TCRAP_Public/140822.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, August 22, 2014, Vol. 17, No. 166


                            Headlines


A U S T R A L I A

ADLUX GROUP: Joubert Insolvency Appointed as Liquidator
HEALTHZONE LIMITED: Directors Charged With Market Manipulation
NORTH ALBURY: Placed in Administration
URAF INVESTMENTS: Jones Partners Appointed as Administrators


C H I N A

COUNTRY GARDEN: 1H 2014 Results Supports Moody's Ba2 CFR
XINYUAN REAL: Fitch Revises Outlook to Neg. & Affirms 'B+' IDR
YINGDE GASES: Fitch Rates Prop. US$ Sr. Unsec. Notes 'BB(EXP)'
YINGDE GASES: S&P Puts 'BB-' Rating to Prop. US$-Denom. Sr. Notes


I N D I A

AGRAWAL COT-SPIN: ICRA Suspends B Rating on INR8cr Cash Credit
AUTOLINE INDUSTRIES: CARE Cuts Rating on INR150.06cr LT Loan to D
BADRI ECOFIBRES: CRISIL Assigns B Rating to INR177.2MM Term Loan
BLUEART GRANITO: CARE Ups Rating on INR18.16cr LT Loan From B+
ELECTRONICS & CONTROLS: ICRA Cuts Rating on INR7cr ST Loan to 'D'

EXCEL TIMBERS: CRISIL Reaffirms B- Rating on INR30MM Cash Credit
FRIENDLY LOGISTICS: CRISIL Keeps B+ Rating on INR125M Cash Credit
GEMINI CONSOLIDATED: CARE Cuts Rating on INR8.29cr LT Loan to B+
GEMINI POWER: CARE Cuts Rating on INR7.45cr LT Bank Loan to B+
GODAVARI SHILPKALA: ICRA Suspends B+ Rating on INR61.71cr Loan

H. S. JEWELS: CRISIL Rates INR70MM Prop. Cash Credit Limit 'B+'
JAI LAXMI: ICRA Assigns 'B+' Rating to INR10cr Fund Based Limit
JAI MATA: ICRA Suspends 'D' Rating on INR4cr Long Term Loan
K.A.R. ENTERPRISES: CARE Rates INR5.25cr LT Bank Loan at 'B+'
KALINDI ISPAT: ICRA Ups Rating on INR11.75cr Cash Credit From B+

KAUSHAL FERRO: CRISIL Reaffirms 'D' Rating on INR212MM Bank Loan
KUSHAL EDUCATION: ICRA Suspends B+ Rating on INR30cr FB Limit
M STAR: CRISIL Assigns 'B' Rating to INR90MM Cash Term Loan
MATHURAM SWASTH: ICRA Assigns 'B' Rating to INR7.0cr Term Loan
NAVASAKTHI TOWNSHIPS: ICRA Suspends B+ Rating on INR15cr Loan

NEW VARDHMAN: ICRA Ups Rating on INR63cr Term Loan Limits to 'B'
PRIME URBAN: CRISIL Rates INR150MM Export Bill Negotiation at 'B'
RAJESWARI AUTOMOTIVES: CRISIL Rates INR30MM Cash Credit at 'B'
RATTAN POLYCHEM: ICRA Rates INR11.50cr Fund-Based Limits 'B'
SATYA EXPORTS: ICRA Ups Rating on INR14cr LT FB Facilities From B

SCHOLARS INTERNATIONAL: CARE Rates INR12.5cr LT Bank Loan at 'B+'
SHAH PRECICAST: ICRA Puts 'B+' Rating on INR15.50cr Cash Credit
SILK TOUCH: ICRA Suspends 'B+' Rating on INR16.20cr Term Loan
SRI BALAJI: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
SURYANAGARI EDUC: ICRA Suspends B+ Rating on INR10cr FB Limit


J A P A N

JAPAN AIRLINES: New Panel to Review Turnaround Support


N E W  Z E A L A N D

INFRACON: Set to be Liquidated; More Than 200 Jobs at Risk


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Cuts Corp. Family Rating to Caa1


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ADLUX GROUP: Joubert Insolvency Appointed as Liquidator
-------------------------------------------------------
Eloise Keating at SmartCompany reports that Adlux Group, a
marketing company that specialised in online display advertising,
search solutions and customised toolbars for websites has
collapsed.

Randall Joubert -- randall@joubert.com.au -- of Joubert Insolvency
was appointed liquidator of Adlux on August 4.  The first meeting
of creditors was scheduled to take place in Sydney on August 15.

SmartCompany, citing media and marketing news publication
Mumbrella, which is a creditor of Adlux, says the company's debts
to creditors exceed AUD3.5 million. A separate report from
Mumbrella suggests the assets of the company have since been
acquired by a digital services company called Excite Digital
Media, whose chief executive Evan Balafas reportedly held a minor
stake in Adlux, according to SmartCompany.

SmartCompany relates that according to creditors' documents seen
by Mumbrella, Excite Holidays is one of the major creditors of
Adlux and is owed AUD842,735. A company called GNE Services Trust,
which has the same Bondi Junction address as Excite, is owed
AUD1.2 million, SmartCompany relays.

It appears a number of other related entities are also on the
creditors list, including Gen Y Pty and GNE Racing, which also
share the same address and are owed AUD154,072 and AUD7,160
respectively, SmartCompany adds.

Mumbrella reports Adlux also owes Kinected AUD788,553, Nami Media
close to AUD400,000 and an unknown amount to the Australian Tax
Office.

Adlux was founded in 2009 and had operated in the US, South
America and Asia, as well as Australia. The Adlux LinkedIn account
says the company has between 11 and 50 employees.


HEALTHZONE LIMITED: Directors Charged With Market Manipulation
--------------------------------------------------------------
Two directors of Healthzone Limited and one former director have
been charged with conspiring to manipulate the share price of
Healthzone shares, following an Australian Securities and
Investment Commission investigation.

ASIC alleges that at various times between May 2007 and
November 2011 directors Peter David Roach, 53 and Ge Wu (also
known as Michael Wu), 35, and former director Robert Venour
Dulhunty, 45, conspired to manipulate the price of the company's
shares at around the time of various corporate activities
including capital raisings and acquisitions.

ASIC alleges the men, who appeared on August 19 before Sydney's
Downing Centre Local Court, used a variety of share trading
accounts in their own names and other parties to manipulate the
Healthzone share price.

Mr Dulhunty, of Watsons Bay, New South Wales (NSW), was charged
with one count of conspiring with Mr Wu and Mr Roach to manipulate
the share price of Healthzone between 1 May 2007 and 12 December
2010. He was not required to enter a plea.

Mr Roach, of Burradoo, NSW, was charged with one count of
conspiring with Mr Wu and Mr Dulhunty to manipulate the share
price of Healthzone between May 1, 2007 and Dec. 12, 2010, and one
count of conspiring with Mr Wu to manipulate the share price of
Healthzone between Dec. 13, 2010 and Nov. 17, 2011. He was not
required to enter a plea.

Mr Wu, of Newington, NSW, was charged with one count of conspiring
with Mr Roach and Mr Dulhunty to manipulate the share price of
Healthzone between May 1, 2007 and Dec. 12, 2010, and one count of
conspiring with Mr Roach to manipulate the share price of
Healthzone between December 13, 2010 and Nov. 17, 2011. He was not
required to enter a plea.

All matters have been adjourned to the Downing Centre Local Court
on Nov. 11, 2014.

The Commonwealth Director of Public Prosecutions is prosecuting
this matter.

Healthzone listed on the ASX in November 2006 and was delisted
when it was placed into administration and receivership in
November 2011. Healthzone went into liquidation in March 2012.

Mr Roach and Mr Wu are also being prosecuted for conspiring to
defraud Healthzone of AUD1 million. Mr Roach also faces two
charges of making false statements to the Australian Securities
Exchange and six charges of falsifying books in relation to the
affairs of Healthzone.


NORTH ALBURY: Placed in Administration
--------------------------------------
Chris Chamberlain of Chamberlains SBR was appointed as
administrator of North Albury Sports Club Ltd on Aug. 19, 2014.

A first meeting of the creditors of the Company will be held at
North Albury Sports Club, 1 Alamein Ave, in Albury, on
Aug. 28, 2014, at 1:30 p.m.


URAF INVESTMENTS: Jones Partners Appointed as Administrators
------------------------------------------------------------
Daniel Soire -- dsoire@jonespartners.net.au -- and David Graham
Shannon -- dshannon@jonespartners.net.au -- of Jones Partners
Insolvency and Business Recovery were appointed as administrator
of Uraf Investments Pty Limited on Aug. 19, 2014.

A first meeting of the creditors of the Company, or a first
meeting for each of the Companies, (for multiple companies), will
on Aug. 29, 2014, at 2:30 p.m.



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


COUNTRY GARDEN: 1H 2014 Results Supports Moody's Ba2 CFR
--------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's 1H 2014 results support its Ba2 corporate family
and senior unsecured debt ratings.

The ratings outlook remains stable.

"Country Garden achieved revenue growth of 42.2% in 1H 2014.
Moody's expect the company to continue recording strong revenue
growth for the rest of 2014, driven by strong sales growth in
2013," says Franco Leung, a Moody's Vice President and Senior
Analyst.

Country Garden achieved contracted sales growth totaling RMB65
billion in the first seven months of 2014; representing a 62.5%
year-on-year improvement. The company is therefore on track to
achieve its full year target of RMB128 billion.

Moody's also notes that Country Garden's gross profit margin fell
to 28.6% in 1H 2014 compared to 30.3% in the fiscal year ended 31
December 2013 (FY2013). The deterioration is in line with the
general industry trend this year for property developers operating
in China.

Its adjusted EBITDA margins remained largely stable at 21.6% in 1H
2014, as the company lowered its selling and administrative
expenses ratio to 5.7% of contracted sales in 1H 2014, from 6% in
2013.

Consequently, its EBITDA/interest coverage fell only slightly to
3.1x for the 12 months to 30 June 2014 from 3.3x in FY2013. The
result is comparable to that of its Ba-rated peers. Moody's
expects Country Garden's full-year 2014 EBITDA interest coverage
to be around 3.0x.

The company also continued to grow its sales outside its home base
of Guangdong Province. Contracted sales outside Guangzhou reached
almost 70% of total sales in 1H 2014 from 56% in 2013; indicating
its strengthening execution ability and brand outside the
province.

"Country Garden has continued to use debt to fund land
acquisitions and construction to support its strategy of high
sales growth," adds Leung, who is also the Lead Analyst for
Country Garden.

Gross debt -- including perpetual capital securities -- rose to
RMB60.6 billion at end-June 2014 from RMB56.2 billion at end-2013.

Nevertheless, revenue to gross debt increased to 1.2x for the 12
months ended June 2014 from 1.1x in 2013. Moody's expects Country
Garden's revenue to gross debt ratio to be around 1.2x-1.3x over
the next 12 months; a result which would position it at the higher
end of its current ratings level.

Country Garden's liquidity profile strengthened in 1H 2014. Its
maturity profile lengthened after the issuance of 5-year USD550
million and USD250 million bonds in May and June 2014
respectively, and after it repaid part of its maturing debt.

Its short-term debt to total debt was at 18.4% at end-June 2014,
an improvement from 22.1% at end-2013.

Its cash position of RMB24.4 billion -- including restricted cash
-- at end-June 2014 and its operating cash flow adequately covers
its maturing debt of RMB10.6 billion and committed land payments
over the next 12 months.

Such a strong liquidity profile partially mitigates its weakened
EBITDA/interest coverage, and supports Country Garden's Ba2
ratings.

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

Country Garden Holdings Company Limited, founded in 1997 and
listed on the Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of June 2014, its land bank
totaled a sizeable 75.68 million square meters in attributable
gross floor area.


XINYUAN REAL: Fitch Revises Outlook to Neg. & Affirms 'B+' IDR
--------------------------------------------------------------
Fitch Ratings has revised US-listed China-based homebuilder
Xinyuan Real Estate Co., Ltd.'s Outlook to Negative from Stable
and affirmed its Long-Term Issuer Default Rating (IDR) at 'B+'.
The agency has also affirmed the company's senior unsecured rating
at 'B+'.

Xinyuan spent substantial amounts on land acquisitions in 1H14 to
expand its business scale in 2014, but sales failed to keep pace
amid negative sentiment in the sector and its selling, general and
administrative (SG&A) expenses surged, resulting in a weaker
financial profile.  The Negative Outlook reflects the pressure on
the ratings if leverage cannot be stabilised or the SG&A expenses
do not revert to reasonable levels.

KEY RATING DRIVERS

Weaker Sales Raises Leverage: Fitch estimates that Xinyuan paid
CNY4bn in land premiums, but chalked up only around CNY3bn in
contracted sales in 1H14.  With land banking speeding ahead of
sales, Xinyuan's net debt/adjusted inventory increased to around
36% at mid-2014 from a net cash position at end-2013.  While
projects on the newly acquired land will be ready to launch after
3Q14 and saleable inventory for 2H14 is likely to be enough to
achieve the 2014 sales target of CNY9bn-10bn, any further
deterioration of sales performance or aggressive land banking may
raise leverage beyond Fitch's thresholds at which it may consider
negative rating action.

Increase in SG&A Expenses: Xinyuan's SG&A expenses in 1H14 rose
sharply, mainly due to marketing activities for newly launched
projects.  SG&A expenses amounted to 13% of contracted sales in
1H14, compared with the 5%-10 % generally seen in the sector.
This increase in expenses and the decline in gross profit margin -
a common phenomenon in the Chinese homebuilding sector - drove its
EBITDA margin down to 11% from 27% a year earlier.  Fitch will
continue monitor the company's expenses as part of our assessment
of the company's management and execution abilities.

Asset-Light Small Homebuilder: Xinyuan's small holdings of
property development assets give its creditors less protection in
the event of asset liquidation.  Its land bank in terms of
saleable GFA was 2.1 million square metres at mid-2014, smaller
than that of similarly rated peers.  Fitch expects the company to
enlarge its land bank and expand its business scale substantially
in the next 24 months.

Diversified Funding Channels: The USD109m of equity and
convertible debt it raised from private equity investor TPG Asia
VI SF in September 2013 and an offshore note issuance soon after
shows that the company has access to diversified funding sources
to accelerate its growth plan in 2014.  Fitch believes it has
sufficient liquidity on its balance sheet to support its growth
and mitigate downside risks.

RATING SENSITIVITIES

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

   -- No material improvement in contracted sales in 2H14
   -- Net debt/adjusted inventory rising above 35% on a sustained
      basis changes to its fast turnover model such that
      contracted sales/total debt falls below 1.2x on a sustained
      basis (End-2013:1.2x)
   -- SG&A remaining at over 10% of contracted sales.

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

   -- The Outlook may be revised to Stable if the above negative
      guidelines are not met over the next 12 months


YINGDE GASES: Fitch Rates Prop. US$ Sr. Unsec. Notes 'BB(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Yingde Gases Group Company Limited's
(Yingde) proposed US dollar senior unsecured notes an expected
rating of 'BB(EXP)'.  The notes will be issued by Yingde Gases
Investment Limited and unconditionally and irrevocably guaranteed
by Yingde.

The proceeds will be used for refinancing part of Yingde's
existing onshore debt, for capital expenditures and working
capital, and for general corporate purposes.  The final rating of
the proposed notes is contingent upon the receipt of documents
conforming to information already received.

KEY RATING DRIVERS

Utility Type Business: Yingde's on-site gas supply business, which
accounted for 88% of revenue in 2013 (87.9% in 2012), generates
stable cash flow similar to that seen in utility companies.  This
business benefits from the cost pass-through and minimum off-take
mechanisms in the long-term contracts between Yingde and its on-
site customers.  In 2013, Yingde increased the number of its
production facilities to 57 from 41 , and expanded its total
installed oxygen capacity by 50% to 1.6 million normal cubic
metres of gas per hour (Nm3/hr).  It is scheduled to increase its
oxygen capacity to 2 million Nm3/hr at end-2014.

Stable Profitability: Yingde enjoys more stable profitability
relative to peers due to the high contribution from its on-site
business.  Operating profit margin was stable at 22% for both 2013
and 2012.  Gross profit has risen in tandem with growing capacity.
Yingde's competitors, on the other hand, tend to have more
unpredictable earnings profiles as they have higher exposure to
the merchant gas sales segment, which has higher gross margins but
is subject to more volatile demand and pricing.

Improved Long-term Funding Sources: Yingde's improving access to
various funding sources has given it greater financial flexibility
to fund its projects on hand.  At end-2013, only CNY1.2bn out of
CNY7bn in total borrowings were classified as current, compared
with CNY3.3bn out of CNY6.1bn in total borrowings a year earlier,
showing that Yingde has significantly improved its access to long-
term funding from lenders.

Negative FCF Constrains Ratings: High capex over the next two to
three years will put Yingde in negative free cash flow (FCF)
before 2016.  Yingde is still at an expansionary stage and its
cash flow will be insufficient to fully fund its capex unless
capex stabilizes at CNY2bn by 2016.  The high capex has caused
funds from operations (FFO) net leverage to rise to 4.3x in 2013,
above the 3.5x level at which Fitch may consider negative rating
action.  However, Fitch expects this to be temporary.  Higher
capex in 2012 and 2013 will result in higher cash flow generation
from 2014 and enable Yingde to deleverage to below 3.5x after
2015.

Small by Global Standards: The international industrial gases
sector is dominated by top international players who have strong
market positions in the merchant market and the financial strength
to compete in the on-site business.  Although Yingde has a
stronghold in the Chinese on-site segment, the scale of the
company is still small by global standards.

RATING SENSITIVITIES

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

   -- deterioration of Yingde's business profile demonstrated by
      falling cash gross profit per unit for the on-site gas
      supply business

   -- failure to secure long-term funding for future growth

   -- FFO adjusted net leverage being sustained above 3.5x, or
      higher than 4.5x in any single year

Positive: Positive rating action is not expected in the next 12-18
months due to Yingde's high capex needs and negative FCF.
However, future developments that may, individually or
collectively, lead to positive rating action include:

   -- significant increase in business scale without
      deterioration in financial metrics

   -- positive FCF on a sustained basis


YINGDE GASES: S&P Puts 'BB-' Rating to Prop. US$-Denom. Sr. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Yingde Gases Investment Ltd.  Yingde Gases
Group Co. Ltd. (Yingde: BB/Stable/--; cnBBB-/--) will guarantee
the notes.  The company intends to use the issuance proceeds for
capital expenditure and general corporate purposes.

S&P expects Yingde to maintain its strong position in the niche
on-site industrial gas supply market in China, given the
significant capacity coming online over the next 12 months.  S&P
therefore maintains its "fair" business risk profile.  Yingde's
planned large capital expenditure may push its leverage beyond 4x
by end-2014.  However, the deterioration is likely to be only
temporary, due to a large debt-funded acquisition.  S&P sees a
high chance that the company's leverage will drop below 4x in 2015
and beyond due to increased gas supply.  This continues to support
a "significant" financial risk profile.

The stable outlook reflects S&P's expectation that Yingde's
leverage, as measured by a ratio of debt to EBITDA, will improve
to 3.5x-4.0x by 2015.  This is mainly because more of Yingde's
projects will start production in the next 12 months, and
contribute to the company's earnings and cash flows.  However, the
leverage will increase to slightly more than 4x by end of 2014
because of Yingde's proposed large capital spending.



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


AGRAWAL COT-SPIN: ICRA Suspends B Rating on INR8cr Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR8.00
crore fund based cash credit facility of Agrawal Cot-spin Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     8.00        [ICRA]B suspended

Established in 1997, ACPL is a closely held company owned and
managed by Mr. Manubhai Agrawal and other members of the family.
It is engaged in ginning of raw cotton to produce cotton bales and
crushing of cotton seeds to produce cottonseed oil. It deals in S-
6 type of cotton. The company has 32 ginning machines with an
intake capacity of around 200 metric tons of raw cotton per day
and 8 expellers with production capacity of 9 tons of raw cotton
seed oil per day.


AUTOLINE INDUSTRIES: CARE Cuts Rating on INR150.06cr LT Loan to D
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Autoline Industries Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    150.06      CARE D Revised
                                            from CARE B

   Short term Bank Facilities    20.00      CARE D Revised
                                            from CARE A4

Rating Rationale

The rating revision follows ongoing delays in debt servicing by
Autoline Industries Limited due to its stressed liquidity
position.

Autoline Industries Limited, incorporated in December 1996, is
engaged in the manufacturing of auto components especially sheet
metal components, sub-assemblies and assemblies. The company
currently has a total of 12 manufacturing facilities which are
located in Pune (seven units), Uttarakhand (two), USA (one),
South Korea (one) and Italy (one). AIL's products are used in the
manufacturing of Commercial Vehicles (CV), Passenger Cars (PC),
Sports Utlity Vehicles (SUV), two-wheelers, tractors, etc. The
company supplies its products to various Original Equipment
Manufacturers (OEMs). The major customer of AIL is TML. AIL is
dealing with TML since more than 15 years and is a Tier I supplier
for TML's various auto components. In June 2011, AIL's
manufacturing facility located at Nanekarwadi, Chakan, has been
approved as a 'Mega Project' status for a subsidy under Packaged
Scheme of Incentives, 2007, of the Government of Maharashtra.

During FY14 (refers to the period April 1 to March 31), AIL's
total operating income stood at INR398.77 crore and reported a
loss of INR55.20 crore as against a total operating income of
INR577.56 crore and a PAT of INR0.96 crore during FY13.


BADRI ECOFIBRES: CRISIL Assigns B Rating to INR177.2MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Badri Ecofibres Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term        2.8     CRISIL B/Stable
   Bank Loan Facility

   Term Loan               177.2     CRISIL B/Stable

The rating reflects BEPL's susceptibility to funding and
implementation risks on its ongoing project, and the limited track
record of its promoters in the textile industry. These rating
weaknesses are partially offset by the extensive experience of
BEPL's promoters in civil construction and in executing similar
projects; the ratings also factor in the benefits that BEPL
derives from favourable location of its plant in central India,
from proximity to suppliers.

Outlook: Stable

CRISIL believes that BEPL will maintain a stable credit risk
profile on the back of its promoters' extensive experience. The
outlook may be revised to 'Positive' if timely completion of
project without cost overrun, and higher-than-expected scale of
operations and profitability result in strong accruals and
financial risk profile for BEPL. Conversely, the outlook may be
revised to 'Negative' if time or cost overruns on project weaken
its financial risk profile, particularly debt-servicing ability.

BEPL was incorporated in September 2013 by the Jhansi-based Gupta
family. It is promoted by Mr. Lakhan Lal Gupta and his son, Mr.
Amit Gupta. BEPL is setting up a plant for manufacturing recycled
polyester fibre in Raisen (Madhya Pradesh) at an estimated cost of
around INR280 million, funded at a debt-to-equity ratio of 1.8:1.
Civil construction of the project has started and the project is
expected to be completed by February 2015.


BLUEART GRANITO: CARE Ups Rating on INR18.16cr LT Loan From B+
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Blueart
Granito Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    18.16       CARE BB Revised
                                            from CARE B+

   Long-term/Short-term Bank     2.75       CARE BB/CARE A4
   Facilities                               Revised from
                                            CARE B+/CARE A4

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Blueart Granito Private Limited is primarily on
account of healthy growth in total operating income (TOI) and cash
accruals, comfortable operating profit margins coupled with
improvement in capital structure and debt coverage indicators
during FY14 (refers to the period April 1 to March 31). The
ratings, however, continue to remain constrained on account of its
presence in the highly fragmented tiles industry, susceptibility
of operating margins to raw material and fuel price fluctuations
and demand linkages with the cyclical real estate sector.

The ratings, however, continue to draw strength from the vast
experience of the promoters in the tile manufacturing industry and
its presence in the ceramic tile hub with easy access to raw
material and power and fuel.

BGPL's ability to increase the scale of operations coupled with
further improvement in capital structure as well as better
working capital management in light of the competitive nature of
the industry remain the key rating sensitivities.

Morbi-based (Gujarat) BGPL is a closely-held private limited
company, incorporated in July 2010 by Mr Gautam Patel and
other associate promoters. Currently Mr Haresh Vadasola and other
associate promoters are handling overall business operations. BGPL
is engaged in the manufacturing of vitrified tiles that finds
application in both commercial as well as residential buildings.
BGPL operates from its sole manufacturing facility located at
Morbi which has an installed capacity of 60,335 metric tonnes per
annum (MTPA) for manufacturing of vitrified tiles.

During FY14 (refers to the period April 1 to March 31), BGPL
reported a TOI of INR58.78 crore and PAT of INR0.91 crore as
against TOI of INR39.87 crore and loss of INR0.09 crore during
FY13.  Furthermore during Q1FY15, BGPL has reported a TOI of
INR14.87 crore.


ELECTRONICS & CONTROLS: ICRA Cuts Rating on INR7cr ST Loan to 'D'
-----------------------------------------------------------------
ICRA has revised the long-term rating for INR5.47 crore fund based
limits of Electronics & Controls Power Systems Private Limited
from [ICRA]C to [ICRA]D and the short term rating for INR7.00
crores of non fund based limits from [ICRA]A4 to [ICRA]D.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long term-Fund based     5.47      [ICRA]D revised
                                      from [ICRA]C

   Short term Non-fund
   based                    7.00      [ICRA]D revised
                                       from [ICRA]A4

The revision in ratings reflects recent devolvement of the non
fund based facility due to stretched liquidity position given high
receivables. Apart from above the rating continues to be
constrained by the continuous decline in its revenue for the past
2 years, its weak profitability, its negative net worth base and
high debt levels. Nevertheless, ICRA favourably takes note of the
long track record of the company of over 2 decades in the power
back up industry.

Electronics and Controls Power Systems Private Limited (ECPL) was
incorporated in 1976. It supplies on-line UPS solutions to various
industries. ECPL designs and supplies online power conditioning
solutions to various mission critical applications, datacenters,
telecom, research labs, defense, aerospace, and medical equipment
and its past clientele consists of Bharat Electronics Limited
(BEL), Hughes Software, Life Insurance Corporation (LIC), various
banks, Rittal India Private Limited, Titan, various State
Electricity Boards etc. ECPL has its manufacturing facilities
located at Bangalore and Pondicherry for assembling the UPS units.

Recent Results
As per the provisional results for FY 2014, the company reported a
net profit of INR0.08 crore on turnover of INR14.24 crore as
against net profit of INR0.32 crore on turnover of INR15.93 crore
during FY 2013(audited results).


EXCEL TIMBERS: CRISIL Reaffirms B- Rating on INR30MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Excel Timbers (P) Ltd
continue to reflect ETPL's weak financial risk profile, marked by
high total outside liabilities to tangible net worth ratio, low
net worth, and modest debt protection metrics, and its working-
capital-intensive operations.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              30      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit         70      CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of ETPL's promoters in the timber trading and saw mill
business, and its established regional market position in timber
trading.

Outlook: Stable

CRISIL believes that ETPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established customer relationships. The outlook may be revised
to 'Positive' if the cash accruals are higher than expected driven
by improved scale of operations and profitability and efficient
working capital management, leading to an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ETPL's profitability declines, due to volatility in raw material
prices or if the working capital requirement is larger than
expected leading to deterioration in its credit risk profile.

Based in Kozhikode (Kerala), ETPL primarily trades in timber logs.


FRIENDLY LOGISTICS: CRISIL Keeps B+ Rating on INR125M Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Friendly Logistics
(India) Pvt Ltd continue to reflect its weak financial risk
profile, marked by low net worth and high gearing.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee           5      CRISIL A4 (Reaffirmed)
   Cash Credit            125      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      12      CRISIL B+/Stable (Reaffirmed)

It also reflects FLIPL's exposure to intense competition in the
road freight transport industry and susceptibility of its revenue
to the vagaries of the end-consumer segments. These rating
weaknesses are partially offset by extensive experience of the
promoters and FLIPL's established position in the road freight
transport business.

Outlook: Stable

CRISIL believes that FLIPL will continue to benefit over the
medium term from its promoter's extensive experience in the road
freight transport segment and its established tie-ups with its
clientele. The outlook may be revised to 'Positive' if the company
registers more-than-expected growth in its revenue leading to
improvement in cash accruals, along with improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if FLIPL registers weakening in its debt protection
metrics and capital structure because of decline in its cash
accruals or larger-than-expected, debt-funded capital expenditure
or working capital requirement.

FLIPL was set up as a partnership firm in the 1980s by Mr.
Yashodhar G Nayak; it was reconstituted as a private limited
company in August 2002. FLIPL provides freight transportation
services to the commercial vehicles, engineering, and steel
industries.


GEMINI CONSOLIDATED: CARE Cuts Rating on INR8.29cr LT Loan to B+
----------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Gemini Consolidated Projects Private Limited.

                              Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities    8.29      CARE B+ (SO) Revised
                                           from CARE BB

   Short-term Bank Facilities   8.50      CARE A4 (SO) Reaffirmed

Rating Rationale

The long-term ratings of Gemini Consolidated Projects Private
Limited (GCP) is revised following the revision in the rating
of the Guarantor company, Gemini Power hydraulics Private limited.

The revision in the long-term rating of Gemini Power Hydraulics
Private Limited (GPH) takes into account the continuous decline in
profitability margins, deterioration in the overall debt coverage
indicators along with deteriorating liquidity position of the
associate company, Gemini Consolidated Projects Private Limited
(GCP) wherein GPH is the guarantor for the debt extended by its
lenders.

The ratings assigned to the bank facilities of GPH continue to be
constrained by its relatively small scale of operations, working
capital intensive nature of business, vulnerability of its
profitability margins to the proportion of services in the
total revenue & fluctuation in foreign exchange.

The ratings of GPH however, continue to derive comfort from the
experienced promoters with long track record of operations and
established relationship with reputed clientele. The ratings
further derive strength from its diverse enduser industry base.

The ability of GPH to improve its scale of operations and improve
its profitability margin and debt coverage indicator
along with the improvement in performance of the associate company
would be the key rating sensitivities.

Incorporated in 2011 by Mr Rajiv Sethi, Gemini Consolidated
Projects Private Limited (GCP) is engaged in the business of
undertaking sub contracts for providing metal fabrication and
erection services. As on June 30, 2014 the company had an
order book of INR29.31 crore for various clients namely Powermech
Projects Private Limited (contractor of BHEL's Sikka project),
Axon constructions Private Limited and Larsen and Tubro Limited.
Currently, the company majorly caters to companies in the power
sector, however it has plans to diversify into oil & gas,
hydrocarbons, cement and steel sectors.

During FY14 [provisional (refers to the period April 1 to
March 31)], the company reported a total operating income of
INR21.43 crore (vis-a-vis INR14.20 crore in FY13) and PAT of
INR(1.89) crore [vis-a-vis INR0.58 crore in FY13].

About the Guarantor

Incorporated in 1988 by Mr Rajiv Sethi, Gemini Power Hydraulic
Private Limited (GPH) is engaged in the trading of hydraulic
products of specific principles and also provides various
engineering services. The company's main products are aeriall work
platform, mobile light tower, hydraulic cylinders and hydraulic
pumps. The company also provides various engineering services viz.
leak sealing, pipeline intervention, valve repair, metal
disintegration and others.

During FY14 (provisional refers to the period April 1 to
March 31), the company reported a total operating income of
INR45.81 crore (vis-a-vis INR36.44 crore in FY13) and PAT of
INR0.29 crore (vis-a-vis INR0.50 crore in FY13).


GEMINI POWER: CARE Cuts Rating on INR7.45cr LT Bank Loan to B+
--------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Gemini Power Hydraulics Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.45       CARE B+ Revised
                                            from CARE BB

   Short-term Bank Facilities    4.50       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Gemini Power Hydraulics
Private Limited takes into account the continuous decline in
profitability margins for the last two years due to increased
competitive pressure leading to deterioration in the overall debt
coverage indicators. Furthermore, the liquidity position of an
associate company, Gemini Consolidated Projects Private Limited
(GCP) wherein GPH is the guarantor for the bank debt, has also
deteriorated.

The ratings assigned to the bank facilities of Gemini Power
Hydraulics Pvt Ltd (GPH) continue to be constrained by its
relatively small scale of operations, working capital intensive
nature of business, vulnerability of its profitability margins
to the proportion of services in the total revenue & fluctuation
in foreign exchange.

The ratings however, continue to derive comfort from the
experienced promoters with long track record of operations
and established relationship with reputed clientele. The ratings
further derive strength from its diverse end-user industry
base.

The ability of GPH to improve its scale of operations and improve
its profitability margin and debt coverage indicator along with
the improvement in performance of the associate company would be
the key rating sensitivities.

Established as a partnership firm in 1999, Royal Impex (RI) is
engaged in the cutting and polishing of small-sized rough diamonds
which are primarily used in watches. The firm is primarily an
export-oriented unit with exports (to Switzerland, Hong Kong &
USA) contributing 98% of the total income in FY14 (provisional
refers to the period April 1 to March 31) vis-…-vis 96% in FY13.
The rough diamonds are primarily imported from Belgium, Hong Kong
& Israel. The processing (cutting and polishing) facility of RI is
located at Surat (Gujarat).

As per FY14 (provisional), RI has reported a total operating
income of INR88.19 crore (up by 17.80% vis-a-vis FY13) and
PAT of INR0.98 crore (down by 66.44% vis-a-vis FY13).


GODAVARI SHILPKALA: ICRA Suspends B+ Rating on INR61.71cr Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned
earlier to the INR61.71 crore, fund-based bank facilities of
Godavari Shilpkala Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

A part of the Delhi-based Claridges group, Godavari Shilpkala
Limited is a 100% subsidiary of Godavari Shilpkala Hospitality
Private Limited. The company owns and operates two hotel
properties namely i) The Claridges, Surajkund (TCSK), and ii)
Atrium Hotel & Conferencing, Surajkund (Atrium) in 5-Star and mid-
scale categories respectively. This apart, the company also owns a
high-end commercial cum office complex with a total saleable area
of around 271,281 sq ft. adjacent to the hotel properties. All the
three properties are located in Surajkund, Faridabad (Haryana).

TCSK and Atrium have room inventories of 287 and 100 rooms
respectively. While Atrium has been operational since 1996-97,
TCSK commenced operations in April 2009 with an inventory of 150
rooms. Balance 137 rooms in TCSK under Phase-II became operational
in October 2010.


H. S. JEWELS: CRISIL Rates INR70MM Prop. Cash Credit Limit 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of H. S. Jewels Budaun Private Limited.

                              Amount
   Facilities                (INR Mln)   Ratings
   ----------                ---------   -------
   Proposed Cash Credit Limit    70      CRISIL B+/Stable
   Proposed Term Loan            50      CRISIL B+/Stable

The ratings reflect company's modest scale of operations with
geographic concentration in revenue profile and weak financial
risk profile. These rating weaknesses are partially offset by
HSJBPL's promoter's long standing experience in the jewellery
business.

Outlook: Stable

CRISIL believes that HSJBPL will continue to benefit from its
promoters' experience in jewellery business. The outlook may be
revised to 'Positive' if the company increases its scale of
operations while managing its working capital requirements, and in
turn improving its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there is further deterioration in
its financial risk profile either on account of lower than
expected profitability, larger than expected working capital
requirements.

HSJBPL was formed and started its operations in August 2012. The
company is formed by Mr. Rachit Prakash Vaish and his family. It
is into jewellery business and has its show room in Budaun and
Moradabad (both in Uttar Pradesh). Company expects to commence
operations at Moradabad Showroom from December 2014.


JAI LAXMI: ICRA Assigns 'B+' Rating to INR10cr Fund Based Limit
---------------------------------------------------------------
ICRA has assigned [ICRA]B+ for INR10.00 crore long term fund based
limits and [ICRA]A4 INR4.50 crore short term non-fund based limits
of Jai Laxmi Lighting Industries Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits       10.00       [ICRA]B+, assigned
   Non fund based limits    4.50       [ICRA]A4, assigned

The assigned ratings reflect JLL's experienced promoters in
manufacturing of PCB & CFL, healthy customer profile & repeat
business and low warranty returns albeit on limited track record.
The ratings are however constrained on account of increasing
working capital intensity which has led to negative cash flows
from operations necessitating additional funding despite low
growth in topline. Owing to stretched receivable cycle and large
inventory holding period, the liquidity of the company is
stretched as reflected by full utilisation of working capital bank
limits. Further, the company has low bargaining power on account
of presence of many players and relatively large customers. All
these have resulted in low profit margins and modest debt coverage
indicators. The company is also exposed to movement in foreign
exchange rate as its imports ~30% of its raw material from China.
Going forward, ability of the company to improve its margins by
getting price increases from its customers, reduce its working
capital requirements and profitable growth would be the key rating
sensitivities.

Recent results:
As per provisional results, JLL registered operating income of
INR36.1 crore and net profit of INR0.3 crore in FY2014 compared to
INR33.9 crore operating income and net profit of INR0.3 crore in
FY2013.

Jai Laxmi Lighting Industries Private Limited was incorporated by
Sadana family members in 2012. The company has two promoter
directors, namely Mr. Gyaninder Sadana and Mrs. Krishna Devi. JLL
has taken over the business of erstwhile Laxmi Electronics with
effect from April 01, 2014. Till that time JLL did not have any
operations. Laxmi Electronics was a sole proprietorship engaged in
manufacturing of PCB for CFL, CFL and some other luminaries.


JAI MATA: ICRA Suspends 'D' Rating on INR4cr Long Term Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR4.00
crore long term loan & INR2.00 crore working capital facility of
Jai Mata Di Plastics Pvt Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


K.A.R. ENTERPRISES: CARE Rates INR5.25cr LT Bank Loan at 'B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of K.A.R.
Enterprises.

                                Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long term Bank Facilities     5.25        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of K.A.R. Enterprises
is constrained by its modest scale of operations, working capital
intensive operations, weak financial risk profile marked by thin
profitability margins and moderate capital structure and debt
coverage indicators. The rating is further constrained by the
firm's presence in a highly fragmented and competitive industry,
seasonal availability of paddy, policy risks in terms of the
Minimum Support Price (MSP) for raw material and constitution as a
partnership firm. The rating, however, derives strength from the
long track record of operations with experienced promoters in the
rice milling industry, presence of the firm in proximity to major
paddy cultivation area resulting in easy access to raw material.

The ability of the firm to scale up its operations and improve its
profitability while managing its working capital effectively and
withstand competition will be the key rating sensitivities.

KARE was initially established as a proprietorship concern by Mr.
Mohd Samiulla in the year 2001. It was subsequently converted to a
partnership firm in April 2012. Mr. Mohd. Samiulla, Mr. Mohd
Shoaibulla and Mr. Mohd. Masiulla are the partners in the firm.
KARE is engaged in milling and processing of rice at its rice
milling unit located at Yedadore, Narasipura, Mysore Dist,
Karnataka with a paddy de-husking capacity of 16,000 metric tons
per annum. Apart from manufacturing, the firm is also engaged in
selling of its by-products (broken rice and bran) and trading of
rice. The main raw material, paddy, is procured from the local
farmers directly as well as from agents and dealers located at
Karnataka.

The firm generates majority of its revenue i e, more than 95% from
Kerala and sells its products to around 100 regular
dealers/wholesalers and agents under the brand name of 'Double
Maan'.

During FY14 (provisional refers to the period April 1 to
March 31), KARE reported a net profit of INR0.23 crore on a total
operating income of INR22.20 crore as against a profit of INR0.33
crore on a total operating income of INR22.85 crore in FY13.


KALINDI ISPAT: ICRA Ups Rating on INR11.75cr Cash Credit From B+
----------------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR4.50 crore term loan and INR11.75 crore cash credit facility of
Kalindi Ispat Private Limited from [ICRA]B+ to [ICRA]BB-. The
outlook on the long term rating is stable. ICRA has reaffirmed the
[ICRA]A4 rating assigned to the INR1.00 crore non-fund based bank
facilities of KIPL.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits        4.50      [ICRA]BB- (Stable) upgraded
   (Term Loan)

   Fund Based Limits       11.75      [ICRA]BB- (Stable) upgraded
   (Cash Credit)

   Non Fund Based Limits    1.00      [ICRA]A4 reaffirmed
   (Bank Guarantee)

   Non Fund Based Limits   (1.00)     [ICRA]A4 reaffirmed
   (Letter of Credit)

The revision in the long term rating takes into account the
significant improvement in the working capital intensity of
operations in 2013-14, owing to decline in the inventory holding
and reduction in dependence on external debt, leading to
improvement in company's capital structure in 2013-14 over the
previous year. The ratings also draw comfort from the experience
of KIPL's promoters in the steel industry and the strategic
location of the manufacturing unit in proximity to raw material
sources that keeps inward freight costs under control. The ratings
are, however, constrained by the ongoing weakness and cyclicality
inherent in the steel industry, relatively small scale of its
current operations; although, top-line witnessed a significant
growth in 2013-14, and lack of vertical integration that makes
margins sensitive to input and output prices. ICRA notes that the
operating margin has declined to a large extent in 2013-14 over
the previous years, which in turn has resulted in a decline in the
overall profitability of the company. Going forward, the company's
ability to scale up its operations, while improving its
profitability and managing the liquidity efficiently would be the
key rating sensitivities.

Incorporated in 2004, KIPL is engaged in the manufacturing of
sponge iron. The company has two kilns with an installed capacity
of 60,000 metric tonne per annum (MTPA) for manufacturing sponge
iron. The manufacturing facility of the company is located at
Bilaspur, Chhattisgarh.

Recent Results

The company reported a net profit of INR0.97 crore on an operating
income of INR50.71 crore in 2013-14; as compared to a net profit
of INR1.37 crore on an operating income of INR34.69 crore in 2012-
13.


KAUSHAL FERRO: CRISIL Reaffirms 'D' Rating on INR212MM Bank Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaushal Ferro Metals
Pvt Ltd continue to reflect instances of delay by KFMPL in
servicing its debt, on account of working-capital-intensive
operations and cash flow mismatch.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               110      CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee             20      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        212      CRISIL D (Reaffirmed)

   Term Loan                   8      CRISIL D (Reaffirmed)

KFMPL also has a below-average financial risk profile, constrained
by weak liquidity and vulnerability to cyclicality in the steel
industry. These rating weaknesses are partially offset by KFMPL's
average business risk profile, with proximity to its end-user
industry.

Set up in 2004, KFMPL started commercial production in 2007. The
company manufactures sponge iron and has its manufacturing
facilities at Sundargarh (near Bhubaneswar, Odisha). The company
has an installed capacity of 60,000 tonnes per annum. KFMPL's
overall operations are managed by Mr. Sitaram Agarwal, Mr. Ganesh
Agarwal, and Mr. Rambihari Upadhayay.

For 2013-14 (refers to financial year, April 1 to March 31), KFMPL
reported a profit after tax of INR14.6 million on net sales of
INR739.9 million, against a net profit of INR17.3 million on net
sales of INR713.6 million for 2012-13.


KUSHAL EDUCATION: ICRA Suspends B+ Rating on INR30cr FB Limit
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR30.0
crore fund based limits of Kushal Education Trust (KET). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Trust.


M STAR: CRISIL Assigns 'B' Rating to INR90MM Cash Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of M Star Hotels Palakkad Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Term Loan            90      CRISIL B/Stable

The rating reflects the start-up nature of MSHPL's operations in
the hotel industry, which is intensely competitive and cyclical in
nature. The rating also factors in the company's below average
financial risk profile marked by subdued debt protections. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of MSHPL's promoters.

Outlook: Stable

CRISIL believes that MSHPL's project will commence commercial
operations without any significant time or cost overrun, supported
by the extensive entrepreneurial experience of its promoters. The
outlook may be revised to 'Positive' if the company commences and
stabilises its hotel's operations sooner than expected, resulting
in greater-than-expected cash accruals and consequent improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if MSHPL faces significant time or cost
overrun in its project resulting in lower than expected cash
accruals, leading to weakening of its financial risk profile.

MSHPL is setting up a five-star hotel near the Kanjikode
industrial zone in Kerala. It is a 100 per cent subsidiary of M-
Star Hotels Pvt Ltd. MSHPL's day-to-day operations is being
managed by Mr. P. Balakrishnan.


MATHURAM SWASTH: ICRA Assigns 'B' Rating to INR7.0cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR7.00
crore term loan and INR1.00 crore unallocated limits of Mathuram
Swasth Evam Shikshan Sansthan.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Term       7.00        [ICRA]B assigned
   Loans

   Unallocated Limits    1.00        [ICRA]B assigned


The assigned rating takes into account the limited experience of
MSESS's promoters in the field of education, with the upcoming
school being their first venture in the same, as well as the
entity's exposure to execution risks, given the nascent stage of
school construction at present. The pendency of critical
approvals, including affiliation from the Central Board of
Secondary Education, also exposes the school to regulatory risks.
ICRA further notes the school's vulnerability to stabilization
risks, including achievement of adequate student intake and
recruitment of experienced faculty amidst intense competition from
other schools in the vicinity. The rating however, draws comfort
from the strategic location of the school in a rapidly developing
residential area of Patna, which is likely to generate healthy
demand for education, and the demonstrated promoter support, with
around 39% of the targeted promoter contribution having been
infused till March, 2014. Going forward, completion of the project
within the budgeted costs and time, coupled with continued
financial support from the promoters to support debt servicing
during the construction and stabilization phase of the school,
will remain key rating sensitivities.

Mathuram Swasth Evam Shikshan Sansthan was incorporated in January
2014, under section 25 of The Company's Act, to establish a school
in Patna under affiliation to the Central Board of Secondary
Education, for imparting education to students across classes I-X.
The school is currently under construction and is scheduled to
commence operations from April, 2015.


NAVASAKTHI TOWNSHIPS: ICRA Suspends B+ Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15
Crore, term loans of Navasakthi Townships Developers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


NEW VARDHMAN: ICRA Ups Rating on INR63cr Term Loan Limits to 'B'
----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR15.00
crore long-term fund-based cash credit facility and INR63.00 crore
term loan facility of New Vardhman Vitrified Private Limited to
[ICRA]B from [ICRA]D. ICRA has also upgraded the short term rating
assigned to INR6.75 crore short term non fund based facilities of
NVVPL to [ICRA]A4 from [ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan Limits        63.00       Revised to [ICRA]B
                                       from [ICRA]D

   Cash Credit Limits      15.00       Revised to [ICRA]B
                                       from [ICRA]D

   Bank Guarantee Limits    6.75       Revised to [ICRA]A4
                                       from [ICRA]D

   Foreign Letter of      (37.00)      Revised to [ICRA]A4
   Credit Limits                       from [ICRA]D

   Letter of Credit        (5.00)      Revised to [ICRA]A4
   Limits                              from [ICRA]D

The revision in ratings takes into account the regularization of
the debt servicing since January 2014 as a result of its improved
liquidity position on account of infusion of unsecured loans by
the promoters and improved financial performance on account of
healthy capacity utilization levels and increased off-take by the
parent company. The ratings also factor in the extensive
experience of NVVPL's promoters in the ceramic industry;
operational support on account of its association with NITCO
Limited giving it, access to the latter's established marketing
and distribution set up thereby limiting off take risks and
locational advantage to the company thus providing easy
accessibility to key raw materials.

The ratings however continue to remain constrained by NVVPL's
relatively limited track record of commercial operations, highly
competitive nature of the ceramic tile industry, vulnerability of
NVVPL's profitability to the increasing prices of gas, as gas is
the major source of fuel and stretched capital structure owing to
high reliance on debt for funding its greenfield project. While
the ratings consider the benefits to NVVPL from being a subsidiary
of NITCO Limited, the weak financial risk profile of the parent
company as evidenced from significant losses in the recent past,
which combined with the moderation witnessed in real estate sector
had adversely impacted the supply arrangement and subsequently the
business risk profile of NVVPL.

New Vardhman Vitrified Private Limited (NVVPL) was incorporated in
July, 2011 as a tile manufacturing company with the production
facility being located in Morbi, Gujarat. The company has set up a
greenfield project with two product segments namely vitrified
floor tiles and soluble salt wall tiles having the production
capacity of 48 lakhs sq. meters (1,05,200 TPA) and 38.41 lakhs sq.
meters (84,200 TPA) respectively. The company was initially
promoted by Mr. Vitenkumar H Kavar and Rajesh J Likhiya along with
other shareholders, who are also the promoters of Vardhman
Vitrified Private Limited, Hexa Ceramic Private Limited and Comet
Ceramics; however in March 2012, NITCO Limited acquired 51% of the
shareholding in the company from various shareholders and hence
NVVPL became a subsidiary of NITCO Limited.

Recent Results

During FY 2014, NVVPL reported an operating income of INR145.16
crore (as against INR37.92 crore in FY 2013) and profit after tax
of INR0.36 crore (as against loss after tax of INR3.63 crore in FY
2013). Based on unaudited financials of Q1FY15, NVVPL has reported
operating income of INR43.48 crore and profit before depreciation
and tax of INR2.57 crore.


PRIME URBAN: CRISIL Rates INR150MM Export Bill Negotiation at 'B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Prime Urban Development India Ltd.

                             Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Export Bill Negotiation      150     CRISIL B/Stable
   Packing Credit                50     CRISIL A4


The rating reflects PUDIL's modest scale of operations in the
textile trading business and susceptibility of PUDIL's near term
credit profile to the success of its ongoing real estate projects
being undertaken in its associate entities. These rating
weaknesses are partially offset by extensive experience of
promoters in the textile industry and financial flexibility from
its surplus land bank.

Outlook: Stable

CRISIL believes that PUDIL will continue to benefit over the
medium term from the promoters long standing presence in the
industry. The outlook may be revised to 'Positive' in case PUDIL
reports significantly higher-than-expected growth in cash flow
from operations, thereby translating into an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company faces a stretch in its working capital
cycle, or if the cash flow from operations in respect of its real
estate segment is significantly below expectations.

PUDIL was incorporated in 1936 by the Patodia family, headed by
Late Mr. Madanlal Patodia. The operations of the company are
currently managed by the third generation of the Patodia family -
Mr. Manoj Patodia and Mr. Anuj Patodia. The company is engaged in
trading of cotton yarn.  The company is also engaged in real
estate development through three partnership firms, in which the
company is a partner. These firms are - Prime New line AOP, Prime
Developers and Prime Mall Developers.  PUDIL is listed on the
Bombay Stock Exchange.

PUDIL reported net loss of INR6.9 million on net sales of INR598.4
million for 2013-14 (refers to financial year, April 1 to March
31); the company reported a net loss of INR17.5 million on net
sales of INR228.6 million for 2012-13.


RAJESWARI AUTOMOTIVES: CRISIL Rates INR30MM Cash Credit at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rajeswari AutoMotives Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL B/Stable
   Cash Term Loan            24      CRISIL B/Stable

The rating reflects RAPL's nascent stage of operations and
exposure to intense competition in the automobile dealership
business. The rating also factors in the company's below-average
financial risk profile, marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of RAPL's promoters.

Outlook: Stable

CRISIL believes that RAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
substantial increase in its cash accruals, leading to improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if RAPL's revenue or profitability is lower
than expected, or if it undertakes a larger than expected debt-
funded capital expenditure programme, leading to deterioration in
its financial risk profile.

RAPL, incorporated in 2012, commenced operations in 2013. The
company is an authorised dealer and service provider for NISSAN
Motors India Pvt Ltd's cars. Its day-to-day operations are managed
by Mr. Sreenaath Baskaran.

RAPL's profit after tax and net sales are estimated at INR1.0
million and INR191.6 million, respectively, for 2013-14 (refers to
financial year, April 1 to March 31); the company incurred a net
loss of INR1.0 million on net sales of INR4 million for 2012-13.


RATTAN POLYCHEM: ICRA Rates INR11.50cr Fund-Based Limits 'B'
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B and a short term
rating of [ICRA]A4 to the INR13.24 Crore bank facilities of Rattan
Polychem Private Limited.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based limits
   Long Term scale       11.50       [ICRA]B assigned

   Term Loan - Long
   Term scale             1.74       [ICRA]B assigned

The ratings are constrained by the company being a relatively
small player in comparison with competitors; vulnerability of
profitability to fluctuations in the prices of polymer, which is a
crude derivative; weak financial risk profile with high working
capital intensity, large repayments in the near term and stretched
liquidity position as reflected in the high utilisation of working
capital limits.

Nevertheless, while assigning the ratings, ICRA has favourably
factored in the favourable demand prospects for EPS products and
location advantages due to proximity of the manufacturing facility
of the company to the NCR region which allows easy access to raw
materials and large market for finished goods.

Rattan Polychem Private Limited, incorporated in 2009,
manufactures Expandable polystyrene (EPS) which is used as a
primary raw material for manufacturing of Thermo Cole products for
various applications such as thermal insulation of buildings, cold
storage, industrial refrigeration and air conditioning. The
manufacturing facilities of the company are located in Faridabad,
Haryana with a capacity of 9490 Metric Tonne Per Annum (MTPA).

Recent Results

RGPL reported a turnover of INR27.51 Crore and a net profit of
INR0.26 Crore during financial year 2013-14. The company had
reported a turnover of INR27.94 Crore and a net profit of INR0.29
Crore during financial year 2012-13.


SATYA EXPORTS: ICRA Ups Rating on INR14cr LT FB Facilities From B
-----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR14.00
Crore fund-based facilities of Satya Exports from [ICRA]B to
[ICRA]BB-.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-      14.00       [ICRA]BB-/Stable Upgraded
   based facilities                  from [ICRA]B

   Short-term, non-       1.00       [ICRA]A4 Reaffirmed
   fund based facilities

The outlook on the long-term rating is 'stable'. ICRA has also
reaffirmed the short term rating at [ICRA]A4 (pronounced ICRA A
four) to the INR1.00 Crore short-term non-fund based facilities.
The rating action factors in the healthy revenue growth, improved
net profit margins and moderation in debt protection metrics of
the firm. Ability to add several new customers and source repeat
orders from the established ones, coupled with the availability of
incremental capacity from Aug'12 has resulted in healthy growth in
sales volumes as well as revenues for the firm in FY13 and FY14.
Improved operational efficiencies, better capacity utilizations
and lower interest costs with the incremental working capital
requirements largely funded by interest free unsecured loans has
resulted in increase in net profit margins. The assigned ratings
also draw comfort from the vast experience of the promoters in the
granite trading industry and the geographically diversified
revenue base.

However, the assigned ratings continue to remain constrained on
account of the fragmented and low value additive nature of the
industry leading to intense competition and low bargaining power.
The firm does not own any quarries rendering it susceptible to raw
material supply shocks, besides dampening profitability. ICRA also
notes that the high working capital intensity coupled with the
strong sales growth has been resulting in stretched cash flows and
consistently high working capital utilization levels for the firm.

Satya exports was set up in 2000 as a partnership firm by Mr.
Nunna Venkata Sudhakar for carrying out granite exports. The firm
until 2009 carried out merchant exports of granite slabs and tiles
after getting granite blocks processed on a job work basis. Satya
exports started its first granite processing unit in Nov'2009 with
a capacity of 20 Lakh sft and the second processing unit with a
capacity of 27 Lakh sft in August'2012. Both the processing units
are located in Prakasam district of Andhra Pradesh which has
abundant reserves of granite including Black galaxy, Steel grey,
Black pearl and Canada brown.

Recent Results

In the financial year 2012-13, M/s Satya Exports reported an
Operating Income of INR46.17 Crore with a Profit After Tax of
INR0.54 Crore.


SCHOLARS INTERNATIONAL: CARE Rates INR12.5cr LT Bank Loan at 'B+'
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Scholars International Educational Foundation.

                                 Amount
   Facilities                  (INR crore)    Ratings
   ----------                  -----------    -------
   Long-term Bank Facilities      12.50       CARE B+ Assigned
   Short-term Bank Facilities      1.25       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Scholars
International Educational Foundation (SIE) are primarily
constrained by its small scale of operations coupled with limited
reach, low enrollment ratio, leveraged capital structure and weak
debt service coverage indicators. The ratings are further
constrained by high competition from the institutions operating
in the vicinity and SIE's presence in the highly regulated
education sector in India.

The ratings, however, favourably take into account the experience
of the management team in the education sector, healthy surplus
margins, diverse course curriculum along with modern
infrastructure.  Going forward, SIE's ability to profitably scale
up its operations, improvement in the enrollment ratio and
improvement in its capital structure shall be the key rating
sensitivities.

SIE was established in 2004 as a society under Societies
Registration Act, 1862, for establishing and operating educational
institutes. The society offers Engineering, Polytechnic, Bachelor
of Education (B.Ed.), Master of Education (M.Ed.), BBA (Bachelor
of Business Administration), B.Com courses through various
institutes in a single campus spread across 15 acres of land
located on the Haridwar-Rishikesh highway, Uttarakhand. In 2008,
the society has also been running Doon International Public School
(DIPS), a co-educational English-medium school from nursery to
standard VII at the same location. The higher education institutes
are affiliated to Uttarakhand Technical University, Dehradun; HNB
Garhwal University, Srinagar & approved by All India Council for
technical Education (AICTE). The society has employed experienced
teaching and administrative staff to run the courses in an
efficient manner. SIE has a total strength of 1,333 students in
colleges and 500 students in school as on March 31, 2014.

SIE reported a surplus of INR0.79 crore on a total operating
income of INR8.07 crore during FY13 (refers to the period
April 1 to March 31). The society achieved a total operating
income of INR8.34 crore during FY14 and surplus of INR1.32 crore
(based on provisional results).


SHAH PRECICAST: ICRA Puts 'B+' Rating on INR15.50cr Cash Credit
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR15.50
crore cash credit facility and INR9.50 crore term loan facility of
Shah Precicast Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long term, fund based      9.50        [ICRA]B+ Assigned
   limits Term Loan

   Long term, fund based     15.50        [ICRA]B+ Assigned
   limits-Cash Credit

The assigned rating favourably factors in the long standing
experience of the promoters in the casting industry and
established relations with major customers like Virgo Valves &
Controls Limited and L&T Valves Limited. ICRA also takes note of
the stable demand outlook for casting industry supported by growth
anticipated in key user industries namely oil & gas, power and
chemical among others. The rating however is constrained by
leveraged capital structure, stretched liquidity profile owing to
sub optimal capacity utilization of the new foundry. The company
faces high customer concentration risk emanating from its
dependency on few customers. The company's ability to diversify
the client base and secure healthy order inflow for improvement in
capacity utilization of the new foundry and hence profitability
remains key rating sensitivities going forward.

Established in 1997, SPPL is promoted by Mr. Nitin Shah and Mr.
Ashok Phadke. The company is engaged in manufacturing of steel,
stainless steel and high nickel alloy castings. The main types of
castings manufactured are valve castings followed by pump and
general engineering castings. The company has two foundry units
for manufacturing of single piece castings ranging from 15Kgs to
3000Kgs and one machine shop for supply of fully machined
components from 1" to 24". The manufacturing units of SPPL are
located in Sangli and the company has total installed capacity of
7800 MT per annum.


SILK TOUCH: ICRA Suspends 'B+' Rating on INR16.20cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00
crore fund based cash credit facility, INR16.20 crore term loan
facility and [ICRA]A4 rating assigned to INR3.75 crore short term
non fund based facilities of Silk Touch Vitrified Private Limited.
The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund
   Based-Term Loan        16.20        [ICRA]B+ Suspended

   Long Term Fund
   Based-Cash Credit      10.00        [ICRA]B+ Suspended

   Short Term Non
   Fund Based-FLC          1.25        [ICRA]A4 Suspended

   Short Term Non
   Fund Based-ILG          2.50        [ICRA]A4 Suspended

   Short Term Non
   Fund Based-FLC        (12.74)       [ICRA]A4 Suspended

Silk Touch Vitrified Private Limited is a vitrified tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was established in August 2010 by Mr. Arvind Patel, Mr.
Bharat Patel, Mr. Chandu Patel and their family members. The
promoters of the company are also associated with other ceramic
and laminate entities namely Olympic Laminates Private Limited,
Meghdev Enterprise, Raja Ploymers, Sunworld Vitrified Private
Limited, M/s Xpert Ceramic and Greencity Ceramic. The plant has an
installed capacity to produce 36,50,000 boxes p.a. Presently
company is involved in manufacturing of double charge vitrified
tiles of size 600 x 600 and it also outsources manufacturing of
glazed wall tiles, parking tiles and soluble salt vitrified tiles.


SRI BALAJI: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sri Balaji Agencies.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        30      CRISIL B+/Stable

The rating reflects SBA's modest financial risk profile marked by
its modest net worth and its exposure to high supplier
concentration risk. These rating weaknesses are partially offset
by the firm's strong and established relationships with its key
suppliers and customers, and the extensive experience of its
management in the steel products trading industry.

Outlook: Stable

CRISIL believes that SBA will continue to benefit over the medium
term from its established relationships with its key suppliers and
customers and the extensive industry experience of its management.
The outlook may be revised to 'Positive' if there is a significant
and sustainable improvement in the firm's profitability, resulting
in a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SBA's profitability declines
considerably, or its working capital cycle lengthens, or it
undertakes a debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

SBA was established in 2008 as a proprietorship firm. It trades in
steel products such as angles, channels, bars, beams, and columns.
The firm's proprietor is Mrs. Anupama Khemka, wife of Mr. Munish
Khemka, who looks after its day-to- day operations. It is based in
Chennai (Tamil Nadu).


SURYANAGARI EDUC: ICRA Suspends B+ Rating on INR10cr FB Limit
-------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR10.0
crore fund based limits of Suryanagari Educational Society. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
society.



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


JAPAN AIRLINES: New Panel to Review Turnaround Support
------------------------------------------------------
Jiji Press reports that a new government panel will begin a review
of the turnaround support provided to Japan Airlines, by the
previous government, next month.

Jiji Press relates that the move comes in response to criticism of
the public bailout from some within the ruling Liberal Democratic
Party.

Those who have criticized the bailout provided by the Democratic
Party of Japan-led government believe it has distorted competition
in the airline market, the report says.

Jiji Press notes that the review will represent the current
government's shift away from JAL. For example, the LDP-led
government decided earlier this month to replace JAL with ANA
Holdings Inc., the parent of All Nippon Airways, as the
maintenance service provider for government aircraft.

The panel on competition policy and public assistance for
corporate rehabilitation was set up this month under
Administrative Reform Minister Tomomi Inada, the report discloses.

                       About Japan Airlines

Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services.  The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.

JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.

Japan Airlines Corporation, Japan Airlines International Co.,
Ltd., and JAL Capital Co., Ltd., on January 19, 2010, filed
petitions to commence corporate reorganization proceedings with
the Tokyo District Court.  The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.

Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in
New York (Bankr. S.D.N.Y. Case No. 10-10198).  The Company
estimated debts at $28 billion.



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


INFRACON: Set to be Liquidated; More Than 200 Jobs at Risk
----------------------------------------------------------
The Dominion Post reports that council-owned roading company in
Tararua and Central Hawke's Bay, Infracon, is to go into
liquidation, putting the future of more than 200 jobs up in the
air.

The company's board on August 21 recommended a liquidator be
appointed, the report says.

Infracon is one-third owned by a Central Hawke's Bay District
Council company, with Tararua District Council owning two-thirds.

According to the report, Central Hawke's Bay Mayor Peter Butler
said the councils were "saddened by the recommendation received
from the directors of Infracon Ltd that the shareholders should
place the company into liquidation".

"This creates real worry for Infracon staff and their families,"
the report quotes Mr. Butler as saying.  "At least 210 employees
who will be affected from Infracon branches in Hastings,
Waipukurau, Dannevirke, Woodville and Palmerston North were
advised today of the impending liquidation of the company. They
now have uncertain futures while the liquidation proceeds."

The Dominion Post relates that interim Infracon board chairman
Tararua Mayor Roly Ellis said a combination of factors had led to
the recommendation to shareholders.

"Infracon has had losses for the previous three years and the
cashflow position has meant that the company cannot continue to
trade as it has been," Mr. Ellis, as cited by The Dominion Post,
said.

Advice to the shareholders from the interim Infracon board
indicated that the long-term prospects for Infracon remained
extremely difficult and forecasts indicated losses continuing for
the next two years, he said, the report relates.

The Dominion Post notes that after receiving a letter from its
bank, withdrawing financial support from Infracon, further
negotiations by the interim board and the bank had been unable to
resolve the situation. The interim board was in the difficult
position of having to decide to make the recommendation to the
shareholders to bring in the liquidator after considering all
practical options.

"In the last two months the interim board has worked closely with
the current management on restructuring the company. However, the
situation could not be resolved and the bank would not maintain
support," the report quotes Mr. Ellis as saying.

The two councils would work closely with the liquidator and those
staff affected to try to save jobs, the report notes.

Mayors Ellis and Butler said both councils would do everything so
that essential services were maintained, The Dominion Post adds.



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


MAGNACHIP SEMICONDUCTOR: Moody's Cuts Corp. Family Rating to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded MagnaChip Semiconductor
Corporation's corporate family rating as well as the senior
unsecured rating on its $225 million, 6.625% notes due 2021, to
Caa1 from B2.

The ratings outlook is negative.

The rating action concludes the review for downgrade initiated on
27 June, 2014.

Ratings Rationale

"The rating action reflects Moody's increasing concern over the
ongoing delay in MagnaChip's filing of its financial results, the
extent of the impact from the restatement of its financial
statements, and the potential acceleration of the $225 million
notes on 14 February 2015 should financial results not be filed,"
says Yoshio Takahashi, a Moody's Assistant Vice President and
Analyst.

On 12 August 2014, MagnaChip filed a Form 12b-25 to the US
Securities and Exchange Commission (SEC), stating that the scope
of the internal review for its restatement work has been expanded
and now includes, among other things, errors and adjustments
related to revenue recognition, cost of goods sold, inventory and
reserves, as well as related business practices, for both
distributor and non-distributor customers.

In addition, the company expects that the impact of some of the
adjustments on certain periods will be material.

As a result, the company said that it is unable to estimate when
the restatement and related SEC periodic reports will be
completed, although it has made substantial progress on the
restatement to date.

Given this situation, Moody's expects the company to have elected
to pay additional interest of 0.25% per annum on the $225 million
notes for up to 180 days from 19 August 2014.

Failure to comply with reporting requirements, prior to the
expiration of the 180-day period, could result in acceleration of
the notes on 14 February 2015.

While MagnaChip will try to file its financial statements to the
SEC ahead of the February deadline to avoid acceleration, Moody's
views that uncertainty over the timely completion of the
restatement has increased significantly, given the increased scope
of the restatement work.

At the same time, Moody's believes that MagnaChip should be able
to continue to make timely interest payments on the notes,
including additional interest during the 180-day remedy period
(estimated at $14.9 million per annum, plus $0.3 million
additional interest), given its cash position as of December 2013.

Based on its announcement of 11 March 2014, MagnaChip held cash
and cash equivalents of approximately $154 million as at end 2013
and had no other debt facilities apart from its $225 million,
senior unsecured 6.625% notes maturing in 2021.

"However, given MagnaChip's comments about non reliance on
previously disclosed financial information, and the increased
scope of the review, it is difficult to predict whether MagnaChip
can secure sufficient funds to deal with the potential
acceleration, in the absence of the most recent audited financial
information," adds Takahashi, also the Lead Analyst for MagnaChip.

In particular, Moody's is concerned about whether slowdowns in
demand for high-end smartphones are negatively affecting the
company's financial performance, as the earnings of its major
customers have recently weakened for this reason.

Moody's will over the next few months continue to monitor
MagnaChip's progress in fulfilling its reporting requirements and
assess the adequacy and sufficiency of information to monitor the
ratings.

Downward rating pressure could emerge if the likelihood of meeting
the reporting requirements by 14 February 2015 declines and the
risk of the potential acceleration increases, or if the company
encounters difficulty in meeting its interest payment obligations
due to the rapid deterioration of its cash position.

Upward rating pressure could emerge if the company meets its
reporting requirements and avoids the acceleration of the notes,
and if the company maintains sufficient cash and cash flows from
operations to meet its cash needs in the coming 12 months.

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

MagnaChip is a Korean-based designer and manufacturer of analog
and mixed-signal semiconductor products, mainly for high-volume
consumer applications, such as TVs, PCs, mobile phones, and
tablets.



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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
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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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