and other factors raise substantial doubt
about the Company's ability to continue as a going concern.


LEO MOTORS: Asher Enterprises Holds 5% Equity Stake
---------------------------------------------------
In an amended Schedule 13G filed with the U.S. Securities and
Exchange Commission, Asher Enterprises, Inc., reported that as of
July 25, 2014, it beneficially owned 971,337 shares of common
stock of Leo Motors, Inc., representing 5 percent of the shares
outstanding.  A copy of the regulatory filing is available for
free at http://is.gd/ksW21W

                         About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

Leo Motors reported a net loss of $1.24 million on $0 of revenues
for the year ended Dec. 31, 2013, as compared with a net loss of
$1.88 million on $25,605 of revenues during the prior year.  The
Company's balance sheet at March 31, 2014, showed $1.14
million in total assets, $1.80 million in total liabilities and a
$656,382 total deficit.

John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2013.  The independent auditors noted
that the Company has incurred significant losses since inception
of $16,871,850.  This and other factors raise substantial doubt
about the Company's ability to continue as a going concern.



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


DFCC BANK: Fitch Rates IDR at 'B+'; Outlook Stable
--------------------------------------------------
Fitch Ratings Lanka has assigned DFCC Bank's (DFCC; B+/Stable/AA-
(lka)/Stable) proposed senior debentures of up to LKR5bn a final
National Long-Term Rating of 'AA-(lka)'.

The assignment of the final rating follows the receipt of final
documents that conform to information previously received.  The
final rating is at the same level as the expected rating assigned
on June 23, 2014.

The debentures have a tenor of three years with fixed coupons.
The proceeds will be used for the bank's lending activities.

KEY RATING DRIVERS - NATIONAL RATINGS AND DEBT RATINGS

The debentures are rated at the same level as DFCC's National
Long-Term Rating as they constitute direct, unconditional,
unsecured and unsubordinated obligations of the bank.

RATING SENSITIVITIES - NATIONAL RATINGS AND DEBT RATINGS
The rating of the debentures will move in tandem with DFCC's
National Long- Term Rating.

An upgrade of DFCC's ratings would be contingent on the bank
achieving a materially stronger commercial banking franchise while
maintaining strong credit metrics.  The ratings could be
downgraded if there is a sustained and substantial increase in the
bank's risk appetite that could materially weaken its strong
capital position.

DFCC is engaged in merger discussions with National Development
Bank (B+/Stable/AA-(lka)/Stable).  Fitch is of the view that
synergies from a possible merger with National Development Bank
could be beneficial to the credit profile of the merged entity in
the long run.

A full list of DFCC's ratings includes:

Long-Term Foreign- and Local-Currency IDRs: 'B+'; Stable Outlook
Short-Term Foreign-Currency IDR: 'B'
Viability Rating: 'b+'
Support Rating: '4'
Support Rating Floor: 'B'
US dollar senior unsecured notes: 'B+'; Recovery Rating: 'RR4'
National Long-Term Rating: 'AA-(lka)'; Stable Outlook
Sri Lanka rupee-denominated senior unsecured debentures: 'AA-
(lka)'
Sri Lanka rupee-denominated subordinated debentures: 'A+(lka)'



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


* BOND PRICING: For the Week July 21 to July 25, 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       2.14
BOART LONGYEAR MA    7.00   04/01/21    USD      72.25
BOART LONGYEAR MA    7.00   04/01/21    USD      71.13
GRIFFIN COAL MINI    9.50   12/01/16    USD      72.75
GRIFFIN COAL MINI    9.50   12/01/16    USD      72.75
KBL MINING LTD      10.00   08/05/16    AUD       0.28
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      74.75
STOKES LTD          10.00   06/30/17    AUD       0.37
TREASURY CORP OF     0.50   11/12/30    AUD      54.99


CHINA
-----

CHANGCHUN CITY DE    6.08   03/09/16    CNY      70.53
CHANGCHUN CITY DE    6.08   03/09/16    CNY      70.35
CHANGZHOU INVESTM    5.80   07/01/16    CNY      70.06
CHANGZHOU INVESTM    5.80   07/01/16    CNY      70.14
CHANGZHOU SMALL &    6.18   11/29/14    CNY      60.19
CHINA GOVERNMENT     1.64   12/15/33    CNY      62.42
CHINA RAILWAY COR    4.10   11/15/36    CNY      74.93
DANYANG INVESTMEN    6.30   06/03/16    CNY      70.28
GUANGXI XINFAZHAN    5.75   11/30/14    CNY      39.90
JIANGSU LIANYUN D    7.85   07/22/15    CNY      71.59
KUNSHAN ENTREPREN    4.70   03/30/16    CNY      69.33
KUNSHAN ENTREPREN    4.70   03/30/16    CNY      69.42
QINGZHOU HONGYUAN    6.50   05/22/19    CNY      49.70
QINGZHOU HONGYUAN    6.50   05/22/19    CNY      49.29
WUXI COMMUNICATIO    5.58   07/08/16    CNY      49.80
WUXI COMMUNICATIO    5.58   07/08/16    CNY      49.88
YANGZHOU URBAN CO    5.94   07/23/16    CNY      70.45
YANGZHOU URBAN CO    5.94   07/23/16    CNY      70.37
ZHENJIANG CITY CO    5.85   03/30/15    CNY      70.32
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      59.13
ZOUCHENG CITY ASS    7.02   01/12/18    CNY      70.96


INDONESIA
---------

DAVOMAS INTERNATI   11.00   12/08/14    USD      19.38
DAVOMAS INTERNATI   11.00   12/08/14    USD      19.38
INDONESIA TREASUR    6.38   04/15/42    IDR      74.40
PERUSAHAAN PENERB    6.75   04/15/43    IDR      74.77
PERUSAHAAN PENERB    6.10   02/15/37    IDR      70.50


INDIA
-----

3I INFOTECH LTD      5.00   04/26/17    USD      43.50
CORE EDUCATION &     7.00   05/07/15    USD       9.50
COROMANDEL INTERN    9.00   07/23/16    INR      14.93
GTL INFRASTRUCTUR    2.53   11/09/17    USD      34.87
INCLINE REALTY PV   10.85   08/21/17    INR      20.37
INCLINE REALTY PV   10.85   04/21/17    INR      17.35
INDIA GOVERNMENT     0.23   01/25/35    INR      19.96
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      27.52


JAPAN
-----

ELPIDA MEMORY INC    0.70   08/01/16    JPY      16.50
ELPIDA MEMORY INC    0.50   10/26/15    JPY      15.38
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      72.66
JAPAN EXPRESSWAY     0.50   09/17/38    JPY      73.32


KOREA
------

DONGBU METAL CO L    5.20   09/12/19    KRW      66.19
EXPORT-IMPORT BAN    0.50   10/23/17    TRY      74.47
EXPORT-IMPORT BAN    0.50   12/22/17    BRL      68.84
EXPORT-IMPORT BAN    0.50   11/21/17    BRL      70.03
EXPORT-IMPORT BAN    0.50   12/22/17    TRY      73.23
HYUNDAI MERCHANT     7.05   12/27/42    KRW      43.92
KIBO ABS SPECIALT   10.00   09/04/16    KRW      30.75
KIBO ABS SPECIALT   10.00   02/19/17    KRW      30.03
KIBO ABS SPECIALT   10.00   08/22/17    KRW      32.56
SINBO SECURITIZAT    5.00   12/13/16    KRW      29.81
SINBO SECURITIZAT    5.00   07/19/15    KRW      71.14
SINBO SECURITIZAT    5.00   07/08/17    KRW      30.47
SINBO SECURITIZAT    5.00   08/31/16    KRW      30.04
SINBO SECURITIZAT    5.00   08/31/16    KRW      30.04
SINBO SECURITIZAT    5.00   10/01/17    KRW      29.79
SINBO SECURITIZAT    5.00   10/01/17    KRW      29.79
SINBO SECURITIZAT    5.00   10/01/17    KRW      29.79
SINBO SECURITIZAT    5.00   03/13/17    KRW      29.60
SINBO SECURITIZAT    5.00   03/13/17    KRW      29.60
SINBO SECURITIZAT    5.00   09/28/15    KRW      70.97
SINBO SECURITIZAT    5.00   10/05/16    KRW      30.01
SINBO SECURITIZAT    5.00   10/05/16    KRW      30.01
SINBO SECURITIZAT    5.00   01/29/17    KRW      29.71
SINBO SECURITIZAT    5.00   09/13/15    KRW      64.13
SINBO SECURITIZAT    5.00   07/08/17    KRW      30.47
SINBO SECURITIZAT    4.60   06/29/15    KRW      72.65
SINBO SECURITIZAT    4.60   06/29/15    KRW      72.65
SINBO SECURITIZAT    5.00   12/07/15    KRW      72.67
SINBO SECURITIZAT    5.00   01/19/16    KRW      72.59
SINBO SECURITIZAT    5.00   02/02/16    KRW      73.17
SINBO SECURITIZAT    5.00   03/14/16    KRW      72.51
SINBO SECURITIZAT    5.00   06/29/16    KRW      73.15
SINBO SECURITIZAT    8.00   03/07/15    KRW      74.43
SINBO SECURITIZAT    5.00   07/26/16    KRW      30.11
SINBO SECURITIZAT    5.00   07/26/16    KRW      30.11
SINBO SECURITIZAT    5.00   09/13/15    KRW      73.30
SINBO SECURITIZAT    5.00   06/07/17    KRW      27.78
SINBO SECURITIZAT    5.00   06/07/17    KRW      27.78
SINBO SECURITIZAT    5.00   08/16/16    KRW      30.22
SINBO SECURITIZAT    5.00   08/16/17    KRW      30.16
SINBO SECURITIZAT    5.00   08/16/17    KRW      30.16
SINBO SECURITIZAT    5.00   05/27/16    KRW      73.22
SINBO SECURITIZAT    5.00   05/27/16    KRW      73.22
SINBO SECURITIZAT    5.00   08/24/15    KRW      71.04
SINBO SECURITIZAT    5.00   02/21/17    KRW      29.56
SINBO SECURITIZAT    5.00   02/21/17    KRW      28.06
STX OFFSHORE & SH    6.90   04/09/15    KRW      75.01
TONGYANG CEMENT &    7.30   06/26/15    KRW      70.00
TONGYANG CEMENT &    7.50   07/20/14    KRW      70.00
TONGYANG CEMENT &    7.30   04/12/15    KRW      70.00
TONGYANG CEMENT &    7.50   04/20/14    KRW      70.00
TONGYANG CEMENT &    7.50   09/10/14    KRW      70.00
U-BEST SECURITIZA    5.50   11/16/17    KRW      30.04
WOONGJIN ENERGY C    2.00   12/19/16    KRW      61.54


MALAYSIA
--------

BANDAR MALAYSIA S    0.35   02/20/24    MYR      64.85
BRIGHT FOCUS BHD     2.50   01/24/30    MYR      68.02
BRIGHT FOCUS BHD     2.50   01/22/31    MYR      66.55
LAND & GENERAL BH    1.00   09/24/18    MYR       0.43
UNIMECH GROUP BHD    5.00   09/18/18    MYR       1.33


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


SINGAPORE
---------

BAKRIE TELECOM PT   11.50   05/07/15    USD      10.50
BAKRIE TELECOM PT   11.50   05/07/15    USD      10.25
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      45.91
BUMI INVESTMENT P   10.75   10/06/17    USD      47.65
BUMI INVESTMENT P   10.75   10/06/17    USD      47.50
ENERCOAL RESOURCE    9.25   08/05/14    USD      39.75
INDO INFRASTRUCTU    2.00   07/30/10    USD       1.88
OVERSEA-CHINESE B    3.50   12/27/37    USD      72.65


SRI LANKA
---------

SRI LANKA GOVERNM    5.35   03/01/26    LKR      69.35


THAILAND
--------

G STEEL PCL          3.00   10/04/15    USD      13.63
MDX PCL              4.75   09/17/03    USD      17.25


VIETNAM
-------

BANK FOR INVESTME   10.33   05/19/16    VND       1.00
BANK FOR INVESTME   10.20   05/19/21    VND      74.29
DEBT AND ASSET TR    1.00   10/10/25    USD      52.44



                             *********

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

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

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


                            *********


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

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

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

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

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



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