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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, September 2, 2014, Vol. 17, No. 173


                            Headlines


A U S T R A L I A

AUSTRALIAN SPECIALTY: More Than 100 Consumers Left Out of Pocket
FORTESCUE METALS: Fitch Affirms 'BB+' IDR; Outlook Stable
QUICKFLIX LIMITED: Annual Loss Widens to AUD10 Million
SAS TELECOM: Pitcher Partners Appointed as Administrators


B A N G L A D E S H

BANGLADESH: Fitch Assigns 'BB-' LT IDR; Outlook Stable


C H I N A

LDK SOLAR: Files Petition in Cayman Court; Hearing on Sept. 12
OCEANWIDE HOLDINGS: Fitch Publishes IDR at 'B'; Outlook Stable
OCEANWIDE HOLDINGS: S&P Assigns 'B' CCR; Outlook Stable
WEST CHINA: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB-(EXP)'
WEST CHINA: S&P Rates Proposed US$ Sr. Unsecured Notes 'B+'

ZHEJIANG TOPOINT: U.S. Court Recognizes Chinese Proceedings
ZHEJIANG TOPOINT: U.S. Court OKs Joint Administration of Cases


H O N G  K O N G

ABC COMMUNICATIONS: Shares Slump After Chairman's Arrest


I N D I A

AAR VEE: ICRA Reaffirms B+ Rating on INR10cr Fund-Based Limits
ADITYA PRINTS: CRISIL Assigns 'B' Rating to INR183.6MM Term Loan
AR LOOMTEX: ICRA Assigns 'D' Rating to INR13.15cr Proposed Loan
C.K. INDUSTRIES: ICRA Reaffirms B+ Rating on INR13cr Cash Credit
CCS INFOTECH: CRISIL Cuts Rating on INR120MM Term Loan to 'D'

CHAUHAN POULTRY: CRISIL Assigns 'B' Rating to INR60.4MM Term Loan
CITY HEART: ICRA Reaffirms 'B' Rating on INR9.5cr Proposed Loan
COTTON AND TEXTILE: CRISIL Rates INR5MM Bank Loan at 'B+'
DANDAPAT COLD: CRISIL Assigns 'B' Rating to INR87.4MM Cash Credit
EVERGREEN DRUMS: CRISIL Cuts Rating on INR160MM LOC to 'D'

G.V.D. TEXTILES: CRISIL Ups Rating on INR95MM Cash Credit to B+
J & S CONSTRUCTION: CRISIL Puts 'B' Rating on INR50MM Cash Credit
JET LITE: ICRA Revises Rating on INR210cr Non-FB Limits to 'D'
KALPESH SYNTHETICS: ICRA Reaffirms INR11.8cr Cash Credit B Rating
KINGFISHER AIRLINES: Resists PNB 'Wilful Defaulter' Notice

KOKONUT CLOTHING: CRISIL Assigns B Rating to INR74MM Cash Credit
KRISHIKA FARMS: CRISIL Upgrades Rating on INR60MM Term Loan to B
KRISHNAIAH MOTORS: CRISIL Puts B+ Rating on INR100MM Cash Credit
LAKSHMI VENKAT: CRISIL Reaffirms B Rating on INR42MM Cash Credit
MANAF P.B.: CRISIL Assigns 'B' Rating to INR60MM Cash Credit

MAYURI BROILER: CRISIL Reaffirms B Rating on INR65MM Term Loan
POOSHYA EXPORTS: ICRA Suspends B- Rating on INR5.36cr FB Limits
PRATIBHA POLYPET: ICRA Suspends 'B' Rating on INR4cr Term Loan
RADHA SAKKU: CRISIL Raises Rating on INR783.8MM Term Loan to B+
S.S. CONSTRUCTIONS: CRISIL Rates INR30MM Cash Credit at 'B+'

S.V. POULTRIES: ICRA Assigns B+ Rating to INR8.75cr Term Loan
SHREE BALAJI: ICRA Suspends 'B' Rating on INR4.75cr Cash Credit
SONAR BANGLA: CRISIL Assigns 'B' Rating to INR70MM Cash Credit
STANDARD AUTO: CRISIL Puts 'B' Rating on INR30MM Bill Discounting
SUBBURAAJ COTTON: ICRA Ups Rating on INR43.00cr FB Loan to 'B+'

SUNDIAL MINING: CRISIL Puts 'B+' Rating on INR80MM Capital Loan
TRANS HIMALAYAN: CRISIL Assigns B Rating to INR70MM Cash Credit
VEEBEE YARNNTEX: ICRA Raises Rating on INR79.65cr Term Loan to B+
WELMECH ENG'G: CRISIL Ups Rating on INR52.7M Bank Loan to B-


J A P A N

PEGASUS FUNDING: S&P Withdraws CC(sf) Rating on Class A1, A2 ABLs


T H A I L A N D

* THAILAND: Introduces Loans to Help Struggling Farmers


X X X X X X X X

* BOND PRICING: For the Week August 25 to August 29, 2014


                            - - - - -


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


AUSTRALIAN SPECIALTY: More Than 100 Consumers Left Out of Pocket
----------------------------------------------------------------
Eloise Keating at SmartCompany reports that more than 100
consumers and businesses have been left out of pocket after an
Australian travel agency collapsed in August.

Australian Specialty Tours collapsed on August 15, with
Philip Newman -- pnewman@pcipartners.com.au -- and David Quin --
dquin@pcipartners.com.au -- of PCI Partners appointed liquidators,
the report discloses.

The first meeting of creditors took place in Melbourne on
August 28, prompting Consumer Affairs Victoria to issue a warning
about the collapsed business, according to SmartCompany.

SmartCompany relates that the Consumer Affairs said more than 70
consumers, mainly from Victoria, and 47 businesses have been
affected by the failure of Australian Specialty Tours, which was
based in Greenvale, Melbourne.

According to the report, Consumer Affairs said PCI Partners has
provided all known individual and corporate creditors with
information about options to recover their money, including
lodging a claim with the Travel Compensation Fund if their booking
was paid for before July 1, requesting a credit card chargeback by
their bank, using travel insurance or registering as an unsecured
creditor of the company.

A similar warning has been published by Consumer Protection
Western Australia, the report says.

At the same time, stories have emerged of the individuals left
stranded by the collapse, including a group of Gold Coast retirees
who are estimated to have lost around AUD160,000 from cancelled
bookings, relates SmartCompany.

According to SmartCompany, News Corp reported that 45 members of
the Coomera Valley Probus Club had booked a group trip to the
Kimberley region in Western Australia through Australian Specialty
Tours and were told they must pay the balance of their booking by
August 15, despite the trip being scheduled for
June 2015.

"We weren't happy about paying that amount of money so far in
advance," the report quotes one of the group members, Ann Kleidon,
who settled a final payment of AUD3,700 with the company days
before the collapse, as saying.  "Now it seems all of that has
amounted to nothing."

SmartCompany relates that News Corp said PCI Partners has sent a
letter to individual creditors saying any bookings made through
Australian Specialty Tours for after August 15 would not proceed.


FORTESCUE METALS: Fitch Affirms 'BB+' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Australia-based Fortescue Metals Group
Limited's (Fortescue) Long-Term Issuer Default Rating (IDR) and
its senior unsecured rating at 'BB+'.  The Outlook on the IDR is
Stable.  The agency has also affirmed the company's senior
unsecured and senior secured debt, issued through FMG Resources
(August 2006) Pty Ltd, at 'BB+' and 'BBB-', respectively.

Fortescue's operating and financial profiles closely mirror that
of an investment-grade rated company.  In particular, Fortescue is
the fourth-largest iron ore producer in the world, and it has a
low-cost base, which results in strong profit margins.  The
completion of the company's expansion project in March 2014
increased the company's processing capacity to 155 million tonnes
per annum (mtpa) and helped strengthen its cost position further.

Fitch also expects the company to reduce its FFO adjusted gross
leverage (leverage) to below 2x.  Fitch's expectations are based
on Fortescue repaying a further USD2.5bn of debt over the next 18-
24 months to achieve its publicly stated 40% gearing (measured by
debt/(debt and equity)) and 62% Fe (cost and freight) price - a
benchmark price for iron ore - remaining at or above USD90 per dry
metric tonne (dmt).

Fortescue would need to demonstrate a long-term commitment to
maintaining a capital structure that is in line with a 'BBB'
category rating and a reduced risk appetite before Fitch would
consider positive rating action.

KEY RATING DRIVERS

Higher Output, Lower Costs: Fortescue successfully produced ore at
an annualized rate of 155mtpa in the fourth quarter of the
financial year ended June 30, 2014 (FY14), including a higher
160mtpa rate in the month of June 2014.  This compared with 124.2
million tonnes that were shipped in FY14.  The company's C1 costs
(cash costs) reduced 23% to USD34/wet metric tonne (wmt) from a
year earlier, driven by lower stripping costs at Solomon, an
improved product strategy, a 54% increase in output that improved
economies of scale, as well as a lower Australian dollar-US dollar
exchange rate.

Strong Profits Drive Deleveraging: Fortescue's EBITDA (as defined
by Fitch) rose 68% in FY14 to USD5.6bn, with EBITDA margin
increasing to 48% from 41%.  The agency expects Fortescue's EBITDA
margin to remain at around 42%-46% over the medium term, provided
the 62% Fe price doesn't fall below USD90/dmt on a sustained
basis.  The company repaid USD3.1bn of debt in FY14 and has
committed to repay a further USD500m in Oct. 2014.  Leverage is
likely to reach around 2.1x in FY15 after this repayment and amid
Fitch's expectation that iron ore prices would weaken from the
previous year's levels.  This compares with 1.8x in FY14 when iron
ore prices improved and 4.0x in FY13.  Leverage could fall further
to around 1.8x by FYE15 if the company calls an additional USD2bn
of its outstanding notes.

Strong Liquidity, Flexible Structure: Fortescue had cash reserves
of USD2.4bn at end-June 2014, while its earliest mandatory debt
repayment of USD1bn falls due only in 2017.  Furthermore, Fitch
expects Fortescue to generate strong post-dividend free cash flow,
as the company's capex will fall to maintenance levels over the
medium term.  Fortescue has considerable flexibility around its
debt structure and repayments because its secured credit facility,
which accounts for over 50% of FY14 debt, is repayable at the
company's discretion.  Furthermore, each tranche of its senior
unsecured notes, which account for the remainder of its debt, can
be called early.

Lack of Diversification: Fortescue has limited business
diversification compared with its higher rated international
peers.  It has only one product, iron ore, which it sells
predominantly in the Chinese market.

Secured Credit Facility: The rating on the secured credit facility
is notched up one level from Fortescue's 'BB+' IDR to reflect the
additional provision of quality collateral, including mining
tenements.  This uplift for a 'BB+' rated company is consistent
with Fitch's "Recovery Ratings and Notching Criteria for Non-
Financial Corporate Issuers" criteria.

RATING SENSITIVITIES


Positive: Future developments that could lead to positive rating
actions include:

   -- A demonstrated commitment to maintain a capital structure
      that is more in line with a 'BBB' category rating and,

   -- sustaining FFO adjusted gross leverage at less than 2x and
      FFO fixed-charge cover at more than 5x (FYE14: 6.1x)

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

   -- FFO adjusted gross leverage exceeding 3x and FFO fixed
      charge cover remaining below 4x


QUICKFLIX LIMITED: Annual Loss Widens to AUD10 Million
------------------------------------------------------
Australian Associated Press reports that Quickflix Limited has
blown out its full-year loss to more than AUD10 million after
ramping up spending to attract new customers.

Quickflix made a net loss of AUD10.2 million for the year to
June 30, up almost 60 per cent from AUD6.4 million a year ago, AAP
discloses.

Revenue slipped 6 per cent to AUD18 million, but improved during
the second half as the company targeted customer growth, the
report relays.

According to AAP, Quickflix added more than 21,000 subscribers
during the year, taking its total paying customer base to almost
123,000.

But the growth came at a cost as the company's spending on
marketing and new content almost doubled to AUD3.24 million, the
report says.  Content-related costs were more than AUD1 million
higher at AUD9.3 million, AAP relays.

AAP says Nine Entertainment bought more than 91 million
convertible preference shares in Quickflix from US cable giant HBO
during the year, fuelling speculation of a potential takeover.

The news agency says the shares have been transferred to StreamCo,
Nine's new streaming joint venture with Fairfax.

Along with StreamCo, Quickflix faces an increasingly competitive
local market: Foxtel has launched its own service, called Presto,
and Seven West Media is in talks to enter the sector, according to
the report.

US-based giant Netflix also has an estimated 200,000 Australian
customers despite not officially operating here, AAP adds.

Quickflix Limited (ASX:QFX) -- http://www.quickflix.com.au/--
engages in the development and operation of an online movie
rental subscription and retail service. It provides online movie
subscription service in Australia. Its subscribers have access to
a range of over 50,000 movies and television titles over the
Internet. It operates in the online digital video disc (DVD)
business segment.


SAS TELECOM: Pitcher Partners Appointed as Administrators
---------------------------------------------------------
Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of SAS Telecom Pty Ltd
on Aug. 29, 2014.

A first meeting of the creditors of the Company will be held at
The Atrium Theatrette, Level 4, 168 St Georges Terrace, in Perth,
Western Australia, on Sept. 9, 2014, at 10:30 a.m.



===================
B A N G L A D E S H
===================


BANGLADESH: Fitch Assigns 'BB-' LT IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has assigned Bangladesh Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) of 'BB-'. The Outlooks on
the Long-Term IDRs are Stable. Fitch has also assigned a Short-
Term Foreign Currency IDR of 'B' and a Country Ceiling of 'BB-'.

KEY RATING DRIVERS

Bangladesh's ratings reflect a balance between high, stable real
GDP growth and strong external balances, and weak structural
features indicating significant political and banking sector risk.
More specifically, the ratings reflect the following key rating
drivers:

   -- Bangladesh's real GDP growth at 6.2% over the past five
      years is strong compared with the median 4.0% growth rate
      for its 'BB' category peers.  Fitch expects growth to
      remain around this level - at 6.3% for the financial year
      ending June 30, 2015 (FY15) and FY16.  Inflation, however,
      averaged 8.1% over the past five years and was 7.3% over
      the 12 months ended July 2014.  This is higher than the
      'BB' peer category median of 4.6% and above the central
      bank's target of 6.5% by end-FY15.

   -- Political tensions and violence that marked the run-up to
      the parliamentary elections in January 2014 had a
      moderately negative impact on economic growth, but did not
      paralyze the economy.  This most recent episode in
      Bangladesh's political history highlights prolonged high
      political risk levels. Continued political polarization
      and uncertainty may impact economic activity through long-
      term investment decisions.

   -- The banking sector is vulnerable to shocks, especially the
      state-owned banks, as both asset quality and governance are
      weak.  The gross non-performing loans ratio of the sector
      increased to 10.5% in 1Q of calendar year 2014 from 8.9% in
      4Q13, while the ratio for state-owned banks only was 21.9%
      in 1Q14.  Bangladesh Bank seems committed to strengthen the
      poor governance in the banking sector, but has indicated it
      would need more extensive powers.  Fitch expects the state-
      owned banks would need additional capital in the medium
      term, which would imply crystallization of contingent
      liabilities for the sovereign.

   -- Bangladesh's ratings are constrained by a low level of
      development.  The country scores poorly on a broad range of
      governance indicators and ranks low on the United Nations'
      human development indicators, with a GDP per capita of
      USD1,023 in 2013, well below the 'BB' peer category median
      of USD4,696.

   -- Both the general government debt (40% of GDP) and fiscal
      deficit (5.0% of GDP) compare unfavorably with the 'BB'
      category medians of 35% and 2.7% respectively.  A
      disappointing government revenue intake has led to a higher
      fiscal deficit of 5.0% of GDP than the targeted 4.6%.  The
      budget for FY15 targets the fiscal deficit to remain at
      5.0% of GDP, suggesting that no fiscal consolidation
      efforts can be expected of this government anytime soon.

   -- The IMF Extended Credit Facility programme is on track and
      the Bangladesh authorities have secured four of the
      program's six tranches so far and met several structural
      benchmarks, including those related to the implementation
      of a new VAT, and establishment of internal controls and
      compliance and full automation of financial reporting in
      the state-owned banks.  Inclusion of strong fiscal
      performance criteria in a potential follow-up programme
      could result in the build-up of a credible fiscal
      consolidation track record.

   -- Bangladesh's current account surplus (1.7% in calendar
      2013) and low and falling net external debt (to -1.3% of
      GDP in calendar 2014 from 1.6% in 2013) compare favorably
      With peers'.  The current account is supported by continued
      strong ready-made garment exports and remittances from
      workers overseas.  On the one hand, this shows the
      comparative advantage of Bangladesh's large unskilled
      population.  On the other hand, limited diversification
      implies a risk in case the ready-made garment sector or
      remittances face an external shock.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are well balanced.

The main factors that individually, or collectively, could trigger
positive rating action are:

   -- Governance reforms that would lead to a strengthened
      business environment and, hence, higher sustainable growth
      levels.

   -- Substantial reduction of political risk, for instance the
      through reduced polarization between the main political
      parties, which would make future disruptions of economic
      activity less likely.

   -- Substantial strengthening of the balance sheets and
      governance in the banking sector.

The main factors that individually, or collectively, could trigger
negative rating action are:

   -- Protracted substantial disruption of economic activity as a
      result of materializing political risk.

   -- Greater than expected deterioration in the banking sector's
      asset quality, prompting substantial government support.

   -- Deteriorating public finances to such an extent that it
      would lead to a significantly rising government debt to GDP
      ratio.

KEY ASSUMPTIONS

   -- Both Bangladesh's ready-made garment exports and
      remittances from workers abroad continue to be strong,
      supporting the relatively favorable current account balance
      levels compared with peers.

   -- Continued donor support ensures external debt servicing at
      low cost and long maturities.



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


LDK SOLAR: Files Petition in Cayman Court; Hearing on Sept. 12
--------------------------------------------------------------
LDK Solar Co., Ltd., in provisional liquidation and its Joint
Provisional Liquidators, Tammy Fu and Eleanor Fisher, both of
Zolfo Cooper (Cayman) Limited, said the Company has filed a
petition commencing its restructuring proceedings in the Grand
Court of the Cayman Islands.  The first hearing before the Grand
Court will take place on Sept. 12, 2014.  At that hearing, orders
will be sought convening meetings of the Company's creditors on or
around Oct. 14, 2014, to consider and approve the scheme of
arrangement.

The Company also said it has accepted the resignation of Mr.
Xiaofeng Peng as Chairman and as a director of the Company
effective immediately.  The Company will form a search committee
to find a new Chairman.  In the meantime, Mr. Xingxue Tong,
currently the president and chief executive officer of the
Company, will also act as interim chairman to guide the Company
through the completion of its offshore restructuring.  Mr. Peng
will resign from his executive and director positions with various
subsidiaries of the Company but will be retained as a senior
consultant to the Company and its subsidiaries.  In recognition of
his many contributions to the Company since its founding, Mr. Peng
will be named Chairman Emeritus for the Company.

                          About LDK Solar

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

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

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

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


OCEANWIDE HOLDINGS: Fitch Publishes IDR at 'B'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has published China-based property developer
Oceanwide Holdings Co., Ltd.'s (Oceanwide) Long-Term Issuer
Default Rating of 'B'.  The Outlook is Stable.  Fitch has also
published Oceanwide's senior unsecured debt rating of 'B' and
assigned its proposed US dollar senior unsecured bonds an expected
rating of 'B(EXP)'.

The issuer of the proposed bonds is Oceanwide Real Estate
International Holding Company Limited, an offshore entity.  The
bonds are guaranteed by Oceanwide (onshore) and its offshore 100%-
owned subsidiary, Oceanwide Holdings (Hong Kong) Co., Limited.
Oceanwide's onshore parent company, China Oceanwide Holdings Group
Co., Ltd., which owns 73.67% of Oceanwide, will provide a keepwell
deed to ensure sufficient liquidity for timely payment of the
bonds.

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

KEY RATING DRIVERS

Solid Asset Value: One of Oceanwide's projects in Beijing is
located within the 4th Ring Road and it is one of only a few
projects with over 1.1 million square metres of saleable gross
floor area (GFA) close to the Chinese capital's central business
district.  The rare prime location and relatively low land premium
paid for the site supported overall EBITDA margin of over 35% in
the past three years and Fitch expects the margin to continue to
be over 30% over the next 24 months.  The company's solid asset
value and higher margins than its peers' provide it with
substantial financial flexibility.

Huge Asset Acquisition: Oceanwide is likely to gradually diversify
its business model from pure property development to financial
institutions in the long term.  It recently acquired Minsheng
Securities, China Minsheng Investment, and Minsheng Trust for over
CNY5bn (USD814m).  In addition, the company plans to acquire
71.36% of Hutchison Harbor Ring Limited (HHR), a property
developer.  The acquisitions do not impact the ratings because the
cash payment schedule for the acquisition of the financial
institutions will likely be flexible, given the seller is its
parent, China Oceanwide Holdings Group Co., Ltd, which has
provided a keepwell deed to maintain the company's liquidity.
This will likely allow Oceanwide to preserve its overall liquidity
levels.

Slow Turnover Raises Leverage: Oceanwide's asset turnover,
measured by the ratio of contracted sales to adjusted inventory
has been below 0.2x since 2011 because of construction delays in
its projects in Beijing and Wuhan.  As a result, cash inflow is
slow, leading to high leverage, measured by net debt/adjusted
inventory, of 65% at end-2013.  While Oceanwide may speed up asset
churn in the coming 24 months, Fitch expects leverage to rise over
that period, mainly because of the addition of around CNY5bn in
acquisition cost for the financial institutions and its
substantial annual interest expense, which Fitch estimates at over
CNY2bn.

Concentration Risk in Wuhan: The projects in Wuhan and Beijing
have over 8 million and 2 million sqm of GFA respectively.
Together, they account for over 80% of Oceanwide's total land bank
and over 70% of its estimated contracted sales in the future.  In
Wuhan, there is a risk that housing demand and development in the
city may not keep pace with the substantial housing supply from
Oceanwide's projects, which could lower sales efficiency and hurt
its liquidity.

RATING SENSITIVITIES

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

   -- Contracted sales sustained below CNY8.0bn a year (2013:
      CNY5.8bn)
   -- Net debt/adjusted inventory sustained above 75%
   -- EBITDA margin sustained below 35%
   -- Contracted sales/total debt sustained below 0.7x

Positive: Positive rating action is not expected in the next 12-18
months due to Oceanwide's limited scale and high leverage.


OCEANWIDE HOLDINGS: S&P Assigns 'B' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to China-based property developer
Oceanwide Holdings Co. Ltd.  The outlook is stable.  At the same
time, S&P assigned its 'cnBB-' long-term Greater China regional
scale rating to the company.

S&P also assigned its 'B' long-term issue rating and 'cnBB-'
Greater China regional credit scale rating to a proposed issue of
U.S.-dollar-denominated senior unsecured notes by Oceanwide's
fully owned special purpose vehicle Oceanwide Real Estate
International Holding Co. Ltd. (OREI).  Oceanwide will guarantee
the note.  The issue rating is subject to S&P's review of the
final issuance documentation and the satisfaction of the
registration requirements of China's State Administration of
Foreign Exchange.

The rating on Oceanwide reflects the company's high geographical
and project concentration, small operating scale, and high
leverage as compared with peers'.  The company's sizable and low-
cost land bank at prime locations in some tier-one and tier-two
cities, good profitability, and some product diversity temper the
above weaknesses.  S&P assess Oceanwide's stand-alone credit
profile (SACP) at 'b'.

The ratings on the notes are the same as that on Oceanwide because
the company unconditionally and irrevocably guarantees the notes.
Oceanwide's payment obligations under the guarantee will rank at
least equally with all its other present and future unsecured and
unsubordinated obligations.  Oceanwide will use the proceeds from
the proposed notes for general corporate purposes overseas.

The credit profile of Oceanwide's parent, China Oceanwide Holdings
Group Co. Ltd. (COG), is a neutral factor for the rating.  S&P
expects Oceanwide to be a "core" subsidiary of COG and remain the
main driver of the group's credit profile, which S&P assess at
'b'.  In S&P's view, COG's non-property businesses, including
energy and media, are weaker than its property business and have
large debt and limited profits.  S&P expects COG to be cautious in
expanding its non-property businesses over the next two years.

"In our view, Oceanwide's geographical and project concentration
will remain higher than that of peers with a similar rating over
the next 12 months at least.  Over two-thirds of the company's
land reserve is in one project at the central area of Wuhan (the
project has 30 sub-projects and over 8 million square meter gross
floor area [GFA]).  Another major project is at a prime location
in Beijing and has a GFA of 2.2 million square meter, or 17% of
the company's total land bank.  Material delay in any of these
projects could hurt Oceanwide's sales and financial performance,"
S&P said.

Oceanwide's strong profitability supports its business risk
profile, which S&P assess as "fair."  The company's EBITDA margin
of over 45% during the past two years is significantly higher than
that of peers and the industry average.  This is mainly because of
Oceanwide's above-average selling prices, competitive land costs,
and control over construction costs.  S&P expects the company to
sustain its profit margins as more sales resources become
available in tier-one cities such as Beijing and Shanghai.  The
increase in selling prices will offset rising construction costs,
in S&P's view.

In S&P's base case, it expects Oceanwide's debt to grow 20%-30%
over the next two years to fund rising construction and delivery
needs.  As of the end of 2013, 54% of the company's total debt was
from trust borrowing, which is costlier than construction loans.
Oceanwide's refinancing risk for its debt maturities of more than
Chinese renminbi (RMB) 16 billion in 2014-2015 (as of the end of
2013) could increase if contract sales dip significantly from the
company's budget.  Based on these factors, S&P assess Oceanwide's
financial risk profile as "highly leveraged."

S&P do not expect Oceanwide's acquisition of Minsheng Securities
Co. Ltd. from COG in March 2014 to materially influence
Oceanwide's business and financial risk profiles.  This is because
S&P expects property development to remain Oceanwide's most
important business over the next couple of years.  S&P believes
the company is unlikely to fund the expansion of its securities
business through cash flows from the property segment.  S&P
expects Oceanwide to consolidate Minsheng Securities due to its
73% ownership.  However, S&P expects Minsheng Securities to be run
and financed separately.

The stable outlook reflects S&P's expectation that Oceanwide will
improve its property sales and maintain its profit margin above
its peer average over the next 12 months.  S&P also anticipates
that Oceanwide's leverage will remain high because of its
aggressive growth and capital expenditure plan, and increasing
debt appetite.

S&P could lower the rating if: (1) Oceanwide's expansion or
capital expenditure is more aggressive than we expected, such that
its EBITDA interest coverage is below 1x on a sustained basis; (2)
the company's contract sales and EBITDA margin in 2014 are
substantially lower than S&P's base-case estimate of RMB8 billion
and 45%, respectively; (3) the company's liquidity further
weakens; or (4) COG's loss making non-property businesses do not
show signs of turning around, or the group's aggressive expansion
into new areas such as energy materially reduce its cash or
diminish its investment portfolio.

The rating upside is limited over the next 12 months.  However,
S&P may upgrade Oceanwide if COG's group credit profile improves.
This could happen if the group's non-property businesses turn
around and its cash flow and leverage improve due to improved
profitability or reduced investment and capital expenditure.


WEST CHINA: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB-(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned West China Cement Limited's (WCC)
proposed US dollar senior unsecured notes an expected rating of
'BB-(EXP)'.  The notes will be issued by WCC and guaranteed by
WCC's existing subsidiaries other than those organized under the
laws of China.

WCC plans to use the proceeds of the proposed notes to refinance a
portion of its USD400m notes due Jan. 2016.  However, WCC has
reserved the right to change this intention.  The final rating of
the proposed notes is contingent upon the receipt of documents
conforming to information already received.

KEY RATING DRIVERS

Refinancing Drives Outlook Revision: WCC has USD400m (CNY2.47bn)
of senior notes due January 2016 and CNY800m of onshore medium-
term notes (MTN) due March 2016 that remain outstanding.  The
company intends to use the proceeds of the proposed notes to
partly refinance the US dollar notes, which may be redeemed at
101.875% of the principal amount on or after January 25, 2015, or
at 103.75% before that.  In addition, WCC has another CNY800m of
MTN that it can issue before March 2015 from its CNY1.6bn MTN
programme that may be used for refinancing purposes.

The Negative Outlook on WCC is driven by the refinancing risk the
company faces for its outstanding debt.  This will be resolved
once WCC successfully refinances a majority of the debt due in
2016, and the Outlook may be revised back to Stable, if the
company maintains its leverage ratio below 3.0x on a sustained
basis.

1H14 Performance in Line: WCC's 1H14 average sales price (ASP)
recovered slightly to CNY239/ton from CNY233/ton in 1H13, and
drove gross profit up to CNY51/ton in 1H14 from CNY43/ton in 1H13.
This has offset the slight drop of cement sales volume (7.98m
tonnes in 1H14 from 8.16m tonnes in 1H13), and supports the
company's steady cash flow generation.  Fitch expects WCC's
financial leverage (measured by FFO adjusted net leverage) to
decrease in 2014 from 3.0x at end-2013.

WCC's total borrowings at June 30, 2014, was CNY4.058bn (end-2013:
CNY4.03bn), while gross margin was 19.3% for 1H14 (1H13: 17.6%).
The steady profitability was underpinned by the steady ASP and a
6% drop in the price of thermal coal, which account for a major
part of production cost.

Steady Cash Flow Generation: WCC's steady cash flow generation is
supported by stable demand for cement in Shaanxi, its core market,
and the company's addition of annual capacity of 3.3m tonnes in
Xinjiang and Guizhou, which will start operating in 2H14.  Solid
cement demand in Shaanxi province is supported by existing and new
infrastructure construction projects for railways, water
conservation and highways.  This has offset the lower demand from
housing construction activities during 1H14.

Liquidity Not a Concern: At 30 June 2014, WCC had short-term
borrowings of CNY744m and unrestricted cash of CNY615m.  Fitch
does not see liquidity as a concern for WCC, not only because of
its cash and available bank facilities at hand, but also because
its fixed assets may be used as collateral for further borrowing.

RATING SENSITIVITIES

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

   -- Free cash flow (after acquisitions) turns negative
   -- FFO adjusted net leverage rising above 3.0x on a sustained
      basis
   -- Losing its dominant market position in southern Shaanxi
      province
   -- Failure to secure refinancing for the 2016 debt repayment
      before maturity

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

   -- Successfully refinancing the majority of debt due in 2016
   -- FFO adjusted net leverage remains below 3.0x on a sustained
      basis


WEST CHINA: S&P Rates Proposed US$ Sr. Unsecured Notes 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by West China Cement Ltd. (WCC: B+/Stable/--;
cnBB/--).  The company intends to use the issuance proceeds to
refinance a portion of the notes maturing January 2016.  The
rating is subject to S&P's review of the final issuance
documentation.

In S&P's view, WCC's "weak" business risk profile reflects the
company's small operating scale, single-product and geographic
concentration with presence confined to China's Shaanxi province,
and exposure to cyclical demand and volatile raw material costs.
Meanwhile, its good market position in southern Shaanxi and its
vertically integrated operations temper these weaknesses.  WCC's
planned capital expenditure is in line with S&P's earlier
expectation.  Therefore, S&P maintains its "aggressive" financial
risk profile as the company's financial leverage, as measured by a
ratio of debt to EBITDA, will be 4.0x-4.5x over the next 12
months, with the ratio of funds from operations to debt of 15%-
20%.

The stable outlook reflects S&P's opinion that WCC will maintain
its adequate liquidity over the next 12 months.  The outlook also
reflects S&P's expectation that WCC's operating conditions will
recover modestly as construction projects pick up.  S&P estimates
that sales will remain stable and the ratio of debt to EBITDA will
stay at 4x-4.5x.


ZHEJIANG TOPOINT: U.S. Court Recognizes Chinese Proceedings
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey entered
an order recognizing Zhejiang Topoint Photovoltaic Co., Ltd., et
al.'s bankruptcy proceedings in China as foreign main proceedings.

Bankruptcy administrator Yueming Zhang said that the Debtors'
business suffered financial difficulties stemming form the wake of
the 2008 global economic crisis and subsequent events. The
Chinese solar manufacturing industry boomed following government
stimulus and subsidy for the solar industry. However, global
demand failed to keep pace with the massive production put out by
Chinese companies. As a result, many of China's larger solar
firms faced possibility of bankruptcy or consolidation, including
LDK Solar, Yingli Solar, and Suntech Power Holdings.

The industry may now be turning a corner, thanks to increasing
demand starting to "catch up" to the prior glut of overproduction.

Developers installed 37.5 gigawattas of panels worldwide last
year, up from 22 percent from 2012, and that figure may increase
as much as 39 percent this year, according to data compiled by
Bloomberg.

The Chinese proceeding was commenced on Nov. 5, 2013, by applicant
Haining City Rural Credit Cooperatives after Topoint Group failed
to meet obligations on its credit facility. The Chinese court
ordered the Topoint Group to be placed in to restructuring
proceedings on Dec. 25, 2013.

The bankruptcy administrator is asking the U.S. Court to recognize
the Chinese proceeding as "foreign main proceeding." He is also
183 asking the U.S. Court to enter an order staying execution and
any other acts against the Debtors' property and assets in the
U.S. In a separate order, the Court granted the Debtors' petition
for certain additional relief.

The Court found that due and proper notice of the Petition was
given to all known U.S. parties-in-interest, which notice is
deemed adequate for all purposes such that no other or further
notice thereof need be given, and Stephen M. Packman and Douglas
G. Leney, of Archer & Greiner, P.C., appearing as counsel on
behalf of the Debtors, and James L. Garrity, Jr., of Morgan Lewis
& Bockius, LLP, appearing as counsel on behalf of Nucon
Productions LLC and Solergy USA LLC, and Damien O. Del Duca
appearing on behalf of H2 Contracting, LLC/Hessert Construction NJ
LLC, and Mitchell Hausman appearing as counsel for the Office of
the U.S. Trustee.

Pursuant to Sections 1519, 1520, and 1521 of the Bankruptcy Court,
administration of certain of the Debtors' assets in the U.S. is
entrusted to the Bankruptcy Administrator and its U.S.
representatives and agents.

Nucon Production, LLC and SolergyUSA, LLC, secured creditor of
of Zhejiang Topoint Photostatic Co., Ltd., submitted its limited
opposition to the Bankruptcy Administrator's petition, stating
that the Debtors' primary assets in the United States are the
Solar Panels manufactured in China and exported to the United
States. The panels are warehoused at facilities operated by
Solergy at a cost to Solergy of in excess of $41,500 per month.
Under New Jersey law, Solergy has a warehouseman lien on the Solar
Panels to secure the Debtors' obligations to Solergy for
warehousing the Solar Panels.

The Debtors are represented by:

Stephen M. Packman, Esq.
Douglas G. Leney, Esq.
ARCHER & GREINER, A Professional Corporation
One Centennial Square
Haddonfield, NJ 08033-0968
Tel: (856) 795-2121
Fax: (856) 795-0574

Nucon Production and Solergy USA are represented by:
James L. Garrity, Jr., Esq.
Rachel J. Mauceri, Esq.
Patrick D. Fleming, Esq.
MORGAN, LEWIS & BOCKIUS LLP
101 Park Avenue
New York, NY 10178
Tel: (212) 309-6000
Fax: (212 309-6001

                      About Zhejiang Topoint

Zhejiang Topoint Photovoltaic Co., Ltd., is engaged in the
development, manufacturing, and marketing of photovoltaic solar
panels in China for sale and export to international markets,
including the United States. Marketing of the solar panels is
performed by affiliate Zhejiang Jiutai New Energy Co. Ltd.
Manufacturing of the Topoint Group's products is generally
conducted from its facilities located in the Zhejiang Province of
the People's Republic of China.

Topoint is subject to proceedings before the People's Court of
Haining City, Zhejiang Province. Yueming Zhang is the court
appointed bankruptcy administrator.

Zhejiang Topoint and its three affiliates filed petitions under
Chapter 15 of the U.S. Bankruptcy Code in Camden, New Jersey
(Bankr. D.N.J. Lead Case No. 14-24549) on July 16, 2014, to seek
U.S. recognition of the proceedings in China. Topoint estimated
assets of at least US$10 million and debt of less than US$10
million in the Chapter 15 petition.

Counsel in the U.S. cases is Stephen M. Packman, Esq., at Archer &
Greiner, P.C., in Haddonfield, New Jersey.


ZHEJIANG TOPOINT: U.S. Court OKs Joint Administration of Cases
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey
authorized the joint administration of the Chapter 15 cases of
Zhejiang Topoint Photovoltaic Co., Ltd., et al., for procedural
purposes only.

As reported in the Troubled Company Reporter on July 25, 2014, the
Debtors requested that parties-in-interest use a consolidated
caption to indicate that any pleading filed relates to the jointly
administered Chapter 15 cases. The Debtors asked that the caption
of the Chapter 15 cases be modified to reflect their joint
administration, with Case No. 14-24549-GMB as the lead case.

                      About Zhejiang Topoint

Zhejiang Topoint Photovoltaic Co., Ltd., is engaged in the
development, manufacturing, and marketing of photovoltaic solar
panels in China for sale and export to international markets,
including the United States. Marketing of the solar panels is
performed by affiliate Zhejiang Jiutai New Energy Co. Ltd.
Manufacturing of the Topoint Group's products is generally
conducted from its facilities located in the Zhejiang Province of
the People's Republic of China.

Topoint is subject to proceedings before the People's Court of
Haining City, Zhejiang Province. Yueming Zhang is the court
appointed bankruptcy administrator.

Zhejiang Topoint and its three affiliates filed petitions under
Chapter 15 of the U.S. Bankruptcy Code in Camden, New Jersey
(Bankr. D.N.J. Lead Case No. 14-24549) on July 16, 2014, to seek
U.S. recognition of the proceedings in China. Topoint estimated
assets of at least US$10 million and debt of less than
US$10 million in the Chapter 15 petition.

Counsel in the U.S. cases is Stephen M. Packman, Esq., at Archer &
Greiner, P.C., in Haddonfield, New Jersey.



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


ABC COMMUNICATIONS: Shares Slump After Chairman's Arrest
--------------------------------------------------------
Toh Han Shih at SCMP.com reports that shares in ABC Communications
(Holdings) suffered their second-biggest fall in Hong Kong on
September 1 after the mining and financial services firm disclosed
that chairman Chen Jiasong and his driver were arrested by the
Independent Commission Against Corruption (ICAC).

SCMP.com relates that the stock fell 19.6 per cent to
13.1 HK cents at 3pm after trading resumed in September 1. It
dropped as much as 29.44 per cent to the session low of
11.5 HK cents. Trading was suspended at 1pm on July 10, the report
relays.

On August 29, ABC announced Mr. Chen was being investigated by the
ICAC on suspicion of having accepted bribes over the proposed
acquisition of Gold Vast Holdings in October 2009, the termination
of that deal in January 2011 and the acquisition of another
company, Jun Qiao, in March 2011, according to the report.

SCMP.com relates that ABC said Mr. Chen was suspended from all
executive duties from August 29, pending the outcome of the
commission's investigation.

Two other directors and two accounting and company secretarial
staff of the company were also requested to assist the
investigations, but they were not named, the report says.
Mr. Chen's driver was arrested by the ICAC and released on bail at
the same time as Mr. Chen was released, ABC, as cited by SCMP.com,
said.

On July 9, the commission arrested Mr. Chen and he was
subsequently released on bail at an unspecified date, ABC said on
July 17, the report recalls. On July 10 and 11, ICAC officers
entered the firm's head office in Wan Chai with a search warrant,
seized equipment and computer records, and questioned some of its
employees, it said, SCMP.com relays.

"No impairment was required for the mining rights of [Jun Qiao] as
a result of the investigation and the normal daily business and
operations of the company should not be affected by the
investigation," ABC said.

ABC Communications (Holdings) Limited engages in the provision of
financial quotation services, wireless applications development,
and licensing of securities trading systems in Hong Kong.



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


AAR VEE: ICRA Reaffirms B+ Rating on INR10cr Fund-Based Limits
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] B+ to the
INR10.00 crores fund based bank facilities of Aar Vee Enterprises.
ICRA has also reaffirmed the short term rating of [ICRA]A4 to the
INR10.00 crores non fund based bank facilities of the firm.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund-Based Limits        10.00       [ICRA]B+ reaffirmed
   Non Fund-Based Limits    10.00       [ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to takes into account
the modest scale of operations of the firm in the trading
business. The trading business characterized with low value
addition and high competition has resulted in modest profitability
indicators for the firm. ICRA rating also takes into account the
absence of firm sale and purchase agreements with buyers and
suppliers respectively which increases the off take risk and
supply risk for the firm; however established relations of the
promoters with ACC Limited mitigates the off take risk in the
Gypsum trade to some extent and in the case of Pet coke trade the
firm is an approved trader for Hindustan Petroleum Corporation
Limited which limits the supply risk for the firm. The ratings
however continue to derive comfort from promoters long experience
and the consistently growing top line of the firm.

Going forward, the firm's ability to improve its trading scale of
operations while maintaining adequate profit margins and manage
its working capital cycle effectively will be the key rating
drivers.

Aar Vee Enterprises was incorporated as a partnership firm in May,
2009 by three partners namely Mr. Rakesh Verma and his sons Mr.
Karan Verma & Mr. Varun Verma to import yarn from Indonesia and
Korea and sell it in the textile market of Amritsar, Punjab. Over
last two fiscals the firm has gradually phased out the yarn
trading and started trading Gypsum and Pet coke. The firm has been
sourcing Gypsum from Lahore, Pakistan and supplying to ACC Limited
in Himachal Pradesh and Uttar Pradesh. The firm is also engaged in
trading of Pet coke wherein it sources Pet coke from Hindustan
Petroleum Corporation Limited (HPCL) and caters to the textile
processing markets of Punjab, Haryana & H.P.

Recent Results:
As per the audited results, Aar Vee Enterprises reported a net
profit of INR0.52 crore on an operating income of INR64.59 crore
for the year ended March 31, 2013 as against a net profit of
INR0.45 crore on an operating income of INR41.46 crore for the
year ended March 31, 2012.


ADITYA PRINTS: CRISIL Assigns 'B' Rating to INR183.6MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Aditya Prints Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan               183.6      CRISIL B/Stable
   Bank Guarantee            6.4      CRISIL A4
   Cash Credit             160        CRISIL B/Stable

The ratings reflects APPL's below-average financial risk profile
marked by high gearing and modest debt protection metrics, its
modest scale of operations in intensely competitive textile
industry and large working capital requirements. These rating
weaknesses are partially offset by promoters' extensive industry
experience and their established relations with the customers.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company generates
sizeable cash accruals or benefits from significant equity
infusion by its promoters, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is a significant decline in APPL's cash accruals or
deterioration in its working capital cycle management or the
company undertakes a large, debt-funded capital expenditure
programme, resulting in further weakening of its financial risk
profile, particularly its liquidity.

The company is engaged in embroidery designing on viscous and pure
silk-based fabrics. The promoter, Mr. Pankaj Chugh manages the
overall operations of the company. It has its manufacturing
facilities located at Surat (Gujarat).

For 2012-13 (refers to financial year, April 1 to March 31), APPL
reported a net loss of INR23.0 million on net sales of INR761.5
million as against a net profit of INR19.9 million on net sale of
INR758.8 million for 2011-12. For 2013-14, the company, on a
provisional basis, has reported net sale of INR592.2 million.


AR LOOMTEX: ICRA Assigns 'D' Rating to INR13.15cr Proposed Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR6.601
crore fund-based bank facilities and INR13.15 crore unallocated/
proposed bank facilities of AR Loomtex India Private Limited. ICRA
has also assigned a short-term rating of [ICRA]D to the INR0.25
crore non fund-based bank facilities of ARLI.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term fund-          6.60         [ICRA]D; Assigned
   based bank
   facilities

   Long-term proposed      13.15         [ICRA]D; Assigned
   bank facilities

   Short-term non fund      0.25         [ICRA]D; Assigned
   based bank facilities

The assigned ratings take into account delays observed in debt-
servicing by ARLI on account of stretched liquidity position
primarily resulting from modest profitability margins and working
capital intensive nature of company's operations. The company
operates in a highly competitive and fragmented fabric
manufacturing industry with limited product differentiation, which
in-turn limits the pricing ability of the company, thereby
resulting in low operating profit margins and thus weak cash
accruals. Further, the company offers a wide variety of fabric
necessitating holding high inventories, which coupled with high
receivable turnover period results in long cash conversion cycle
(~6 months). Further, growing revenue base of the company
necessitated incremental funding requirements and given the low
accruals, liquidity remained stretched resulting in delays on term
loan liabilities.

ICRA however takes note of the promoter's long experience in the
industry and the company's established sales network as reflected
in ability of the company to scale up revenues and achieve steady
growth.

Going forward, timely servicing of debt obligations would be
contingent on ARLI's ability to improve profitability and reducing
its working capital cycle to minimize funding requirements while
achieving growth, and thus would be the key rating sensitivities.

Promoted by Mr. Mukesh Gupta and his family, AR Loomtex India
Private Limited (ARLI), is engaged in manufacture of woven fabric
used in furnishing products, like curtain and sofa cloths. ARLI's
manufacturing unit is located in Badi Industrial Area, Sonipat
(Haryana) and is equipped with 12 looms. The company sells fabric
in domestic market through a network of distributors. The
company's promoters have been engaged in fabric manufacturing
business since 1995.

Recent Results
The company reported an Operating Income (OI) of INR19.30 crore
and Profit after Tax (PAT) of INR0.09 crore in FY13 as compared to
an OI of INR16.22 crore and PAT of INR0.10 crore in FY12. The OI
for FY14 is estimated at ~Rs. 24.5 crore.


C.K. INDUSTRIES: ICRA Reaffirms B+ Rating on INR13cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR13.00 crore cash credit facility (enhanced from INR12.00 crore)
and the INR1.95 crore standby line of credit (enhanced from
INR1.80 crore) of C.K. Industries.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Cash Credit Facility      13.00        [ICRA]B+ reaffirmed
   Standby Line of Credit     1.95        [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account CKI's modest size
of operations and weak financial profile characterized by low
profitability levels, owing to the limited value addition in the
business and the highly competitive and fragmented industry
structure; its low return indicators and modest coverage
indicators. The rating also continues to remain constrained by the
vulnerability of the firm's profitability to raw material prices
which are subject to seasonality, and crop harvest; and the
regulatory risks with regard to MSP fixed by GoI and restrictions
on cotton exports. ICRA notes that CKI is a partnership firm and
any withdrawals from the capital account could impact the net
worth and thereby the gearing levels; this remains a key rating
sensitivity.

The rating, however, continues to favourably factor in the
experience of the firm's promoters in the cotton ginning industry,
the advantage the firm enjoys by virtue of its location in the
cotton producing belt of Saurashtra (Gujarat), and the favourable
demand outlook for cotton and cottonseeds.

Established in 1997, C.K. Industries (CKI) is engaged in the
business of ginning and pressing of raw cotton into cotton seeds
and fully pressed cotton bales having a production capacity of
28.9 tonnes per day (TPD) of cotton bales and 49.7 TPD of cotton
seeds. The firm is also engaged in crushing of cotton seeds to
obtain cotton seed oil and cotton oil cake having an capacity of
extracting ~52 tonnes of oil per day. The plant is located at
Kuvadava- Rajkot in the Saurashtra region of Gujarat. The firm is
promoted by Mr. Arvind Kakadia along with his relatives. The
promoters have about a decade of experience in the cotton ginning
business.

Recent Results
For the year ended March 31, 2014 (provisional financials), C. K.
Industries reported an operating income of INR53.40 crore and
profit after tax of INR0.99 crore as against an operating income
of INR64.48 crore and profit after tax of INR0.67 crore for the
year ended March 31, 2013.


CCS INFOTECH: CRISIL Cuts Rating on INR120MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
CCS Infotech Ltd (CCS; a part of the CCS group) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

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

   Cash Credit              50        CRISIL D (Downgraded
                                      from 'CRISIL B/Stable')

   Letter of Credit         60        CRISIL D (Downgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       18        CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Working Capital         120        CRISIL D (Downgraded
   Term Loan                          from 'CRISIL B/Stable')

The rating downgrade reflects delays in repayment of debt
obligations, which, in turn, is due to weak liquidity of the
company on account of its stretched receivables.

The ratings also reflect the CCS group's below-average financial
risk profile, marked by small net worth and average debt
protection metrics, its working-capital-intensive operations, and
the susceptibility of its margins to intense competition in the
information technology hardware industry. These rating weaknesses
are partially offset by the group's established position in the
system integration market.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CCS and CCS's wholly owned subsidiary,
CCS Infotech Singapore Pte Ltd (CCS Singapore), together referred
to as the CCS group. Both companies operate in the same line of
business.

CCS was set up as a partnership firm in 1989 by Mr. H Ratnakumar
and Mr. MA Hasan Abdul Kadar. The firm was reconstituted as a
public limited company in 1997. CCS provides system integration
and networking solutions. CCS Singapore also operates in the same
line of business.


CHAUHAN POULTRY: CRISIL Assigns 'B' Rating to INR60.4MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Chauhan Poultry Farm.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                60.4       CRISIL B/Stable
   Cash Credit              22         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       17.6       CRISIL B/Stable

The rating reflects CPF's high working capital requirements,
modest scale of operations and average financial risk profile
marked by a high gearing and modest debt protection metrics. These
rating weaknesses are partially offset the extensive experience of
the firm's partners in the poultry industry.

Outlook: Stable

CRISIL believes that CPF will benefit from its partners' extensive
experience in the poultry industry. The outlook may be revised to
'Positive' if CPF increases its scale of operations or
profitability substantially leading to higher than expected cash
accruals while prudently managing its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if the firm reports deterioration in its cash accruals or working
capital cycle, or if its capital structure weakens because of a
large debt-funded capital expenditure.

CPF, set up as a partnership firm in 1990s, runs a poultry farm in
Yamuna Nagar (Haryana) with a capacity of 1,80,000 layer birds.
The firm is promoted by Mr. Mansingh.


CITY HEART: ICRA Reaffirms 'B' Rating on INR9.5cr Proposed Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned earlier to the
INR9.5 crore proposed bank facilities of City Heart Hotels Private
Limited at [ICRA]B.

                               Amount
   Facilities               (INR crore)      Ratings
   ----------               -----------      -------
   Proposed bank facilities     9.50        [ICRA]B/ Reaffirmed

The rating reaffirmation factors in limited improvement in
company's financial profile as reflected in stable revenues,
operating profits and cash accruals, without any significant
reduction in debt levels and resultant stable debt coverage
indicators. The financial risk is further exacerbated by the
intra-group transactions undertaken by the company including the
transfer of an operational hotel property to a promoter-owned
entity and use of incremental debt for investment in another group
company. Further, the company continues to face geographical
concentration risk with all its properties located in Chandigarh,
exposing it to the intensely competitive scenario in the budget-
category hotel segment in the city, as also reflected in the
pressure observed on operating metrics of one of its budget
properties. However, this risk is mitigated to an extent given the
consistent improvement reported in the performance of Hotel
Rajshree (new property) in the mid-scale category which has helped
the company achieve some diversification in its target market.
Further, the rating derives strength from the promoters'
experience, company's established track record of operations in
the Chandigarh hospitality market and advantageous location of
CHHPL's properties.

In ICRA's view, the company's ability to report a growth in
turnover and operating profits; to reduce intra-group transactions
and to strengthen its capital structure will be the key rating
sensitivities.

Incorporated in March 2006, CHHPL is a closely held company owned
by the Chandigarh-based Narang family. The company operates three
hotels in Chandigarh, comprising two budget hotels namely Hotel
City Heart Premium and Hotel Park Plaza and one mid-scale
property, namely Hotel Rajshree. The two budget category hotel
properties were earlier owned and operated by four brothers -- Mr.
Subhash Narang, Mr. Krishan Lal Narang, Mr. Baldev Narang and Mr.
Deepak Narang, in proprietorships/partnerships and were
transferred to CHHPL w.e.f. April 1, 2006. Hotel Rajshree became
commercially operational in June 2011.

Recent results
As per provisional estimates, CHHPL reported an operating income
of INR6.94 crore and profit after tax (PAT) of INR0.27 crore in
FY14 as compared to an operating income of INR6.91 crore and PAT
of INR0.24 crore in FY13.


COTTON AND TEXTILE: CRISIL Rates INR5MM Bank Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of The Cotton and Textile Corp (CTC).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        5       CRISIL B+/Stable

   Packing Credit in        60       CRISIL A4
   Foreign Currency

   Foreign Documentary      20       CRISIL A4
   Bills Purchase

   Letter of Credit          5       CRISIL A4

The ratings reflect CTC's modest scale of operations in the
fragmented ready-made garment exports segment, and the
susceptibility of its operating margin to volatility in raw
material prices and foreign exchange rates. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's partners and its moderate financial risk
profile.
Outlook: Stable

CRISIL believes that CTC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm improves its scale of
operations and profitability on a sustainable basis, leading to
significant improvement in its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if there is a
considerable deterioration in CTC's accruals, or its working
capital management, resulting in stretched liquidity. Large debt
funded capital expenditure or substantial capital withdrawals by
the partners, resulting in deterioration in the firm's financial
risk profile, may also result in a 'Negative' outlook.
About the Firm

Established in 1971 by Mr. Dilip B Trivedi (currently the
chairman), CTC manufactures ready-made garments, mainly T-shirts,
targeted primarily at the export market. The firm's day-to-day
operations are being managed by Mr. Chirag Trivedi. Its
manufacturing unit is at Tirupur (Tamil Nadu).

CTC reported a profit after tax (PAT) of INR4.2 million on net
sales of INR195.6 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.5 million on net sales
of INR108.3 million for 2012-13.


DANDAPAT COLD: CRISIL Assigns 'B' Rating to INR87.4MM Cash Credit
-----------------------------------------------------------------
CRISIL has revoked the suspension on the ratings of Dandapat Cold
Storage Pvt Ltd (Dandapat) and assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to its bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           2.6      CRISIL A4 (Assigned;
                                     Suspension revoked)

   Cash Credit             87.4      CRISIL B/Stable (Assigned;
                                      Suspension revoked)

The ratings were suspended by CRISIL on May 26, 2014, as the
company had not provided necessary information required to
maintain a valid rating. Dandapat has now shared the requisite
information enabling CRISIL to assign ratings to its bank
facilities.

The ratings reflect Dandapat's small scale of operations and weak
financial risk profile;  the ratings also factor in the company's
susceptibility to adverse regulatory changes and intense
competition in the cold storage industry in West Bengal (WB).
These rating weaknesses are partially offset by the benefits that
Dandapat derives from the extensive industry experience and the
established regional position of its promoters.

Outlook: Stable

CRISIL believes that Dandapat will continue to benefit over the
medium term from its promoters' extensive experience in the cold
storage business. The outlook may be revised to 'Positive' in case
the company efficiently manages farmer credit financing,
significantly scales up its operations, and improves its
profitability. Conversely, the outlook may be revised to
'Negative' in case Dandapat's liquidity is under pressure because
of delays in repayments by farmers, lower-than-expected cash
accruals, or any large debt-funded capital expenditure.

Incorporated in 1997, Dandapat provides cold storage facilities to
potato farmers and traders. The company has two units, one each in
Dandapat, Paschim Mednipur (WB) and Rupasi Bangla, Hooghly (WB).
Dandapat's daily operations are looked after by its director, Mr.
Ranjit Dandapat.


EVERGREEN DRUMS: CRISIL Cuts Rating on INR160MM LOC to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Evergreen Drums & Cans Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'. The downgrade reflects instances of delay by
EDCPL in servicing its debt; the delays have been caused by the
company's weak liquidity and working-capital-intensive operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               75      CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit         160      CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Proposed Long Term         3.5    CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan                 61.5    CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

The rating continues to reflect EDCPL's large working capital
requirements and susceptibility to fluctuations in the prices of
raw material and foreign exchange rates. These rating weaknesses
are partially offset by the experience of the promoters in the
packaging industry.

Set up as a partnership firm in 1974, EDCPL was reconstituted as a
private limited company in 1992-93 (refers to financial year,
April 1 to March 31). The company manufactures metal containers,
cans, roll-on-pilfer-proof caps, barrels, and drums. The day-to-
day operations of the company are being managed by Mr. Kamal
Jhunjhunwala.


G.V.D. TEXTILES: CRISIL Ups Rating on INR95MM Cash Credit to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
G.V.D. Textiles Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee             7       CRISIL A4 (Reaffirmed)

   Cash Credit               95       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Term Loan                 13       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that GVD will maintain
its improved liquidity over the medium term, with more-than-
sufficient cash accruals for meeting debt obligations. The company
is likely to generate annual cash accruals of around INR15 million
to INR18 million over the medium term, against annual term loan
obligations of INR2 million.

The ratings reflect GVD's weak financial risk profile marked by
small net worth and debt protection metrics, and its small scale
and working-capital-intensive operations. The ratings also factor
in the susceptibility of the company's margins to volatility in
raw material prices. These rating weaknesses are partially offset
by the experience of GVD's promoter in the textile industry.

Outlook: Stable

CRISIL believes that GVD will continue to benefit over the medium
term from its strong track record and its promoter's experience in
the textile industry. The outlook may be revised to 'Positive' if
the company records significant increase in revenue and
profitability, resulting in improvement in cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
considerable decline in GVD's accruals and profitability, most
likely because of low operating rates driven by power shortages,
or deterioration in its working capital management, or large debt-
funded capex, weakening its financial risk profile.

GVD was originally set up as a proprietary concern in 1983 and was
reconstituted as a private limited company. GVD is promoted by Mr.
D Krishnamurthy. It manufactures cotton yarn.


J & S CONSTRUCTION: CRISIL Puts 'B' Rating on INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of J & S Construction.

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

   Bank Guarantee            30      CRISIL A4

   Cash Credit               50      CRISIL B/Stable

The ratings reflect the firm's small scale of operations in a
fragmented civil construction industry, large working capital
requirements, and its below-average financial risk profile marked
by a modest net worth. These rating weaknesses are partially
offset by the promoters' extensive experience in the civil
construction industry, and J&S's moderate order book.

Outlook: Stable

CRISIL believes that J&S will benefit over the medium term from
its promoters' experience in the civil construction segment. The
outlook may be revised to 'Positive' if the firm improves its
working capital management and registers larger-than-expected cash
accruals, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if J&S
reports lower-than-expected revenue or profitability or its
working capital management deteriorates resulting in stretched
liquidity.

Established in 2003, and based in Malappuram (Kerala), J&S is
involved in execution of civil contracts for the Public Works
Department, Kerala. The firm's daily operations are managed by Mr.
N S Luka and Mr. K M Salim.

The firm reported a net profit of INR4.8 million on net sales of
INR108 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR3.9 million on net sales
of INR95 million for 2011-12.


JET LITE: ICRA Revises Rating on INR210cr Non-FB Limits to 'D'
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR200.0 crore, long-
term, fund-based bank facilities of Jet Lite (India) Limited to
[ICRA]D from [ICRA]BB. ICRA has also revised the rating assigned
to the INR400.0 crore, short-term, fund-based/ non-fund based bank
facilities of Jet Lite to [ICRA]D from [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, fund-        200.0        Revised to [ICRA]D
   based limits                         from [ICRA]BB (stable)

   Short-term, non-
   fund based limits       210.0        Revised to [ICRA]D
                                        from [ICRA]A4

   Short-term, proposed    190.0        Revised to [ICRA]D
   limits                               from [ICRA]A4

The rating action reflects delays in debt servicing during 2013-
14, as has been highlighted in the annual reports of the company
made available to ICRA now. According to the management, these
delays however have since been corrected. ICRA is currently
reviewing the information shared by the management, including
related to its debt servicing records. ICRA may announce further
rating action post completion of its review.

Jet Lite (India) Limited, a wholly owned subsidiary of Jet Airways
(India) Limited (Jet Airways), was acquired by Jet Airways in
April 2007.

JetLite is positioned as a low-fare carrier in the domestic
segment. Jet Airways (along with Jet Lite) currently provides
scheduled services to around 56 destinations in India and 20
international destinations. The company's fleet stands at 12
aircraft as on March 2014.

Recent Results
For the twelve months ended March 31, 2014, Jet Lite reported a
net loss of INR429.3 crore on an operating income of INR1,666.2
crore as against a net loss of INR295.3 crore on an operating
income of INR1,971.6 crore for the twelve months ended March 31,
2013.


KALPESH SYNTHETICS: ICRA Reaffirms INR11.8cr Cash Credit B Rating
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B outstanding on
the INR11.80 crore long term cash credit facilities and INR1.78
crore (reduced from INR2.11 crore) term loan facilities of Kalpesh
Synthetics Private Limited. ICRA has also reaffirmed the short
term rating of [ICRA]A4 outstanding on the INR0.19 crore (reduced
from INR0.25 crore) short-term non fund based facilities of the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, Fund-      11.80        [ICRA]B; reaffirmed
   based limits-
   Cash Credit

   Long-term, Fund-       1.78        [ICRA]B; reaffirmed
   based limits
   Term Loan

   Short-term, Non-       0.19        [ICRA]A4; reaffirmed
   Fund based limits

The ratings reaffirmation factors in the vast experience of the
promoters in textiles weaving business, low working capital
intensity of operations and established relationship with
suppliers.

The ratings are, however, constrained by the modest scale of
operations and weak profitability indicators on account of trading
nature of business. ICRA also notes the corporate guarantees
extended to group companies, which have commenced operations only
recently and may require financial support from KSPL.

Kalpesh Synthetics Private Limited was set up by Mr. Ashwin Kumar
Shah in 1987. It is primarily engaged in the trading of shirting
and suiting fabrics (more than 90% of total revenues) apart from
job work for other readymade garment companies. KSPL also
manufactures bathrobes, gown, table covers, tablecloth, tablemats
etc, although on a small scale. KSPL largely caters to the
domestic market (90% of total sales) while exports are primarily
to USA and Middle East countries. The company has 24 Suzler Looms,
three sample warping machine and one drawing machine. It also has
an in-house design team for developing own creations and special
designs.

Recent results
As per its audited results for FY 2013, KSPL reported profit after
tax of INR0.54 crores over an operating income of INR109.40 crore.
As per its unaudited results for FY 2014, KSPL reported profit
after tax of INR0.57 crores over an operating income of INR105.04
crore.


KINGFISHER AIRLINES: Resists PNB 'Wilful Defaulter' Notice
----------------------------------------------------------
The Times of India reports that Kingfisher Airlines on August 26
moved the Delhi high court against Punjab National Bank's notice
alleging the carrier has wilfully defaulted on payment of
outstanding dues of over INR770 crore.

TOI relates that the PSU bank has also said in the August 21, 2014
notice that if no reply is received within seven days, the airline
and its guarantors, United Breweries Holdings (UBHL) and Vijay
Mallya would be declared "wilful defaulters".

According to the report, the matter was mentioned by the airline
through senior advocate Rajiv Nayyar before a bench of justices
Badar Durrez Ahmed and Siddharth Mridul, which listed it for
hearing on August 27.

The report says Kingfisher has sought directions to the bank to
rescind the notices and also restrain it from taking any action
against the airline pursuant to the same.

The petition has also made the ministry of finance and the bank as
parties in the case, the report relates.

TOI notes that KFA has contended that such act of the bank is
"arbitrary, unreasonable, untenable and unlawful".  According to
TOI, the airline, in its plea filed through advocate Ajay
Bhargava, has contended that the August 21 notice "for the first
time and as a complete after thought has sought to rely on
additional alleged facts in support of its decision to classify
the petitioner, UBHL and Vijay Mallya as wilful defaulters".

The bank has issued the notices under the July 1, 2013 master
circular of the Reserve Bank of India which pertains to steps to
be taken by commercial banks with respect to non-performing
assets, the report notes.

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


KOKONUT CLOTHING: CRISIL Assigns B Rating to INR74MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Kokonut Clothing.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               74      CRISIL B/Stable

The rating reflects KC's modest scale of operations in an
intensely competitive fabric trading industry, average interest
coverage ratio, and large working capital requirements. These
rating weaknesses are partially offset by the extensive industry
experience of KC's promoters.

Outlook: Stable

CRISIL believes that KC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
profitability and registers sustained improvement in its scale of
operations, leading to improvement in its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case KC's
financial risk profile deteriorates, most likely on account of low
cash accruals or lengthening of its working capital cycle, or in
case of capital withdrawals from the firm by its promoters.

KC, set up in 2002-03 (refers to financial year, April 1 to March
31), trades in shirting fabric. Its overall operations are managed
by Mr. Pawan Kumar Barasia and his son Mr. Pratik Barasia. Its
office is in Mumbai (Maharashtra).


KRISHIKA FARMS: CRISIL Upgrades Rating on INR60MM Term Loan to B
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Krishika
Farms Private Limited (KFPL; part of the Mayuri Group) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan                 60      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade on KFPL's bank facilities reflects the
substantial and sustained increase in its scale of operations,
while maintaining its profitability margins. The revenues of KFPL
are estimated to have registered a year-on-year growth of 105 per
cent in 2013-14 (refers to financial year, April 1 to March 31)
driven by stabilization of its operations; the company commenced
operations in 2012. The upgrade also factors the operational and
financial support that KFPL would continue to receive from its
group companies -- Mayuri Broiler Breeding Farms Pvt Ltd (MBFPL;
rated 'CRISIL B/Stable'), and Lakshmi Venkat Farms Limited (LVFL;
rated 'CRISIL B/Stable') -- over the medium term.

For arriving at the ratings, CRISIL has revised its analytical
approach and combined the business and financial risk profiles of
KFPL, MBFPL, and LVFL; these companies are together referred to as
the Mayuri group. For the previous rating exercise for KFPL's bank
facilities, CRISIL had assessed the business and financial risk
profiles of KFPL on a standalone basis. The change in analytical
approach for the current rating exercise follows the operational
and financial support that KFPL would continue to receive from the
other entities in the group; furthermore, all these companies are
in the same line of business, have common promoters, and have
fungible cash flows.

The rating continues to reflect the Mayuri group's stretched
liquidity marked by its cash accruals tightly matching its term
debt repayment obligations, the susceptibility of the group's
profitability margins to volatility in raw material prices, and
the group's exposure to intense competition and to risks inherent
in the poultry industry. The ratings of the group are also
constrained on account of its below-average financial risk profile
marked by its modest net worth, high gearing, and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that the group derives from the extensive
experience of its promoters in the poultry industry.

Outlook: Stable

CRISIL believes that Mayuri Group will continue to benefit over
the medium term from the extensive experience of its promoters in
the poultry business. . The outlook may be revised to 'Positive'
if there is a sustained improvement in the group's profitability
margins, or there is an substantial improvement in its capital
structure on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the group's profitability margins, or
significant deterioration in its capital structure caused most
likely on account of a large debt-funded capital expenditure or a
stretch in its working capital cycle.

LVFL, incorporated in 1995 by Mr. V. Harshvardhan Reddy, produces
hatching eggs and day-old chicks. MBFPL, incorporated in 2006 by
Mr. V Harshvardhan Reddy, produces hatching eggs and broiler
birds. KFPL, incorporated in 2010, produces table eggs.


KRISHNAIAH MOTORS: CRISIL Puts B+ Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL's has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Krishnaiah Motors Pvt Ltd (KMPL).

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

   Proposed Long Term
   Bank Loan Facility        50      CRISIL B+/Stable

The rating reflects KMPL's below-average financial risk profile,
marked by a modest net worth, a high total outside liabilities to
tangible net worth ratio, and an average interest coverage ratio.
The rating also factors in the company's susceptibility to intense
competition in the automobile dealership business. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters, and the advantages it
derives from having a strong principal, Maruti Suzuki India Ltd
(MSIL; rated CRISIL AAA/Stable/CRISIL A1+).

Outlook: Stable

CRISIL believes that KMPL will continue to benefit over the medium
term from its relationship with its strong principal, MSIL. The
company's financial risk profile, though, is expected to remain
constrained over this period by high leverage and a modest net
worth. The outlook may be revised to 'Positive' if there is
significant improvement in KMPL's financial risk profile, most
likely through infusion of funds by promoters, while it sustains
its business risk profile. Conversely, the outlook may be revised
to 'Negative' in case of further deterioration in the company's
financial risk profile, most likely because of a substantial
increase in its working capital requirements or less-than-expected
cash accruals.

KMPL, set up in 2002, is a dealer for MSIL vehicles and has its
showroom and workshop in Secundrabad. The company is promoted by
Major P T Choudary (Retired).


LAKSHMI VENKAT: CRISIL Reaffirms B Rating on INR42MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Lakshmi Venkat
Farms Limited (LVFL; part of the Mayuri Group) continues to
reflect the Mayuri group's stretched liquidity marked by its cash
accruals tightly matching its term debt repayment obligations, the
susceptibility of the group's profitability margins to volatility
in raw material prices, and the group's exposure to intense
competition and to risks inherent in the poultry industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               42      CRISIL B/Stable (Reaffirmed)
   Proposed Cash Credit      33      CRISIL B/Stable (Reaffirmed)
   Limit
   Term Loan                 39      CRISIL B/Stable (Reaffirmed)

The ratings of the group are also constrained on account of its
below-average financial risk profile marked by its modest net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the benefits that the
group derives from the extensive experience of its promoters in
the poultry industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LVFL, Mayuri Broiler Breeding Farms Pvt
Ltd (MBFPL), and Krishika Farms Private Limited (KFPL); these
companies are together referred to as the Mayuri group. For the
previous rating exercise for LVFL's bank facilities, CRISIL had
assessed the business and financial risk profiles of LVFL on a
standalone basis. The change in analytical approach for the
current rating exercise follows the increased operational
synergies among the entities in the group; furthermore, all these
companies are in the same line of business, have common promoters,
and have fungible cash flows.
Outlook: Stable

CRISIL believes that Mayuri Group will continue to benefit over
the medium term from the extensive experience of its promoters in
the poultry business. . The outlook may be revised to 'Positive'
if there is a sustained improvement in the group's profitability
margins, or there is an substantial improvement in its capital
structure on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the group's profitability margins, or
significant deterioration in its capital structure caused most
likely on account of a large debt-funded capital expenditure or a
stretch in its working capital cycle.

LVFL, incorporated in 1995 by Mr. V. Harshvardhan Reddy, produces
hatching eggs and day-old chicks. MBFPL, incorporated in 2006 by
Mr. V Harshvardhan Reddy, produces hatching eggs and broiler
birds. KFPL, incorporated in 2010, produces table eggs.


MANAF P.B.: CRISIL Assigns 'B' Rating to INR60MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Manaf P.B.

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

   Proposed Long Term
   Bank Loan Facility        50      CRISIL B/Stable

The rating reflects Manaf P.B.'s modest scale of operations in an
intensely competitive industry, geographic concentration, and
large working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's proprietor.

Outlook: Stable

CRISIL believes that Manaf P.B. will continue to benefit over the
medium term from its promoter's extensive experience in the civil
construction industry and its moderate order book. The outlook may
be revised to 'Positive' if the firm scales up its operations
significantly, while it maintains its profitability, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if Manaf P.B.'s revenue or operating
profitability declines sharply, or if its working capital
management deteriorates, resulting in further weakening of its
liquidity.

Manaf P.B., set up in 2004 and based in Avalu (Kerala), is a
proprietorship firm. The firm executes civil contracts for Kerala
Public Works Department. Its day-to-day operations are managed by
Mr. P B Manaf.

Manaf P.B., on a provisional basis, registered a profit after tax
(PAT) of INR3.6 million on net sales of INR152 million for 2013-14
(refers to financial year, April 1 to March 31), against a PAT of
INR3.1 million on net sales of INR133 million for 2012-13.


MAYURI BROILER: CRISIL Reaffirms B Rating on INR65MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Mayuri Broiler
Breeding Farms Pvt Ltd (MBFPL; part of the Mayuri Group) continues
to reflect the Mayuri group's stretched liquidity marked by its
cash accruals tightly matching its term debt repayment
obligations, the susceptibility of the group's profitability
margins to volatility in raw material prices, and the group's
exposure to intense competition and to risks inherent in the
poultry industry.

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

   Proposed Long Term
   Bank Loan Facility        34      CRISIL B/Stable (Reaffirmed)

   Term Loan                 65      CRISIL B/Stable (Reaffirmed)

The ratings of the group are also constrained on account of its
below-average financial risk profile marked by its modest net
worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the benefits that the
group derives from the extensive experience of its promoters in
the poultry industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MBFPL, Lakshmi Venkat Farms Limited
(LVFL), and Krishika Farms Private Limited (KFPL); these companies
are together referred to as the Mayuri group. For the previous
rating exercise for MBFPL's bank facilities, CRISIL had assessed
the business and financial risk profiles of MBFPL on a standalone
basis. The change in analytical approach for the current rating
exercise follows the increased operational synergies among the
entities in the group; furthermore, all these companies are in the
same line of business, have common promoters, and have fungible
cash flows.

Outlook: Stable

CRISIL believes that Mayuri Group will continue to benefit over
the medium term from the extensive experience of its promoters in
the poultry business. The outlook may be revised to 'Positive' if
there is a sustained improvement in the group's profitability
margins, or there is an substantial improvement in its capital
structure on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the group's profitability margins, or
significant deterioration in its capital structure caused most
likely on account of a large debt-funded capital expenditure or a
stretch in its working capital cycle.

LVFL, incorporated in 1995 by Mr. V. Harshvardhan Reddy, produces
hatching eggs and day-old chicks. MBFPL, incorporated in 2006 by
Mr. V Harshvardhan Reddy, produces hatching eggs and broiler
birds. KFPL, incorporated in 2010, produces table eggs.


POOSHYA EXPORTS: ICRA Suspends B- Rating on INR5.36cr FB Limits
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- outstanding on
the INR5.36 crore fund based limits and the short-term rating of
[ICRA]A4 outstanding on the INR2.10 crore non fund based
facilities and on the INR2.32 crore proposed short term facilities
of Pooshya Exports Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


PRATIBHA POLYPET: ICRA Suspends 'B' Rating on INR4cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B rating for the INR1.00 crore cash
credit and INR4.00 crore term loan facilities of Pratibha Polypet
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

PPPL which commenced operation in August 2012 is a Nipani
(Belgaum, Karnataka) based Chavan Group Company involved in
manufacture and sale of performs, PET bottles, water tanks among
others. Chavan group of companies is a Kolhapur based group with
diversified interests in milk processing, mineral water, real
estate and financial consulting. The group was majorly engaged in
trading and Government contract business till 2009.


RADHA SAKKU: CRISIL Raises Rating on INR783.8MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Radha Sakku Agro Farms Ltd (RS Agro; part of the Venkatrama group)
to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              150      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term       383      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan                783.8    CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Working Capital           53.2    CRISIL B+/Stable (Upgraded
   Demand Loan                       from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in the Venkatrama
group's business risk profile, driven by a sustained increase in
its scale of operations, while maintaining its profitability
margins. The upgrade also reflects the improvement in the group's
net worth, which enhances its financial flexibility, and the
subsequent improvement in its capital structure. CRISIL believes
that the Venkatrama group will sustain the improvement in its
financial risk profile over the medium term, supported by
consistent growth in net worth and absence of any large debt-
funded capital expenditure (capex) programme.

The Venkatrama group is likely to have registered a compound
annual growth rate of 27.0 per cent in revenue between 2011-12
(refers to financial year, April 1 to March 31) to 2013-14; the
group's operating profit margin are estimated to be moderate at
14.0 to 17.0 per cent over this period. CRISIL believes the group
will register an annual revenue growth of around 10 per cent over
the medium term supported by its established position in the layer
segment of poultry farming.

The Venkatrama group's net worth is estimated to have increased to
around INR750 million as on March 31, 2014 from INR549 million as
on March 31, 2012 on the back of moderate accretion to reserves.
Consequently, the group's gearing is estimated to have declined to
2.3 times as on March 31, 2014 from 3.3 times as on March 31,
2012. The gearing is expected to further decline to around 2.0
times as on March 31, 2015 supported by continued growth in net
worth and absence of large debt-funded capex programme.

The ratings continue to reflect the extensive experience of the
Venkatrama group's promoters in the layer segment of poultry
farming, and the group's average financial risk profile marked by
its healthy net worth, high gearing, and robust debt protection
metrics. These rating strengths are partially offset by the
susceptibility of the group's profitability margins to volatility
in raw material prices, and the group's exposure to intense
competition and to risks inherent in the poultry industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VPL and its wholly owned subsidiary
Radha Sakku Agro Farms Ltd (RS Agro). This is because these two
companies, together referred to as the Venkatrama group, are in
the same line of business and have fungible cashflows.

Outlook: Stable

CRISIL believes that the Venkatrama group will continue to benefit
over the medium term from its established position in the layer
segment of poultry farming. The outlook may be revised to
'Positive' if there is a sustained improvement in the group's
profitability margins, or there is an substantial improvement in
its capital structure on the back of sizeable equity infusion by
its promoters. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the group's profitability
margins, or significant deterioration in its capital structure
caused most likely on account of a large debt-funded capital
expenditure or a stretch in its working capital cycle.

Set up as a proprietorship firm in 1979, VPL was reconstituted as
a private limited company, and later on as a closely held public
limited company in 1995. VPL is in the business of poultry farming
in the layer segment. INRAgro, set up in 2010, is also in the
business of poultry farming in the layer segment.


S.S. CONSTRUCTIONS: CRISIL Rates INR30MM Cash Credit at 'B+'
------------------------------------------------------------
CRISIL has assigned its ratings 'CRISIL B+/Stable/CRISIL A4' to
the bank facilities of S.S. Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           40       CRISIL A4
   Cash Credit              30       CRISIL B+/Stable

The ratings reflect SSC's modest scale of operations with high
geographical and customer concentration in its revenue profile.
The ratings also factor in the firm's low financial flexibility,
driven by its small net worth. These rating weaknesses are
mitigated by the partners' extensive experience in civil
construction industry, and the firm's moderate order book.

Outlook: Stable

CRISIL believes that SSC will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm reports a significant and
sustained improvement in its scale of operations and/or
profitability or a substantial capital infusion along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if SSC's liquidity is further constrained
by its low cash accruals; or large working capital requirements or
debt-funded capital expenditure (capex).

Established in Ghaziabad (Uttar Pradesh) in 2010, SSC is a
partnership firm engaged in civil construction. The firm
constructs roads, bridges and sewers for state government
departments in Uttar Pradesh; and is owned and managed by Mr.
Manoj Pradhan and his family.


S.V. POULTRIES: ICRA Assigns B+ Rating to INR8.75cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR8.75 crore
term loan limits, INR6.00 crore cash credit limits and INR0.25
crore unallocated limits of S.V. Poultries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               8.75         [ICRA]B+ assigned
   Cash Credit             6.00         [ICRA]B+ assigned
   Unallocated Limits      0.25         [ICRA]B+ assigned

The assigned rating is constrained by its relatively modest scale
of operations in the poultry (table egg production) industry;
cyclicality associated with the Indian poultry industry which
results in volatile table egg prices; and vulnerability of profits
to fluctuation in prices of feed (primarily maize and soya) which
accounts for over 80% of production cost. The rating is also
constrained by single customer concentration risk; limited
experience of the management in the poultry industry and weak
capital structure with gearing of 6.22 times and moderate interest
coverage ratio of 2.08 for FY2014 end. The rating, however,
favorably factors in the moderate profitability levels (OPBDIT/OI
at 13.33% and PAT/OI at 2.32%) for FY2014 and healthy demand
outlook for the layer segment of the industry on account of
increasing acceptance of eggs as a daily meal component.
Going forward, company's ability to manage its working capital
requirement and scale up operations would be the key rating
sensitivity from the credit perspective.

S.V. Poultries is a partnership firm established in the year 2011.
The firm is engaged in the business of commercial layer poultry
farming. The total capacity of poultry unit currently is 300,000
layer birds with 12 layer sheds of 25,000 capacity each and 4
chick brooding and growing sheds. The egg production started from
December 2012. The operations of the firm are handled by its
managing partners Mr. S. Surya Bhaskara Reddy and Mr. M.
Visweswara Reddy and assisted by Mr. S. Keerthi Kanth Reddy.

Recent Results
The company reported profit after tax of INR0.46 crore on an
operating income of INR19.98 crore during FY2014 which is its
first full year of operation.


SHREE BALAJI: ICRA Suspends 'B' Rating on INR4.75cr Cash Credit
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating reaffirmed for the INR4.75 crore
cash credit and INR3.74 crore term loan facilities of Shree Balaji
Milk & Milk Products. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Established in 2009, with current installed capacity of 35000 LPD,
the Shrigonda (Ahmednagar) based SBMMP is involved in procurement,
processing of milk and manufacture of milk products and is part of
Chavan group of companies which is a Kolhapur based group with
diversified interests in milk processing, mineral water, real
estate and financial consulting. The group was majorly engaged in
trading and Government contract business till 2009.


SONAR BANGLA: CRISIL Assigns 'B' Rating to INR70MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sonar Bangla Cold Storage Pvt Ltd, and assigned the
'CRISIL B/Stable' rating to these facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B/Stable (Assigned;
                                     Suspension revoked)

The ratings were suspended by CRISIL on July 2, 2014, as Sonar did
not provide the information necessary to maintain a valid rating.
The company has now shared the requisite information, enabling
CRISIL to assign its ratings to the bank facilities.

The ratings reflect Sonar's small scale of operations and below-
average financial risk profile. The ratings also factor in the
company's susceptibility to any adverse impact of regulatory
changes, and to risks related to intense competition in the cold-
storage segment in West Bengal (WB). These rating weaknesses are
partially offset by the extensive industry experience and regional
position of, the promoters.

Outlook: Stable

CRISIL believes that Sonar will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company efficiently
manages farmer credit financing, significantly scales up its
operations and improves its profitability. Conversely, the outlook
may be revised to 'Negative' if Sonar's liquidity is constrained
by delays in repayments by farmers; significantly low cash
accruals; or any large, debt-funded capital expenditure.

Incorporated in 1997, Sonar provides cold storage facilities to
potato farmers and traders. The company has one cold storage in
Paschim Mednipur (WB). The director, Mr. Ranjit Dandapat, oversees
Sonar's daily operations.


STANDARD AUTO: CRISIL Puts 'B' Rating on INR30MM Bill Discounting
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Standard Auto Gears Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting          30      CRISIL B/Stable

   Composite Working
   Capital Limit             30      CRISIL B/Stable

The rating reflects SAPL's below-average financial risk profile
marked by high gearing, and the high customer concentration in its
revenue. These rating weaknesses are mitigated by the promoter's
extensive industry experience in diversified technical industries.

Outlook: Stable

CRISIL believes that SAPL will sustain its credit risk profile
over the medium term, supported by the promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
the company improves its financial risk profile with sizeable
revenue growth and profitability, resulting in enhanced cash
accruals; or supported by a substantial equity infusion.
Conversely, the outlook may be revised to 'Negative' if SAPL faces
a decline in off-take from key customers, adversely affecting its
revenues and margins or if it undertakes any larger-than-expected
debt-funded capital expenditure programme leading to deterioration
in financial risk profile.

SAPL was incorporated in 1997 in Mohali (Punjab). The company,
founded by Mr. Anil Atri, manufactures ceiling fan blades and
refrigerator components. SAPL has a fan blade manufacturing plant
in Mohali with total capacity of 100,000 packs.

SAPL reported a net profit after tax (PAT) of INR0.94 million on
total revenue of INR134.8 million for 2013-14 (refers to financial
year, April 1 to March 31), as against PAT of INR0.86 million on
total revenue of INR113.2 million for 2012-13.


SUBBURAAJ COTTON: ICRA Ups Rating on INR43.00cr FB Loan to 'B+'
---------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR29.42
crore (revised from INR44.28 crore) term loan facilities and the
INR43.00 crore fund based facilities of Subburaaj Cotton Mill
Private Limited to [ICRA]B+ from [ICRA]C+. ICRA has also assigned
the long-term rating of [ICRA]B+ to the INR14.86 crore proposed
facilities of the Company. ICRA has reaffirmed the short-term
rating of [ICRA]A4 outstanding on the INR6.75 crore fund based
facilities, the INR5.00 crore fund based (sub-limit) facilities
and the INR2.50 crore non-fund based (sub-limit) facilities of
SCMPL.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term- Term           29.42       [ICRA]B+/upgraded
   loan facilities                       from [ICRA]C+

   Long-term- Fund           43.00       [ICRA]B+/upgraded
   based facilities                      from [ICRA]C+

   Long-term-Proposed        14.86       [ICRA]B+ assigned
   facilities

   Short-term-Fund            6.75       [ICRA]A4/reaffirmed
   based facilities

   Short-term-Fund           (5.00)      [ICRA]A4/reaffirmed
   based (sub-limit)
   facilities

   Short-term-Non-           (2.50)      [ICRA]A4/reaffirmed
   fund based (sub-limit)
   facilities

ICRA has considered the consolidated business and financial
profiles of SCMPL and Veebee Yarnntex Private Limited, which is
also engaged in production of cotton yarn) for the purpose of
these ratings due to common promoters/management. These two
entities are collectively referred to as "the group".

The revision in rating factors in healthy growth in revenues and
accruals in last fiscal supported by stable yarn demand alongside
improvement in realizations. The ratings also consider the long-
standing experience of promoters in the spinning business for more
than three decades, the group's major concentration in the finer
counts coupled with value added product profile like Compact yarn,
Two-For-One twisted yarn and Eli Twist yarn enabling better
realizations and the established relationship with leading
corporate lending stability to volumes.

The ratings are, however, constrained by the group's stretched
financial profile characterized by weak capitalization / coverage
indicators (albeit moderated to an extent in the last two fiscals
aided by healthy accretion to reserves) largely on account of
significant debt-funded capital expenditure undertaken by the
group over the years, strained liquidity position due to high
working capital requirements coupled high interest charges and
debt repayments, and the exposure of group's revenues and margins
to volatility in cotton and yarn prices. With the group in the
midst of INR52.0 crore of capital expenditure (for expanding its
capacity by 32,400 spindles) funded largely through bank
borrowings, the capital structure is expected to remain at
elevated levels in the near term. While the group's operation in
an intensely competitive and highly fragmented industry limits
pricing flexibility, the presence in the high count range segment,
where the capacity concentration is low, provides some comfort.
However, with significant repayment obligations slated for next
four fiscals, the ability of the group to sustain profitability
and generate sufficient cash flows as witnessed in the last two
fiscals would remain the key rating sensitivities. Also, the
ability of the group to enhance its working capital position and
improve its capital structure would be critical in improving its
credit profile.

Established in 1980 as partnership firm by Mr. K. Venkatasamy,
SCMPL was incorporated in 1995. The Company is primarily engaged
in production of cotton yarn in the finer count range, largely
utilized in high end home textile products; and supplies these
primarily to leading corporate. SCMPL also exports its produce to
customers in Sri Lanka, Myanmar, China, Korea and Vietnam with
direct exports contributing to ~36% of its total sales during
2013-14. The Company's manufacturing facilities are located in
Rajapalayam (Tamil Nadu) and Virudhunagar (Tamil Nadu) and operate
with an installed capacity of 63,112 spindles and 1,800 rotors
respectively. The Company is closely held, with the promoter group
holding the entire stake.

SCMPL's group entity, VYPL is also engaged in the production of
cotton yarn in the finer count range and operates with an
installed capacity of 74,400 spindles. The capacity is being
augmented by 32,400 spindles. VYPL is also closely held, with the
promoter group holding the entire stake.

Recent Results
According to un-audited results, the Company has reported net
profit of INR1.8 crore on an operating income of INR168.3 crore
during 2013-14 as against net profit of INR0.7 crore on an
operating income of INR161.1 crore during 2012-13.


SUNDIAL MINING: CRISIL Puts 'B+' Rating on INR80MM Capital Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sundial Mining & Metals LLP.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       40       CRISIL B+/Stable

   Proposed Working
   Capital Facility         80       CRISIL B+/Stable

The rating reflects SMML's limited track record, and modest scale,
of operations in the highly fragmented bauxite trading segment and
susceptibility of revenue and margins to adverse government
regulations and volatility in raw material prices. These ratings
weaknesses are partially offset by the benefits that SMML derives
from the healthy demand for bauxite in international markets and
its promoters' extensive experience in the mineral trading
segment.

Outlook: Stable

CRISIL believes that SMML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations while improving its working capital
management and profitability, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case any regulatory changes disrupt its supplies to
international markets, or in case of a decline in its operating
margin, thereby adversely impacting SMML's liquidity.

Set up in September 2013, SMML is into bauxite trading and exports
primarily to China. Located in Bengaluru, Karnataka, the day-to-
day operations of the firm is managed by its managing partner, Mr.
G. Ravi Kumar.


TRANS HIMALAYAN: CRISIL Assigns B Rating to INR70MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Trans Himalayan Logistics Pvt Ltd. The rating
reflects Trans's working-capital-intensive operations and weak
financial risk profile. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of Trans's
promoters.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B/Stable

Outlook: Stable

CRISIL believes that Trans will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' in case the
company registers improvement in its scale of operations and
profitability while demonstrating significant improvement in
liquidity because of substantial increase in accruals and control
on working capital cycle, or large long-term fund infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' if
Trans's financial risk profile, especially its liquidity, weakens,
most likely because of a stretch in its working capital cycle and
debt-funded capital expenditure (capex).

Established in 2007, Trans is engaged in road transportation. The
company was not operational until 2012-13 (refers to financial
year, April 1 to March 31), and was taken over by the Kolkata-
based Jagwani group in 2013-14. Trans started trading in iron ore
fines in 2014-15.


VEEBEE YARNNTEX: ICRA Raises Rating on INR79.65cr Term Loan to B+
-----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR79.65
crore (enhanced from INR49.17 crore) term loan facilities and the
INR42.50 crore (enhanced from INR27.50 crore) fund based
facilities of Veebee Yarnntex Private Limited to [ICRA]B+ from
[ICRA]C+.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term -Term       79.65        [ICRA]B+/upgraded
   loan facilities                    from [ICRA]C+

   Long-term -Fund       42.50        [ICRA]B+/upgraded
   based facilities                   from [ICRA]C+

   Short-term -Fund       6.00        [ICRA]A4 assigned
   based facilities

   Short-term -Fund      (5.00)       [ICRA]A4/reaffirmed
   based (sub-limit)
   facilities

   Short-term -           3.10        [ICRA]A4/reaffirmed
   Non-fund based
   facilities

   Short-term -Non-      (16.75)      [ICRA]A4/reaffirmed
   fund based (sub
   limit) facilities

ICRA has assigned the short-term rating of [ICRA]A4 to the INR6.00
crore fund based facilities of the Company. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 outstanding on the
INR5.00 crore fund based (sub-limit) facilities, the INR3.10 crore
(enhanced from INR2.50 crore) non-fund based facilities and the
INR16.75 crore (enhanced from INR2.00 crore) non-fund based (sub-
limit) facilities of VYPL.

ICRA has considered the consolidated business and financial
profiles of VYPL and Subburaaj Cotton Mill Private Limited, which
is also engaged in production of cotton yarn) for the purpose of
these ratings due to common promoters/management. These two
entities are collectively referred to as "the group".

The revision in rating factors in healthy growth in revenues and
accruals in last fiscal supported by stable yarn demand alongside
improvement in realizations. The ratings also consider the long-
standing experience of promoters in the spinning business for more
than three decades, the group's major concentration in the finer
counts coupled with value added product profile like Compact yarn,
Two-For-One twisted yarn and Eli Twist yarn enabling better
realizations and the established relationship with leading
corporate lending stability to volumes.

The ratings are, however, constrained by the group's stretched
financial profile characterized by weak capitalization/coverage
indicators (albeit moderated to an extent in the last two fiscals
aided by healthy accretion to reserves) largely on account of
significant debt-funded capital expenditure undertaken by the
group over the years, strained liquidity position due to high
working capital requirements coupled high interest charges and
debt repayments, and the exposure of group's revenues and margins
to volatility in cotton and yarn prices. With the group in the
midst of INR52.0 crore of capital expenditure (for expanding its
capacity by 32,400 spindles) funded largely through bank
borrowings, the capital structure is expected to remain at
elevated levels in the near term. While the group's operation in
an intensely competitive and highly fragmented industry limits
pricing flexibility, the presence in the high count range segment,
where the capacity concentration is low, provides some comfort.
However, with significant repayment obligations slated for next
four fiscals, the ability of the group to sustain profitability
and generate sufficient cash flows as witnessed in the last two
fiscals would remain the key rating sensitivities. Also, the
ability of the group to enhance its working capital position and
improve its capital structure would be critical in improving its
credit profile.

VYPL, incorporated in the year 2006 by Mr. A. Saravana Kumar is
engaged in the production of cotton yarn in the finer count range,
largely utilized in high end home textile products; and supplies
these primarily to leading corporate. VYPL also exports its
produce to customers in Sri Lanka, Pakistan, Korea, Singapore and
China with direct exports contributing to ~24% of its total sales
during 2013-14. The Company's manufacturing facility is located in
Madurai (Tamil Nadu) and operates with an installed capacity of
74,400 spindles. The capacity is being augmented by 32,400
spindles. The Company is closely held, with the promoter group
holding the entire stake.

VYPL's group entity, SCMPL is also engaged in the production of
cotton yarn in the finer count range


WELMECH ENG'G: CRISIL Ups Rating on INR52.7M Bank Loan to B-
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Welmech Engineering Company Pvt Ltd to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            45      CRISIL A4 (Upgraded
                                     from 'CRISIL D')

   Cash Credit               50      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit           3      CRISIL A4 (Upgraded
                                     from 'CRISIL D')

   Long Term Loan             5.3    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term        52.7    CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Working Capital            4      CRISIL B-/Stable (Upgraded
   Demand Loan                       from 'CRISIL D')

The rating upgrade reflects WECPL's timely debt servicing, backed
by its promoters' financial support. The promoters have infused
unsecured loans of INR2.6 Million till March 31, 2014. Though the
company's cash accruals is expected to be inadequate for meeting
the repayment obligations over the medium term, the company is
expected to be timely in meeting its repayment obligations through
need-based support from its promoters.

The ratings reflect WECPL's small scale of operations in the
fragmented auto components segment; below-average operating
efficiencies; and susceptibility of the company's operating margin
to volatility in input prices. The ratings also factor in WECPL's
below average financial risk profile marked by small net worth and
weak debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that WECPL will benefit over the medium term from
the promoters' extensive experience in manufacturing furnaces. The
outlook may be revised to 'Positive' if the company generates
sizeable cash accruals and improves its financial risk profile
with an enhanced scale of operations and improved operating
margins. Conversely, the outlook may be revised to 'Negative' if
the company's liquidity weakens with substantial working capital
requirements and significantly low cash accruals.

WECPL commenced its operations in 1989 in Ambattur (Tamil Nadu).
The company is equally owned by Mr. Satagopan and Mrs.
Karunakaran. WECPL manufactures high-capacity heat treatment
furnaces and ovens used to develop and implement heat treatment
facilities and processes.



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


PEGASUS FUNDING: S&P Withdraws CC(sf) Rating on Class A1, A2 ABLs
-----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CC (sf)' ratings
on the class A1 and A2 asset-backed loans (ABLs) extended under
the Pegasus Funding transaction at the transaction parties'
request.  S&P already withdrew its rating on Class B in Sept.
2012.

Real estate-backed loan receivables that were issued primarily to
small and midsize real estate companies back the ABLs extended
under this securitization transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS WITHDRAWN

Pegasus Funding
JPY120 billion ABLs (total initial extendable amount) due Dec.
2014

Class          Rating        Initial extendable amount
Class A1       CC (sf)       JPY40.0 bil.
A2             CC (sf)       JPY51.9 bil.

The issue date of the transaction was Sept. 29, 2006.



===============
T H A I L A N D
===============


* THAILAND: Introduces Loans to Help Struggling Farmers
-------------------------------------------------------
Nopparat Chaichalearmmongkol at The Wall Street Journal reports
that Thailand revealed plans on August 26 to provide
US$312 million in loans to help its financially strapped farmers,
many of whom are in debt to loan sharks, in the latest step by the
military junta to help boost the economy.

The Journal relates that loan sharks, who charge as much as 60% in
interest a year, have thrived amid growing household debt, which
rose to 82.3% of gross domestic product this year.

Economists are concerned Thailand's high household debt will
reduce consumption, a major engine driving the country's economic
growth, the Journal says.

According to the report, Thai rice farmers in particular were hurt
after a botched rice subsidy program resulted in many not being
paid.  By extending the loans, the military government hopes to
relieve farmers from their deep indebtedness so they can
eventually spend more comfortably, the Journal states.

Loan-shark debts represent 49.1% of the country's household debt,
said Somsak Kangteerawat, a vice president of the Bank for
Agriculture and Agricultural Cooperatives, citing the latest
survey by the University of the Thai Chamber of Commerce, the
Journal relays.

"The bank has set up a budget of THB10 billion [$312 million] to
help farmers and their family members resolve their debt
problems," the report quotes Mr. Somsak as saying.

Each borrower can apply for a loan of not more than THB100,000 --
or $3,125 -- at an interest rate of 12% a year, Mr. Somsak, as
cited by the Journal, said. The loan must be paid back within 10
years.

The Journal relates that Mr. Somsak said the yearlong loan
program, which begins Sept. 1, aims to help about 150,000 farmers.

Economists praised the loans, the Journal notes.

"This shows the government's determination to tackle the problems
of farmers' debts," said Amonthep Chawla, head of research at CIMB
Thai Bank, the Journal relays.

Rungson Sriworasat, permanent secretary to the Finance Ministry,
said the government is working to identify root causes of high
debts owed to loans sharks and others outside the formal lending
system, adds the Journal.

After months of political stability in Thailand, the military
seized power in May, investing in infrastructure projects and
implementing a series of other policies that have been credited
with helping to pump up the weak economy, the report notes.

In this year's second quarter, the country's economy rebounded
after contracting in the previous quarter, expanding 0.4% year-
over-year and 0.9% on-quarter, according to the Journal.



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


* BOND PRICING: For the Week August 25 to August 29, 2014
---------------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MAN    7.00     04/01/21    USD    74.65
BOART LONGYEAR MAN    7.00     04/01/21    USD    76.36
GRIFFIN COAL MININ    9.50     12/01/16    USD    70.88
GRIFFIN COAL MININ    9.50     12/01/16    USD    70.88
MIDWEST VANADIUM P   11.50     02/15/18    USD    41.55
MIDWEST VANADIUM P   11.50     02/15/18    USD    44.58
MIRABELA NICKEL LT    8.75     04/15/18    USD    23.25
MIRABELA NICKEL LT    8.75     04/15/18    USD    24.00
NEW SOUTH WALES TR    0.50     09/14/22    AUD    74.30
NEW SOUTH WALES TR    0.50     10/07/22    AUD    74.09
NEW SOUTH WALES TR    0.50     10/28/22    AUD    73.90
NEW SOUTH WALES TR    0.50     12/16/22    AUD    73.86
NEW SOUTH WALES TR    0.50     11/18/22    AUD    73.70
NEW SOUTH WALES TR    0.50     02/02/23    AUD    73.97
NEW SOUTH WALES TR    0.50     03/30/23    AUD    72.86
RELIANCE RAIL FINA    2.97     09/26/20    AUD    71.75
RELIANCE RAIL FINA    2.97     09/26/20    AUD    71.75
TREASURY CORP OF V    0.50     11/12/30    AUD    52.38
TREASURY CORP OF V    0.50     08/25/22    AUD    75.09
TREASURY CORP OF V    0.50     03/03/23    AUD    73.44


CHINA
-----

CHANGCHUN CITY DEV    6.08     03/09/16    CNY    70.52
CHANGCHUN CITY DEV    6.08     03/09/16    CNY    70.57
CHANGZHOU SMALL &     6.18     11/29/14    CNY    60.21
CHINA GOVERNMENT B    1.64     12/15/33    CNY    64.28
DANYANG INVESTMENT    6.30     06/03/16    CNY    70.00
GUANGXI XINFAZHAN     5.75     11/30/14    CNY    39.86
KUNSHAN ENTREPRENE    4.70     03/30/16    CNY    69.28
KUNSHAN ENTREPRENE    4.70     03/30/16    CNY    69.32
QINGZHOU HONGYUAN     6.50     05/22/19    CNY    49.92
QINGZHOU HONGYUAN     6.50     05/22/19    CNY    49.18
ZHENJIANG CITY CON    5.85     03/30/15    CNY    70.13
ZHENJIANG CITY CON    5.85     03/30/15    CNY    70.41
ZHUCHENG ECONOMIC     7.50     08/25/18    CNY    57.16
ZIBO CITY PROPERTY    5.45     04/27/19    CNY    59.08
ZOUCHENG CITY ASSE    7.02     01/12/18    CNY    70.75


INDONESIA
---------

DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.38
DAVOMAS INTERNATIO   11.00     12/08/14    USD    19.38
INDONESIA TREASURY    6.38     04/15/42    IDR    74.87
PERUSAHAAN PENERBI    6.75     04/15/43    IDR    74.80
PERUSAHAAN PENERBI    6.10     02/15/37    IDR    70.50


INDIA
-----

3I INFOTECH LTD       5.00     04/26/17    USD    41.13
CORE EDUCATION & T    7.00     05/07/15    USD     9.25
COROMANDEL INTERNA    9.00     07/23/16    INR    16.12
DEWAN HOUSING FINA    5.50     09/24/23    INR    72.32
GTL INFRASTRUCTURE    2.53     11/09/17    USD    36.49
INDIA GOVERNMENT B    0.23     01/25/35    INR    20.06
JCT LTD               2.50     04/08/11    USD    20.00
MASCON GLOBAL LTD     2.00     12/28/12    USD    10.00
PYRAMID SAIMIRA TH    1.75     07/04/12    USD     1.00
REI AGRO LTD          5.50     11/13/14    USD    55.88
REI AGRO LTD          5.50     11/13/14    USD    55.88
SHIV-VANI OIL & GA    5.00     08/17/15    USD    25.99


JAPAN
-----

ELPIDA MEMORY INC     0.70     08/01/16    JPY    13.13
ELPIDA MEMORY INC     0.50     10/26/15    JPY    14.25
ELPIDA MEMORY INC     2.10     11/29/12    JPY    14.25
ELPIDA MEMORY INC     2.29     12/07/12    JPY    16.13
ELPIDA MEMORY INC     2.03     03/22/12    JPY    14.38
JAPAN EXPRESSWAY H    0.50     03/18/39    JPY    70.43
JAPAN EXPRESSWAY H    0.50     09/17/38    JPY    70.92


KOREA
-----

EXPORT-IMPORT BANK    0.50     10/23/17    TRY    72.39
EXPORT-IMPORT BANK    0.50     12/22/17    BRL    66.85
EXPORT-IMPORT BANK    0.50     12/22/17    TRY    71.05
EXPORT-IMPORT BANK    0.50     12/22/16    BRL    75.16
EXPORT-IMPORT BANK    0.50     11/21/17    BRL    68.31
GREAT KODIT SECURI   10.00     09/29/14    KRW    73.16
HYUNDAI MERCHANT M    7.05     12/27/42    KRW    45.45
KIBO ABS SPECIALTY   10.00     08/22/17    KRW    32.34
KIBO ABS SPECIALTY   10.00     02/19/17    KRW    29.82
KIBO ABS SPECIALTY   10.00     09/04/16    KRW    30.47
KOREA LAND & HOUSI    3.99     03/26/44    KRW    73.90
SINBO CONSTRUCTION   10.00     09/29/14    KRW    73.16
SINBO SECURITIZATI    5.00     03/14/16    KRW    72.39
SINBO SECURITIZATI    8.00     02/02/15    KRW    74.88
SINBO SECURITIZATI    5.00     02/02/16    KRW    73.03
SINBO SECURITIZATI    8.00     03/07/15    KRW    74.20
SINBO SECURITIZATI    5.00     12/07/15    KRW    72.51
SINBO SECURITIZATI    5.00     01/19/16    KRW    72.45
SINBO SECURITIZATI    5.00     09/13/15    KRW    73.10
SINBO SECURITIZATI    5.00     09/13/15    KRW    62.52
SINBO SECURITIZATI    5.00     08/24/15    KRW    70.81
SINBO SECURITIZATI    5.00     07/19/15    KRW    70.93
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.16
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.83
SINBO SECURITIZATI    5.00     09/28/15    KRW    70.77
SINBO SECURITIZATI    5.00     10/05/16    KRW    29.83
SINBO SECURITIZATI    5.00     12/13/16    KRW    29.66
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
SINBO SECURITIZATI    5.00     07/26/16    KRW    29.94
SINBO SECURITIZATI    5.00     01/29/17    KRW    29.57
SINBO SECURITIZATI    5.00     06/29/16    KRW    30.05
SINBO SECURITIZATI    5.00     02/21/17    KRW    27.95
SINBO SECURITIZATI    5.00     08/16/16    KRW    30.08
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.85
SINBO SECURITIZATI    5.00     08/31/16    KRW    29.85
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.07
SINBO SECURITIZATI    5.00     08/16/17    KRW    30.07
SINBO SECURITIZATI    5.00     05/27/16    KRW    30.16
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.45
SINBO SECURITIZATI    4.60     06/29/15    KRW    72.45
SINBO SECURITIZATI    5.00     02/21/17    KRW    29.45
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.47
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.27
SINBO SECURITIZATI    5.00     07/08/17    KRW    30.27
SINBO SECURITIZATI    5.00     03/13/17    KRW    29.47
SINBO SECURITIZATI    5.00     06/07/17    KRW    27.47
SINBO SECURITIZATI    5.00     06/07/17    KRW    27.47
TONGYANG CEMENT &     7.50     04/20/14    KRW    70.00
TONGYANG CEMENT &     7.50     07/20/14    KRW    70.00
TONGYANG CEMENT &     7.50     09/10/14    KRW    70.00
TONGYANG CEMENT &     7.30     06/26/15    KRW    70.00
TONGYANG CEMENT &     7.30     04/12/15    KRW    70.00
U-BEST SECURITIZAT    5.50     11/16/17    KRW    29.85
WOONGJIN ENERGY CO    2.00     12/19/16    KRW    60.89


SRI LANKA
---------

SRI LANKA GOVERNME    5.35     03/01/26    LKR    65.49


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35     02/20/24    MYR    64.13
BANDAR MALAYSIA SD    0.35     02/22/21    MYR    74.96
BRIGHT FOCUS BHD      2.50     01/22/31    MYR    68.57
BRIGHT FOCUS BHD      2.50     01/24/30    MYR    69.97
SENAI-DESARU EXPRE    1.35     12/31/29    MYR    57.32
SENAI-DESARU EXPRE    1.15     06/30/23    MYR    70.04
SENAI-DESARU EXPRE    1.35     06/29/29    MYR    58.21
SENAI-DESARU EXPRE    1.35     06/30/28    MYR    60.04
SENAI-DESARU EXPRE    1.15     12/30/22    MYR    71.64
SENAI-DESARU EXPRE    1.35     12/31/30    MYR    55.57
SENAI-DESARU EXPRE    1.35     12/29/28    MYR    59.13
SENAI-DESARU EXPRE    1.15     06/30/25    MYR    64.52
SENAI-DESARU EXPRE    1.35     06/30/27    MYR    61.99
SENAI-DESARU EXPRE    1.15     12/31/24    MYR    65.71
SENAI-DESARU EXPRE    1.10     06/30/22    MYR    72.91
SENAI-DESARU EXPRE    1.35     12/31/25    MYR    65.07
SENAI-DESARU EXPRE    1.35     06/30/31    MYR    54.71
SENAI-DESARU EXPRE    1.35     06/28/30    MYR    56.47
SENAI-DESARU EXPRE    1.15     06/28/24    MYR    66.99
SENAI-DESARU EXPRE    1.15     12/29/23    MYR    68.50
SENAI-DESARU EXPRE    1.35     06/30/26    MYR    63.99
SENAI-DESARU EXPRE    1.35     12/31/26    MYR    62.99
SENAI-DESARU EXPRE    1.35     12/31/27    MYR    61.01


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

BAYAN TELECOMMUNIC   13.50     07/15/06    USD    22.75
BAYAN TELECOMMUNIC   13.50     07/15/06    USD    22.75


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50     05/07/15    USD    11.10
BAKRIE TELECOM PTE   11.50     05/07/15    USD     9.25
BLD INVESTMENTS PT    8.63     03/23/15    USD    30.00
BUMI CAPITAL PTE L   12.00     11/10/16    USD    52.45
BUMI CAPITAL PTE L   12.00     11/10/16    USD    50.02
BUMI INVESTMENT PT   10.75     10/06/17    USD    49.75
BUMI INVESTMENT PT   10.75     10/06/17    USD    50.53
ENERCOAL RESOURCES    9.25     08/05/14    USD    35.03
INDO INFRASTRUCTUR    2.00     07/30/10    USD     1.88


THAILAND
--------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***