---

        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 9, 2014, Vol. 17, No. 178


                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: Moody's Assigns (P)Ba2 Corp. Family Rating
ARISTOCRAT LEISURE: S&P Assigns 'BB' CCR; Outlook Stable
ARSONELLO PTY: Ernst & Young Appointed as Administrators
NCSS MAINTENANCE: Placed in Administration
QUANTUM PTY: Clifton Hall Appointed as Liquidators

REDS EHP 2014-1: Fitch Puts BB Rating to AUD12.5MM Class E Notes
ULTIMATE CREATIVE: Jirsch Sutherland Appointed as Administrators
WDR IRON: Ferrier Hodgson Appointed Receivers and Managers
WESTERN DESERT: Ferrier Hodgson Appointed Receivers and Managers


C H I N A

CENTRAL CHINA: Land Acquisition No Impact on Moody's Ba3 CFR
CHINA BAK: Net Working Capital Deficiency at $31.6MM at June 30
CHINA ZHENGTONG: Moody's Says 1H 2014 Results Supports Ba3 CFR
KEYUAN PETROCHEMICALS: Has $1.02-Mil. Loss in June 30 Quarter
MAOYE INTERNATIONAL: Moody's Puts Ba1 CFR on Review for Downgrade

MODERN LAND: CEO, CFO Resignations No Immediate Effect on 'B' IDR
POWERLONG: Moody's Says 1H 2014 Results No Impact on B2 CFR


I N D I A

B. D. AGRO: CRISIL Cuts Rating on INR30MM Cash Credit to 'D'
B D CORPORATES: CRISIL Raises Rating on INR157M Cash Credit to B+
BESTO TRADELINK: CRISIL Reaffirms B+ Rating on INR110MM Bank Loan
BHARATH REDDY: CRISIL Reaffirms 'D' Rating on INR50MM LT Loan
DURABLE CERAMICS: CRISIL Reaffirms B+ Rating on INR100M Cash Loan

DURABLE TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR63.5M Loan
FABMARK EXPORTS: CRISIL Rates INR35MM Bill Discounting at 'B'
FORUM PROJECTS: ICRA Ups Rating on INR373.81cr Term Loan From B+
FUTEC SHELTERS: ICRA Assigns 'B+' Rating to INR45cr Term Loan
GANESH RICE: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit

GLOBAL TANNING: CRISIL Reaffirms B+ Rating on INR49MM Bank Loan
HANUMAN ALLOYS: CRISIL Reaffirms INR107.5MM Loan Rating at B+
HARESH ORGOCHEM: ICRA Suspends B+/A4 Rating on INR17cr Bank Loan
HARIHAR ROCKS: ICRA Suspends D Rating on INR4.50cr FB Facility
INTERCONTINENTAL TAR: CRISIL Cuts INR100M Cash Credit Rating to B

JALAN CARBONS: CRISIL Cuts Rating on INR80MM Cash Credit to 'B'
JOSAN FOODS: CRISIL Reaffirms B+ Rating on INR370MM Cash Credit
JPC INFRA: CRISIL Lowers Rating on INR208MM Term Loan to 'B+'
MAA TARINI: CRISIL Lowers Rating on INR50MM Cash Credit to B+
MAILAM SUBRAMANIYA: ICRA Reaffirms B+ Rating on INR7.56cr FB Loan

MEENAKSHI POWER: ICRA Ups Rating on INR119.31cr Term Loan From B+
NANDHI DALL: ICRA Lowers Rating on INR77.5cr FB Facility to 'D'
NECTAR CRAFT: CRISIL Reaffirms 'B' Rating on INR50MM Cash Credit
NEMI CHEM: CRISIL Raises Rating on INR20MM Cash Credit to 'B+'
PRAKASH STEEL: ICRA Reaffirms B+ Rating on INR15cr Cash Credit

RAMESHWAR PRASAD: ICRA Suspends B+ Rating on INR7.5cr FB Facility
SATNAAM STONE: ICRA Assigns B Rating to INR7.5cr Fund Based Loan
SRI MADAN: CRISIL Rates INR60MM Foreign Bill Purchase at 'B-'
SUPRABHA CONSTRUCTION: CRISIL Puts B- Rating on INR45MM Term Loan
UNNATHI PROJECTS: CRISIL Lowers Rating on INR65MM LT Loan to 'D'

VARDHMAN KNIT: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
VIJ CONTRACTS: ICRA Puts 'B+' Rating on INR7.0cr Fund Based Loan


I N D O N E S I A

MITRA PINASTHIKA: Fitch Assigns 'BB-' IDR; Outlook Stable


N E W  Z E A L A N D

BLUE CHIP: Mark Byers Loses Bid For Video-Link Bankruptcy Hearing
POSTIE PLUS: No Payout For Unsecured Creditors, PwC Says


P H I L I P P I N E S

ALPHALAND CORP: PSE Orders Delisting; Banning 3 Top Execs


X X X X X X X X

* BOND PRICING: For the Week September 1 to September 5, 2014


                            - - - - -


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


ARISTOCRAT LEISURE: Moody's Assigns (P)Ba2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
corporate family rating to Aristocrat Leisure Ltd ("Aristocrat").
At the same time, Moody's has assigned a provisional (P)Ba2 senior
secured rating to a proposed USD1.3 billion Term Loan Facility and
a (P)Ba2 rating to an AUD100 million Senior Secured Revolving
Credit Facility.

Aristocrat intends to use the proceeds to partially finance the
acquisition of Video Gaming Technologies Inc, (VGT), a US-based
gaming operator specializing in Class II gaming machines, for
USD1.283 billion, to refinance existing debt and for associated
expenses.

The loans are able to be drawn by subsidiaries of Aristocrat,
being Aristocrat International Pty Limited, Aristocrat
Technologies Australia Pty Limited, Aristocrat Technologies, Inc.)
and the subsidiary which will merge with VGT.

Aristocrat is a major global supplier of slot machines, with
leading market positions in Australia and several Asian markets.

This is the first time that Moody's has assigned ratings to
Aristocrat. The outlook on the ratings is stable.

The assignment of definitive ratings is subject to the successful
completion of the VGT acquisition, review of the final
documentation and successful debt issuance.

Ratings Rationale

"The Ba2 corporate family rating primarily reflects Aristocrat's
strong market presence and large distribution footprint across a
range of geographies, as well as its history of developing
products that continue to prove popular amongst consumers", says
Arnon Musiker, a Moody's Vice President and Senior Credit Officer,
adding, "The acquisition of VGT will rebalance Aristocrat's
revenue towards recurring sources from gaming operations, thereby
reducing its reliance on higher volatility product sales, and
should materially increase its EBITDA margins."

"Given the need for continual investment in new gaming products to
maintain player interest, the ratings benefit from Aristocrat's
track record of maintaining its market share and selling prices,
as these underpin its free cash flow generation which provide the
means for such investment", says Musiker.

The ratings also recognise Aristocrat's track record in managing
other risks inherent in its operating environment. These include
stringent regulatory requirements and consumer tastes, which are
evolving and moving away from traditional casinos and into online
gaming.

The diversified nature of Aristocrat's end-markets should also
provide the company with some protection against downturns
affecting specific sectors, as well as regional changes in
regulation and/or consumer trends.

The ratings consider the company's moderate financial leverage,
which Moody's expects to decline to around 3x as measured by the
ratio of gross debt to EBITDA over the next 12 to 18 months.

"The ratings recognize that the company has in the past
demonstrated its ability to reduce its cost base -- in the event
of a downturn -- to protect its credit profile", says Musiker.

The ratings also factor in the possibility of further acquisitions
on an opportunistic basis. Moody's expectation is that management
will maintain debt at or below the stated leverage target of 3x
net debt to EBITDA.

The stable outlook reflects Moody's view that Aristocrat has
sufficient financial flexibility at its rating level to withstand
a moderate deterioration in the operating environment,
particularly due to its diversity and control over operating
expenses.

Upward rating movement is possible if the company is able to
successfully transition VGT over to new ownership, whilst
maintaining both positive free cash flow and financial leverage,
as measured by gross adjusted debt/EBITDA, below 2.5x on a
sustained basis.

The ratings could be lowered if gross adjusted debt/EBITDA
increases above 3.5x on a sustained basis. This could arise from
setbacks in integrating VGT as well as a failure to execute the
company's strategy.


ARISTOCRAT LEISURE: S&P Assigns 'BB' CCR; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to Australia-based, gaming-
equipment supplier Aristocrat Leisure Ltd. (ALL).  The outlook is
stable.  At the same time, S&P assigned its 'BB' issue rating to
ALL's proposed US$1.3 billion, senior secured, syndicated loan,
and A$100 million revolving credit facility (RCF).  The recovery
rating is '3', indicating S&P's expectation of meaningful (50%-
70%) recovery in the event of a payment default.  The ratings are
subject to final documentation for the senior secured facilities.

"We assess ALL's business risk profile as "fair", reflecting the
company's strong market position in Australia, New Zealand, and
Asia for its gaming-machine sales business," said Standard &
Poor's credit analyst Tim Wells.  "In addition, we assess ALL's
financial risk profile as "significant" because of the increased
leverage due to the company's largely debt-fund acquisition of
Video Gaming Technologies Inc. (VGT)."

ALL recently announced its acquisition of VGT for approximately
US$1.283 billion.  VGT is a gaming operations business primarily
servicing casinos that are operated by Native American Indian
tribal communities located in Midwestern, U.S.  ALL intends to
fund the acquisition and refinance its existing debt with a US$1.3
billion, senior secured, syndicated loan; A$100 million RCF; and
has completed a A$415 million equity raising.

In addition, ALL has an established and growing presence for its
gaming operations in North America, where it leases machines and
receives commissions based on turnover or a daily fee.  Barriers
to entering the gaming industry include technology and expertise,
intellectual property, and regulatory licenses in over 200
jurisdictions, shielding ALL from intense competition.  The
completion of the VGT acquisition should further improve ALL's
geographic and product diversity.

Moderating these strengths are the cyclical nature of the industry
and strong competition from larger players.  Furthermore, ALL's
business is reliant on ongoing product innovation to remain
competitive and is exposed to volatility in product sales due to
replacement cycles and new casino or club openings.

Mr. Wells added: "The stable outlook reflects our view that ALL
has the ability to deleverage based on its sound cash flow
generation, and that its operating profitability is likely to
improve on a pro-forma basis on completion of the acquisition.  We
also expect that ALL will maintain momentum from a turnaround in
the operating performance of its existing business over the past
few years, supported by the recurring nature of VGT's revenues."

S&P could raise the rating if ALL's earnings growth and cash flow
generation enable it to deleverage materially, such that it
sustains funds from operations (FFO) to debt of more than 30% and
debt to EBITDA of less than 2.5x.  These financial ratios are
necessary for an upgrade to the "intermediate" financial risk
profile because of the historically high volatility of ALL's
profitability.

S&P could lower the rating if ALL's FFO to debt falls to less than
20% or adjusted debt to EBITDA approaches 4.0x.  This could be
caused if the economic environment in the U.S. or Australia
deteriorates, the VGT acquisition does not perform in line with
our expectations, or ALL undertakes further debt-funded
acquisitions.


ARSONELLO PTY: Ernst & Young Appointed as Administrators
--------------------------------------------------------
Philip Campbell-Wilson and Simon John Cathro of Ernst & Young were
appointed as administrators of Arsonello Pty Ltd on Aug. 29, 2014.

A first meeting of the creditors of the Company will be held at
Ernst & Young, Level 11, 121 Marcus Clarke Street, in Canberra, on
Sept. 10, 2014, at 12:00 p.m.


NCSS MAINTENANCE: Placed in Administration
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that NCSS Maintenance
Services Pty Limited has been put into administration.

Peter Hillig and Michael John Morris Smith of Smith Hancock were
appointed as administrators of the company on Aug. 27, 2014, the
report says.

Dissolve.com.au says trading at the company still continues and no
jobs have been eliminated. NCSS has 70 employees.

A meeting with creditors was supposed to have taken place on
September 5.

NCSS Maintenance Services Pty Limited is a supplier of repairs and
services for Hewlett Packard.


QUANTUM PTY: Clifton Hall Appointed as Liquidators
--------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of Quantum Pty Ltd on Sept. 2, 2014.

A meeting of creditors will be held at 11:30 a.m. on Sept. 12,
2014, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


REDS EHP 2014-1: Fitch Puts BB Rating to AUD12.5MM Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned Series 2014-1 REDS EHP Trust expected
ratings and Outlooks.  The transaction is an asset-backed
securitization of automotive and equipment loan receivables.  The
ratings are as follows:

AUD400m Class A notes: 'AAA(EXP)sf'; Outlook Stable
AUD22m Class B notes: 'AA(EXP)sf'; Outlook Stable
AUD26m Class C notes: 'A(EXP)sf'; Outlook Stable
AUD12m Class D notes: 'BBB(EXP)sf'; Outlook Stable
AUD12.5m Class E notes: 'BB(EXP)sf'; Outlook Stable

AUD27.5m seller notes: not rated

The notes, due July 2020, were issued by Perpetual Trustee Company
Limited as trustee of Series 2014-1 REDS EHP Trust.  The Series
2014-1 REDS EHP Trust is a legally distinct trust established
pursuant to a master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 7,764
loan receivables totaling approximately AUD500m, with an average
size of AUD64,400.  The pool comprises loan receivables originated
by BOQEF whose ultimate parent is Bank of Queensland.  All are
amortising principal and interest loans for cars and light
commercial vehicles (26.8%), trucks and buses (27%), excavators
(12%), trailers (11%) and other wheels (23.2 %).  The pool
contains loans with varying balloon amounts payable at maturity
(44.2%), with a weighted average balloon payment of 12.2%.

The transaction also benefits from a large and diverse number of
small business borrowers across a broad range of industries.

KEY RATING DRIVERS

Experienced Originator: BOQEF is an established originator in the
market that has been providing auto and equipment financing since
1971.  BOQEF maintains a well-balanced and experienced team within
its underwriting division, while origination is bound by a credit
policy framework that includes, but is not limited to, credit risk
acceptance criteria and delegations.

Diverse and Granular Portfolio: The portfolio is granular with a
diverse mix of new and used cars, light commercial vehicles,
trucks, buses, trailers, excavators, and other equipment.  The
assets are spread across a wide range of industries.  There is a
diversified distribution of balloon maturity dates, while weighted
average (WA) seasoning is currently at 14 months.

Strong Track Record: Records since 1995 show consistent
performance.  BOQEF is a regular participant in securitization,
with eight series of notes issued in the REDS EHP programme since
2003.

Multiple Levels of Liquidity: Multiple sources of liquidity
support ensure stable cash flows for all notes and trust expenses.
Hedging arrangements are in place to address fixed-to-floating
rate mismatches between the fixed rate earned on the assets and
floating rate liability payments.

No Residual Value Risk: All securitized loans are structured so
that there is no exposure to residual value risk, with the
borrower liable for such risks at all times.

EXPECTED RATING SENSITIVITY

Increases in the frequency of defaults could produce loss levels
higher than Fitch's base case, which could result in negative
rating actions on the notes.  Fitch evaluated the sensitivity of
the expected ratings of Series 2014-1 REDS EHP Trust to increased
defaults, reduced recoveries and a combination of these over the
life of the transaction.  Its analysis found that collectively the
expected ratings of all classes, except the class C notes,
remained stable under Fitch's mild default stress of 10%, while
all classes of notes were impacted after increases in defaults of
at least 25%.  All classes remained stable under a mild recovery
stress of 10%, and all classes of notes, except the class A notes,
were negatively impacted by stressing recoveries by 50%.


ULTIMATE CREATIVE: Jirsch Sutherland Appointed as Administrators
----------------------------------------------------------------
Daniel Jean Civil and Roderick Mackay Sutherland of Jirsch
Sutherland were appointed as administrators of Ultimate Creative
Agencies Pty Limited on Sept. 4, 2014.

A first meeting of the creditors of the Company will be held at
Institute of Chartered Accountants, 33 Erskine Street, in Sydney,
on Sept. 16, 2014, at 12:00 p.m.


WDR IRON: Ferrier Hodgson Appointed Receivers and Managers
----------------------------------------------------------
Darren Weaver and Martin Jones of Ferrier Hodgson were appointed
Receivers and Managers of WDR Iron Ore Pty Ltd on Sept. 5, 2014,
pursuant to various securities held by Macquarie Bank Limited.

The Receivers and Managers have taken control of the Company's
operations and are undertaking an immediate assessment of the
Company's affairs while the business continues to trade.

WDR Iron Ore Pty Ltd is a Northern Territory based Company
specialising in the mining of iron ore.


WESTERN DESERT: Ferrier Hodgson Appointed Receivers and Managers
----------------------------------------------------------------
Darren Weaver and Martin Jones of Ferrier Hodgson were appointed
Receivers and Managers of Western Desert Resources Limited on
Sept. 5, 2014 pursuant to various securities held by Macquarie
Bank Limited.

The Receivers and Managers have taken control of the Company's
operations and are undertaking an immediate assessment of the
Company's affairs while the business continues to trade.

Western Desert Resources Limited is a Northern Territory based ASX
listed Company specialising in the mining of iron ore.  It is 100%
owner and operator of the iron ore deposits at Roper Bar, in the
Gulf country.


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


CENTRAL CHINA: Land Acquisition No Impact on Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service says it does not expect Central China
Real Estate Limited's Ba3 corporate family or senior unsecured
debt ratings with a stable outlook to be immediately affected by
the company's announcement that it purchased a plot of land with
an aggregate area of approximately 63,738 square meters (sqm) in
Zhengzhou City's Zhengdong New District on Sept. 2, 2014.

"The RMB1.44 billion cost of the land is in line with the
company's budget for land acquisitions in 2014," says Kaven Tsang,
a Moody's Vice President and Senior Analyst.

Because Moody's expects the company to largely achieve its target
contracted sales, such land replenishments have been factored into
the company's ratings.

Moody's also expects that Central China's liquidity profile will
remain adequate after the land acquisition, supported by its
strong cash holdings, sales executions and financial management.

Given that Central China reported cash holdings totaling RMB7.7
billion at 30 June 2014, and short-term debt of RMB2.3 billion in
the same period, Moody's believes the company's cash on hand is
sufficient to cover the cost of purchasing the site in Zhengdong
New District.

In addition, because the company intends to cooperate with
partners to develop the land parcels, its own funding needs for
land and construction payments will fall.

"However, Central China's ratings will be under pressure, if the
company's spending on land acquisitions exceeds its budget of RMB6
billion in 2014, or if it fails to achieve its full-year
contracted sales," says Tsang, who is also the Lead Analyst for
Central China.

In 1H 2014, Central China reported a 7.3% increase in contracted
sales to RMB6.6 billion, achieving 38.5% of its full year target.
Moody's expects that the company will achieve its 2014 target of
RMB17.2 billion in contracted sales -- including its joint
ventures -- as the company has indicated that its saleable
inventory and new launches will total RMB20.5 billion in 2H 2014.

The newly acquired land will be developed into residential
properties with a total estimated gross floor area of
approximately 165,971 sqm, which in turn will replenish the
company's land bank in Zhengzhou's core area.

The land parcel is well-located in the south of Chaoyang Road and
east of Jiuru Road. It is also adjacent to the central business
district of Zhengdong New District. The development of this
project will increase the company's earnings upon delivery by
2017.

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

Central China Real Estate Limited is a leading property developer
in China's Henan Province. Founded in 1992, it listed on the
Hong Kong Stock Exchange in June 2008.


CHINA BAK: Net Working Capital Deficiency at $31.6MM at June 30
---------------------------------------------------------------
China BAK Battery, Inc., filed its quarterly report on Form 10-Q,
disclosing a net profit of $37.11 million on $47.99 million of net
revenues for the three months ended June 30, 2014, compared with a
net loss of $10.27 million on $45.6 million of revenue for the
same period last year.

The Company's balance sheet at June 30, 2014, showed $13.97
million in total assets, $33.49 million in total liabilities, and
a stockholders' deficit of $19.52 million.

After the foreclosure of the pledged ownership of BAK
International and as of June 30, 2014, the Company had cash and
cash equivalents of $0.3 million.  Its total current assets were
$1.89 million and total current liabilities were $33.49 million,
which results in a net working capital deficiency of $31.6
million.  These factors raise substantial doubts about the
Company's ability to continue as a going concern, according to the
regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/PPBhT9

China BAK Battery, Inc. manufactures lithium-based battery cells
that are the principal component of rechargeable batteries for
cellular phones and smartphones, mobile computers and e-book
readers, and other portable consumer electronics.  Based in
Shenzhen, China, the Company's battery cells also power electric
vehicles, cordless power tools and uninterruptible power supplies
(UPS).


CHINA ZHENGTONG: Moody's Says 1H 2014 Results Supports Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that China ZhengTong Auto Services
Holdings Limited's improved financial results in 1H 2014 continue
to support its Ba3 corporate family rating and stable rating
outlook.

"ZhengTong's solid revenue growth and slightly improved EBITDA
margin in 1H 2014 were driven by the ramping up of its newly
opened stores over the last few years, greater contribution from
its after-sales services, and continued solid demand for luxury
brand automobiles in China," says Chenyi Lu, a Moody's Vice
President and Senior Analyst.

Based on ZhengTong's results announcement, its revenue grew 11.4%
year-on-year to RMB15.6 billion in 1H 2014 from RMB14.0 billion in
1H 2013. The company's adjusted EBITDA margin also improved to
7.6% from 7.4% in 1H 2013. Consequently, its adjusted EBITDA
increased 14.0% year-on-year to RMB1.19 billion from RMB1.04
billion in 1H 2013.

Moody's expects ZhengTong's revenue to grow by mid- to high-single
digits year-on-year and its profitability to further improve over
the next one to two years, driven by the ramp-up of its new stores
and a greater revenue contribution from its after-sales services.

In addition, the increased earnings led to a slight improvement in
ZhengTong's financial leverage to 3.6x for the 12 months to 30
June 2014 from 3.7x in 2013. Its adjusted debt grew slightly to
RMB7.9 billion at end-June 2014 from RMB7.6 billion at end-2013.
This level of leverage is in line with its Ba3 rating.

Moody's expects ZhengTong's adjusted debt/EBITDA to decline to
3.0x-3.5x over the next 12-18 months, given the company's prudent
expansion strategy and steady earnings growth.

ZhengTong's liquidity profile is characterized by high refinancing
risk due to its substantial short-term debt of RMB3.4 billion and
bills payables of RMB3.1 billion at end-June 2014. These
refinancing needs well exceed its liquidity holdings.

However, Moody's expects the company will retain its ability to
roll over its debt with domestic banks, given its profitable
operations and strong market position in China. In addition, its
inventory of global brand luxury cars is highly marketable and
offers a secondary source of liquidity.

The principal methodology used in this rating was Global Retail
Industry published in June 2011.

China ZhengTong Auto Services Holdings Limited is a top auto
dealership group in China with a primary focus on the luxury and
ultra-luxury car market. It operated 97 retail outlets in China as
of June 2014. It has been listed on the Hong Kong Stock Exchange
since 2010.


KEYUAN PETROCHEMICALS: Has $1.02-Mil. Loss in June 30 Quarter
-------------------------------------------------------------
Keyuan Petrochemicals, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $1.02 million on $184.54 million of
sales for the three months ended June 30, 2014, compared with a
net loss of $497,000 on $94.26 million of sales for the same
period in 2013.

The Company's balance sheet at June 30, 2014, showed $1.04 billion
in total assets, $951.62 million in total liabilities, series B
convertible preferred stock of $16.87 million and stockholders'
equity of $69.01 million.

The Company reported a net loss and cash flows provided by
operations of $3.8 million and $15 million, respectively, for the
six months ended June 30, 2014 and net income and cash flows used
in operations of $4.1 million and $53.1 million, respectively, for
the year ended Dec. 31, 2013.  At June 30, 2014 and Dec. 31, 2013,
the Company had a working capital deficit of approximately $236
million and $210 million, respectively.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern, according to the regulatory filing.

A copy of the Form 10-Q is available at:

                       http://is.gd/IVgZFx

Keyuan Petrochemicals, Inc. (Keyuan) through its operating
subsidiaries, Ningbo Keyuan and Ningbo Keyuan Petrochemicals, are
engaged in the manufacture and sale of petrochemical and rubber
products in the People's Republic China.  The Company's operations
include production facility with an annual petrochemical
production capacity of 720,000 metric tons of a variety of
petrochemical products, and facilities for the storage and loading
of raw materials and finished goods. It manufactures and supply's
petrochemical products, including BenzeneToluene-Xylene Aromatics
(BTX Aromatics), propylene, styrene, liquid petroleum gas (LPG),
Methyl Tertiary Butyl Ether (MTBE), Styrene butadiene styrene
(SBS), and other petrochemicals.  Its BTX Aromatics consists of
benzene, toluene, xylene and other chemical components used for
further processing into plastics, gasoline and solvent materials
used in paint, ink, construction coating and pesticide.


MAOYE INTERNATIONAL: Moody's Puts Ba1 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade Maoye
International Holdings Limited's Ba1 corporate family rating and
Ba2 senior unsecured rating.

Ratings Rationale

The rating action follows Maoye's report of the deterioration in
its financial profile for end-June 2014.

"Maoye has reported higher-than-expected debt, which increases its
level of financial risk," says Lina Choi, a Moody's Vice President
and Senior Analyst.

Moody's had expected a reduction in Maoye's adjusted debt from its
end-December 2013 level.

Instead, total adjusted debt (adjusted for operating leases)
increased to RMB10.8 billion at end-June 2014 from RMB8.5 billion
at end-December 2013 because the company raised new debt to fund
its construction and development of properties.

Moody's notes that the value of properties under development rose
to RMB6.5 billion from RMB 5.4 billion.

While Moody's further notes the increase in cash to RMB1.6 billion
from RMB1.0 billion, net debt has also risen and is still higher
than Moody's expectations.

Moody's had also expected the company to achieve a high level of
presales to fund development and reduce its reliance on debt.
Instead, the company reported modest presales of RMB473 million in
1H 2014.

"Moreover, the company reported lower-than-expected revenue from
property sales," says Choi, who is also the Lead Analyst for
Maoye.

Maoye booked a nominal RMB26 million in property development
revenue, or only 3% of its full-year target of around RMB1
billion.

And the EBITDA contribution from property sales in 1H 2014 was
negligible.

Accordingly, adjusted debt/EBITDA increased from 4.7x in December
2013 to 6.4x for 12-month period ended June 2014. Such a level of
debt leverage pressures its Ba1 rating.

Moody's also considers that the retail and property markets will
remain challenging in the next 12 months.

In this context, Moody's is concerned over the company's ability
to execute presales to raise liquidity and deleverage to a level
consistent with its rating level.

In its review, Moody's will focus on the (1) the level of property
sales achievable over the next 12 months; (2) the level of capital
expenditure needed to achieve its presale targets; (3) the cash
flow available to reduce debt; and (4) the possibility of debt
leverage -- as expressed by debt/EBITDA -- returning to 4.5x or
below in the next 12 months.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011.

Maoye International Holdings Limited is one of the leading
department store operators in China. Listed on the Hong Kong
Exchange in 2008, the company is headquartered in Shenzhen, and
has expanded to China's second- and third-tier cities, targeting
the mid- to high-end retail market.


MODERN LAND: CEO, CFO Resignations No Immediate Effect on 'B' IDR
-----------------------------------------------------------------
Fitch says that Modern Land (China) Co., Limited's (Modern Land
China; B/Stable) Long-Term Issuer Default Ratings (B/Stable) are
not immediately affected by the resignation of Chief Executive
Officer Mr. Zhong Tianxiang and Chief Financial Officer Mr. Fan
Qingguo on Aug. 26, 2014.  The two executives have also been
redesignated as non-executive directors.

Fitch will continue to monitor developments at Modern Land China
and may consider negative rating actions if the company's
operational and financial performance is negatively impacted by
the change in leadership.  The ratings are underpinned by Modern
Land China's credit metrics, which are within thresholds at which
Fitch may consider negative rating action.

Modern Land China's 1H14 results are in line with Fitch's
expectations. Modern Land China's contracted sales grew 36% y-o-y
to CNY2.28bn in 1H14 and its gross profit margin was stable at
45.9% compared with 43.5% a year earlier.  Modern Land China's net
debt to adjusted inventory rose to 38% at end-1H14 from a net cash
position at end-2013 as the company acquired land to increase its
business scale.  Fitch expects the credit metrics to improve in
2H14, driven by a larger number of sales launches and lower land
premium payments.  The company's unrestricted cash balance of
CNY1.9bn (USD309m) at end-June 2014 and the USD125m raised from
senior notes issued on July 2014 provide liquidity for it to repay
short-term borrowings of CNY0.9bn and outstanding land premium of
CNY700m as at end-June 2014.

Modern Land China's President and Executive Director Mr. Zhang
Peng, who was appointed to this post in Jan. 2014, will assume the
day-to-day responsibilities of the chief executive.  Mr. Wang
Qiang, who was appointed Director of Financial Centre of Modern
Land China on December 2013 and Vice President in August 2014,
will take over the responsibilities of the CFO.  Both Mr. Zhang
and Mr. Wang have more than 10 years' experience working in Modern
Land China and have been actively involved in the company's
strategic and financial matters since their respective
appointments earlier this year.  The company's 1H14 results show
that the company's strategic direction and operations have
remained intact since their appointments early this year.


POWERLONG: Moody's Says 1H 2014 Results No Impact on B2 CFR
-----------------------------------------------------------
Moody's Investors Service says that Powerlong's 1H 2014 results
are in line with expectation and will therefore not affect its B2
corporate family and B3 senior unsecured ratings with a stable
outlook.

Powerlong recorded 25.4% growth in contracted sales and 27.4%
growth in revenue in 1H2014. This rise indicates that it has
established a sales track record in the Yangtze River Delta where
it achieved higher average selling prices, especially in Shanghai
and Hangzhou, than the group's average.

At the end of 1H2014, 42% of revenues came from the Yangtze River
Delta, up from 20% a year ago.

Moody's expects that the company is likely to achieve its full-
year contracted sales target of RMB12 billion, as it plans to
launch RMB10 billion in new projects during 2H2014.

Additionally, recurring income, comprising rental and management
fees, grew to RMB436 million in 1H2014, 32.5% above 1H2013.

This rise reflected the growth of gross floor areas in operation
to 1.5 million square meters and an improvement in facility
management and commercial activities in its commercial complexes.

On the other hand the company's financial flexibility is weak, as
evidenced by EBITDA/interest at about 1.0x during 1H 2014, which
is low compared to other B2-rated property developers. Despite the
lower interest coverage, rental income and management fees covered
about 80% of interest expenses.

Powerlong's ratings are constrained by its high debt level. Its
RMB18.1 billion in reported gross debt at end-June 2014 was about
1.5x of its contracted sales target for 2014.

Moody's expect debt to remain high, given the need to ramp-up
construction after a series of land acquisitions in 2013.

Powerlong's liquidity position remains subject to the challenge of
high levels of refinancing and construction funding.

The stable rating outlook reflects Moody's expectation that
Powerlong can largely execute its business plan, as well as
improve its contracted sales, liquidity position and rental
income.

The ratings could be upgraded, if Powerlong can: (1) increase
contracted sales according to its targets; (2) improve financial
flexibility, evidenced by EBITDA/interest coverage above 1.5-2.0x;
(3) reduce debt leverage; and (4) improve liquidity.

Powerlong's ratings could be downward, if (1) sales fall
materially below expectations; (2) liquidity deteriorates; or (3)
EBITDA/interest falls below 1.0x.

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

Powerlong Real Estate Holdings Limited is a Chinese developer
focused on building large-scale integrated residential and
commercial properties in second- and third-tier cities in China.
As of June 30, 2014, it had a development land bank of around 10.6
million sqm in gross floor area (GFA) in nine provinces, and had
15 commercial properties in operation.

The company listed on the Hong Kong Exchange in October 2009. The
Hoi family, the founders, had an aggregate stake of 67.7% in the
company.



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


B. D. AGRO: CRISIL Cuts Rating on INR30MM Cash Credit to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of B. D. Agro Products Pvt Ltd to 'CRISIL D' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            30         CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan         24.2       CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      5.8       CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The downgrade reflects instances of delays in servicing of term
debt by BD Agro. The delays are on account of weak liquidity,
driven by low accruals that are insufficient to meet term debt
obligations and working capital requirements.

BD Agro also has weak financial risk profile marked by high
gearing and weak debt protection metrics, small scale of
operations, and large working capital requirements. Also, its
operating margin is susceptible to regulatory changes and
volatility in raw material prices. However, the company benefits
from its promoters' extensive experience in the rice industry and
assured off take of a portion of its rice production by Food
Corporation of India, ensuring stable revenue.

Based in Kolkata (West Bengal [WB]) and incorporated in June 2009,
BD Agro is promoted by Mr. Mahendra Agarwal and his brother Mr.
Rajendra Agarwal. In 2009-10 (refers to financial year,
April 1 to March 31), it set up a rice mill with processing
capacity of 104 tonnes per day in Howrah (WB), which started
commercial operations at the end of March 2011.

BD Agro has achieved profit after tax (PAT) of INR0.7 million on
net sales of INR252.6 million for 2013-14, against PAT of INR0.6
million on net sales of INR234.5 million for 2012-13.

B D CORPORATES: CRISIL Raises Rating on INR157M Cash Credit to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
B D Corporates Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            157        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      73        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the liquidity profile,
on account of sustained cash accruals, completion of term debt
repayment and enhancement in bank limits to fund incremental
working capital requirements. The company also does not have large
capital expenditure plans in the near-term. It has achieved steady
revenue growth while improving its profitability; its operating
margin improved to 3.2 per cent in 2013-14 (refers to financial
year, April 1 to March 31) from 2.5 per cent in 2011-12, leading
to steady cash accruals.

The rating reflects BD Corporates' below-average financial risk
profile marked by below-average debt protection measures and small
net worth, its vulnerability to volatility in raw material prices
and to regulatory changes, and its limited pricing power in the
flour and rice mill industry. These rating weaknesses are
partially offset by the assured offtake of a portion of BD
Corporates' rice production by Food Corporation of India, ensuring
stable revenue. The rating also factors in the stable demand for
rice and wheat in India and BD Corporates' established position in
the flour mill industry, strong relationship with customers and
suppliers, and diversified revenue profile.

Outlook: Stable

CRISIL believes that BD Corporates will continue to benefit over
the medium term from its strong relationship with customers and
suppliers. The outlook may be revised to 'Positive' in case of
significant equity infusion by promoters resulting in increase in
net worth, or sustained increase in cash accruals leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of a sharp decline in
profitability, or large debt-funded capex, weakening the company's
financial risk profile.

Promoted in 2003 by Mr. Sankar Agarwala and his family members,
the Kolkata (West Bengal [WB])-based BD Corporates has two
divisions: flour mill and rice mill. The flour mill manufactures
atta, maida, suji, and wheat bran. It is based in Hugli (WB).

BD Corporates has achieved profit after tax (PAT) of INR5.7
million on net sales of INR1171 million, for 2013-14 as against
PAT of INR3.6 million on net sales of INR1170 million for 2012-13.


BESTO TRADELINK: CRISIL Reaffirms B+ Rating on INR110MM Bank Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Besto
Tradelink Pvt Ltd continues to reflect BTPL's weak financial risk
profile, marked by small net worth and high total outside
liabilities to tangible net worth ratio, and its low
profitability. These rating weaknesses are partially offset by
BTPL's adequate debtor and inventory risk management practices in
its trading business and the extensive experience of its promoters
in trading operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Packing Credit         30        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    110        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BTPL will continue to benefit over the medium
term from its healthy risk management policies. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves significantly, driven most likely by sizeable equity
infusion by its promoters or larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if BTPL's
liquidity weakens as a result of increase in its working capital
requirements, of if it undertakes a large debt-funded capital
expenditure programme.

Update
For 2013-14 (refers to financial year, April 1 to March 31), the
company has achieved revenues of about INR630.0 million. The
revenues declined on account of focus of the company to increase
sales of higher margin products. This resulted into improved
operating margins to around 2.5 per cent in 2013-14 from 1.0 per
cent during 2012-13. CRISIL expects that the company would be able
to sustain its profitability at similar levels over the near to
medium term.

The company maintains minimal inventory safeguarding it from price
fluctuation risk. However working capital requirements continue to
remain moderate on account of high receivables. Due to its modest
accruals, BTPL depends upon outside funds to support its working
capital requirements leading to high total outside liabilities to
total net worth (TOLTNW) of 3.8 times as on March 31, 2014. The
company's liquidity profile is constrained by high bank limit
utilisation. CRISIL expects that the company would continue to
depend on outside funds to fund its incremental working capital
requirements on account of low accruals generated by the company.

Incorporated in 1997, BTPL trades in commodities, including agro-
commodities (primarily rice), metals, cotton, and fabrics. The
company is based in Ahmedabad (Gujarat) and is promoted by Mr.
Rakesh Patel and his family members.

For 2013-14, BTPL reported a profit after tax (PAT) of INR2.4
million on net sales of INR633.0 million, against a PAT of INR0.05
million on net sales of INR1096.0 million for 2012-13.


BHARATH REDDY: CRISIL Reaffirms 'D' Rating on INR50MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long-term debt facilities of Bharath Reddy
Educational Society continues to reflect instances of delay by
BRES in servicing its debt; the delays have been caused by the
society's weak liquidity.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Long Term Loan         50           CRISIL D (Reaffirmed)

BRES has a high degree of geographical concentration in its
revenue profile, and is exposed to risks arising from the
regulated nature of the education industry. However, BRES benefits
from the Keshava Reddy group's established presence in the primary
and secondary education segments, and the promoters' extensive
experience in the education sector.

BRES was established by Mr. N Keshava Reddy and his family
members, and is a part of the Keshava Reddy group of educational
institutions. BRES runs one school in Mahaboob Nagar district in
Andhra Pradesh, which offers education from the first to the tenth
standard. The school is affiliated to the Andhra Pradesh State
Board.


DURABLE CERAMICS: CRISIL Reaffirms B+ Rating on INR100M Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durable Ceramics Pvt
Ltd (DCPL; part of the Durable group) continue to reflect the
Durable group's modest financial risk profile marked by high
gearing, its large working capital requirements, its limited scale
of operations in the transformer components industry, and customer
concentration in its revenue profile.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         50         CRISIL A4 (Reaffirmed)
   Cash Credit           100         CRISIL B+/Stable(Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the Durable group is expected to derive from the favourable demand
prospects for the insulator business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DCPL and Durable Transformers Pvt Ltd
(DTPL). This is because the two companies, together referred to as
the Durable group, have common teams managing key functions such
as finance, marketing, and procurement at the head office.
Moreover, the companies will support each other in case of any
exigency, and the commercial terms of sale/purchase between them
are managed to ensure sufficient liquidity for both. Also, there
are moderate levels of inter-company transactions - around 10 per
cent of DTPL's sales are to DCPL - and they have extended
corporate guarantees for each other's credit facilities.
Outlook: Stable

CRISIL believes that the Durable group's business risk profile
will remain constrained over the medium term by its significant
revenue dependence on Punjab State Power Corporation Ltd (PSPCL)
and Punjab State Electricity Board (PSEB), although supported by
healthy demand prospects. The outlook may be revised to 'Positive'
if the Durable group's revenue and operating margin increase
significantly, or if its capital structure improves considerably.
Conversely, the outlook may be revised to 'Negative' if the group
contracts more-than-expected working capital debt, leading to
deterioration in its debt protection metrics, or if its operating
margin or turnover declines, resulting in less-than-expected net
cash accruals.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. The company manufactures bushings (used in
transformers), pin insulators, disc insulators, post insulators,
high-tension and low-tension insulators, and plain cement concrete
poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. The company manufactures transformers mainly of
10, 15, and 25 kilovolt ampere (kVA) capacities and has now
started manufacturing transformers up to 1000 kVA. Around 10 per
cent of the transformers manufactured by DTPL are sold to DCPL.
The Durable group supplies most of its products to PSEB and PSPCL,
either directly or through vendors.


DURABLE TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR63.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Durable Transformers
Pvt Ltd (DTPL; part of the Durable group) continue to reflect the
Durable group's modest financial risk profile marked by high
gearing, its large working capital requirements, its limited scale
of operations in the transformer components industry, and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the benefits that the Durable group is
expected to derive from the favourable demand prospects for the
insulator business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           63.5       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      40         CRISIL A4 (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DTPL and Durable Ceramics Pvt Ltd
(DCPL). This is because the two companies, together referred to as
the Durable group, have common teams managing key functions such
as finance, marketing, and procurement at the head office.
Moreover, the companies will support each other in case of any
exigency, and the commercial terms of sale/purchase between them
are managed to ensure sufficient liquidity for both. Also, there
are moderate levels of inter-company transactions - around 10 per
cent of DTPL's sales are to DCPL - and they have extended
corporate guarantees for each other's credit facilities.
Outlook: Stable

CRISIL believes that the Durable group's business risk profile
will remain constrained over the medium term by its significant
revenue dependence on Punjab State Power Corporation Ltd (PSPCL)
and Punjab State Electricity Board (PSEB), although supported by
healthy demand prospects. The outlook may be revised to 'Positive'
if the Durable group's revenue and operating margin increase
significantly, or if its capital structure improves considerably.
Conversely, the outlook may be revised to 'Negative' if the group
contracts more-than-expected working capital debt, leading to
deterioration in its debt protection metrics, or if its operating
margin or turnover declines, resulting in less-than-expected net
cash accruals.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. The company manufactures bushings (used in
transformers), pin insulators, disc insulators, post insulators,
high-tension and low-tension insulators, and plain cement concrete
poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. The company manufactures transformers mainly of
10, 15, and 25 kilovolt ampere (kVA) capacities and has now
started manufacturing transformers up to 1000 kVA. Around 10 per
cent of the transformers manufactured by DTPL are sold to DCPL.
The Durable group supplies most of its products to PSEB and PSPCL,
either directly or through vendors.


FABMARK EXPORTS: CRISIL Rates INR35MM Bill Discounting at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Fabmark Exports.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Term Loan              1.5          CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     3.5          CRISIL B/Stable
   Packing Credit        35.0          CRISIL A4
   Bill Discounting      35.0          CRISIL B/Stable
   Cash Credit            5.0          CRISIL B/Stable

The ratings reflect Fabmark's small scale of operations in a
highly fragmented market and weak liquidity position as a result
of delay in receipt of payments from customers. These rating
weaknesses are partially offset by the benefits that Fabmark
derives from the extensive experience of its promoter in the
textile industry.

Outlook: Stable

CRISIL believes that Fabmark's business profile will remain
constrained on account of its working-capital-intensive
operations. The outlook may be revised to 'Positive' if the firm
increases its scale of operations and profitability while
effectively managing its working capital requirements, leading to
better-than-expected liquidity and subsequent improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile weakens because of
inefficient working capital management or larger-than-expected
debt-funded capital expenditure, leading to pressure on its
liquidity.

Fabmark is a proprietorship firm that manufactures and exports
ready-made garments. The firm's manufacturing facility is located
in Ludhiana (Punjab). Fabmark was set up in 2002 and is managed by
Mr. Rajan Gupta.

Fabmark reported a profit after tax (PAT) of INR2.3 million on an
operating income of INR540.2 million for 2012-13 (refers to
financial year, April 1 to March 31).


FORUM PROJECTS: ICRA Ups Rating on INR373.81cr Term Loan From B+
----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR373.81
crore (enhanced from INR228.81 crore) term loan facilities of
Forum Projects Private Limited to [ICRA]BB+ from [ICRA]B+. The
outlook on the long term rating is Stable. ICRA has also upgraded
the short term rating assigned to the INR25.00 crore bank
guarantee facility of FPPL to [ICRA]A4+ from [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits-     373.81        Upgraded to [ICRA]BB+
   Term Loan                            (Stable) from [ICRA]B+

   Non-Fund based         25.00         Upgraded to [ICRA]A4+
   limits - Bank                        from [ICRA]A4
   Guarantee

The rating action takes into account the significant progress in
the construction of FPPLs upcoming premium condominium villas
project, Atmosphere, with around 66% of the project cost having
been incurred till date. Around 62% of the cost incurred has been
funded by promoter's contribution and customer advances, thereby
reflecting the continued commitment of the promoters towards the
project. The ratings also derive comfort from the established
track record of the Forum Group, of which FPPL is a part, in the
real estate space in Eastern India, and the strategic location of
Atmosphere, with good connectivity and substantial open space,
which strengthens the project's attractiveness. However, the
ratings also factor in the vulnerability of the project to off-
take risks, given the low bookings achieved till date, as well as
the high sales price per sq. ft. being targeted, and the large
ticket size of even the smallest apartment, especially in the
Kolkata market. The ratings also incorporate the high cost of land
and construction, as any unfavourable movement in material prices
could adversely affect profitability of the project. Additionally,
the project execution timeline has been extended by around eleven
months on account of some changes in project scope, which have led
to some increase in the cost as well. The company also has other
significant development plans over the near to medium term, which
include the construction of retail cum commercial complex at
Rourkela in Odisha. ICRA observes that the debt for this project
is yet to be tied up, which coupled with the significant equity
commitment which is yet to be infused by the promoters, exposes
the project to funding risks. The ratings further reflect the
susceptibility of the real estate sector to economic cycles,
exposing the company to market risks. Going forward, ICRA notes
that FPPL's ability to successfully execute Atmosphere within the
revised timeline and market the project, as well as ensure timely
collection from bookings, would be critical determinants of its
credit risk profile.

Incorporated in 1982, FPPL is a part of the Forum Group, promoted
by Mr. S. M. Shroff, Mr. Rahul Saraf, and Mr. Vidyut Saraf. Mr.
Nirmal Lunawat is the executive director of the Group. The group
is primarily engaged in the business of real estate development
and caters to both the commercial and residential segments in
Eastern India. The group has successfully undertaken construction
of several projects in Eastern India, with a total built-up area
of approximately 17 lakh sq. ft., including the Forum Shopping
Mall in Kolkata, Forum Mart in Bhubaneshwar, Infinity and
Technopolis-I buildings at Salt Lake Sector V in Kolkata, among
others. FPPL is currently involved in the construction of a super
deluxe residential housing complex called "Atmosphere" on a 3 acre
land, adjacent to Science City on the E.M Bypass in Kolkata, at an
estimated project cost of around INR617 crore. The complex would
comprise two twin towers of 500 ft. high, with a 55,000 sq. ft.
multi-level sky bridge connecting the same. The sky bridge is
proposed to have a club house with various recreational
facilities, including a jogging track, a mini cinema hall, and an
amphitheatre. Apart from the Atmosphere project, FPPL also
proposes to develop a retail cum commercial complex at Rourkela in
Odisha at an estimated project cost of INR139.68 crore. FPPL had
also extended an advance for acquisition of land at Bandra Kurla
Complex in Mumbai in FY13, with the Group intending to develop the
same into a residential project. However, the advance was repaid
in FY14, and the project is being developed by a group company.

Recent Results
FPPL reported a net profit of INR0.13 crore in FY 2013-14
(provisional) on the back of an operating income of INR1.96 crore,
as against a net profit of INR0.15 crore on an operating income of
INR2.44 crore during FY 2012-13.


FUTEC SHELTERS: ICRA Assigns 'B+' Rating to INR45cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ for INR50 crore
bank limits of Futec Shelters Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             45.0        [ICRA]B+ assigned
   Unallocated Limits     5.0        [ICRA]B+ assigned

The assigned rating takes into account execution risk for FSPL's
residential project under implementation 'Gardenia Gateway' as
majority of the cost remains to be incurred; market risk for the
unsold area of the project, as there is a significant competition
in the vicinity with a large quanta of unsold inventory; and
funding risk as a significant part of the project is proposed to
be funded through customer advances, which are contingent on
FSPL's ability to maintain healthy sales as well as collection
efficiency. ICRA also takes note of the company's exposure to
geographical concentration risks with operations being confined to
Noida and the susceptibility of real estate markets to economic
cycles.

The rating, however favourably factors in the promoter's
experience in the real estate development, and demonstrated
capabilities in the residential segment through other group
companies, low approval and regulatory risk with respect to the
on-going project and favourable location of the project.
Going forward FSPL's ability to successfully execute ongoing
project within budgeted cost and time, ensure timely bookings as
well as collection from the existing booking would be critical
determinants of its credit risk profile.

Futec Shelters Private Limited is a fully owned subsidiary of
Gardenia India Limited and is developing a residential real estate
project -- Gardenia Gateway in Sector 75, Noida. The company is
promoted by Mr. Sanjeev Kumar and Mr. Manoj Kumar Ray. The project
was launched in 2011 and has a total built up area of 10.18 lakh
square feet. The total project cost is INR243 crore which is
proposed to be funded by term loans of INR45 crore, promoter
contribution of INR75 crore and balance by customer advances. As
of July 2014, the company had sold around 50% of the area and has
received INR51 crore as customer advances.


GANESH RICE: CRISIL Reaffirms B+ Rating on INR120MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ganesh Rice
Mills (Partnership) [GRM; part of the Josan group] continues to
reflect the Josan group's below-average financial risk profile,
marked by weak liquidity, high gearing, and below-average debt
protection metrics, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the group's promoters in the rice industry.

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

   Proposed Long Term
   Bank Loan Facility     51.6     CRISIL B+/Stable (Reaffirmed)

   Term Loan              63.4     CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial profiles of GRM and Josan Foods Pvt Ltd (JFPL). This is
because these entities, together referred to as the Josan group,
are in a similar line of business and have a common management.

Outlook: Stable

CRISIL believes that the Josan group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group reports
better-than-expected sales and operating profitability, leading to
substantial accruals and thus to an improvement in its liquidity
and capital structure. Conversely, the outlook may be revised to
'Negative' if the Josan group reports less-than-expected sales or
operating profitability, or its working capital management
weakens, or it undertakes a substantial debt-funded capital
expenditure programme, leading to further weakening of its
financial risk profile, especially its liquidity.

JFPL was set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher
Chand Josan at Ferozepur city in Jalalabad (Punjab). It mills and
shells rice. GRM, set up in 2010, is also involved in the business
of rice milling. Currently, the firm is managed by its partners,
Mr. Sarvjeet Josan and Mr. Pushpinder Singh. JFPL caters to the
export market (primarily Dubai and Iran), whereas GRM caters to
the domestic market. The group has a combined milling and sorting
capacity of 14 tonnes per hour (tph) and 10 tph, respectively.

The Josan group has reported, on a provisional basis, a profit
after tax (PAT) of INR16.2 million on net sales of INR1981 million
for 2013-14 (refers to financial year, April 1 to
March 31); it had reported a PAT of INR15.3 million on net sales
of INR1647 million for 2012-13.


GLOBAL TANNING: CRISIL Reaffirms B+ Rating on INR49MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Tanning
Industries (GTI) continue to reflect GTI's small scale of
operations and average financial risk profile. These rating
weaknesses are partially offset by the promoters' extensive
experience in the leather goods industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            25        CRISIL B+/Stable (Reaffirmed)

   Foreign Bill           45        CRISIL B+/Stable (Reaffirmed)
   Purchase

   Letter of Credit        3        CRISIL A4 (Reaffirmed)

   Overdraft Facility      1.9      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term     49        CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              16.1      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GTI will maintain its business risk profile
on the back of the promoters' extensive industry experience in the
leather goods industry. The outlook may be revised to 'Positive'
if the firm improves its scale of operations and profitability,
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' if GTI's financial risk profile
weakens because of lower-than-expected profitability, sizeable
working capital requirements, or a large debt-funded capital
expenditure (capex) programme.

Update
GTI's revenues for 2013-14 (refers to financial year, April 1 to
March 31) is estimated to increase by around 5 per cent to INR312
million from INR297 million in the previous year. The increase was
driven by an increase in export orders in 2013-14, on the back of
demand for leather products. GTI's operating profitability
improved to 3.8 per cent in 2013-14 from 2.6 per cent a year ago,
driven by moderation in raw material prices. The firm's operating
profitability is likely to remain modest over the medium term.
GTI's financial risk profile continues to be average, marked by a
modest net worth of around INR21 million as on March 31, 2014,
while its gearing remained high at 2.4 times as on March 31, 2014
(treating interest-free unsecured loans of INR36 million as on
March 31, 2014 from the promoters as neither debt nor equity). The
firm's debt protection metrics remained robust, with interest
coverage and net cash accruals to debt ratios at 1.9 times and
0.10 times, respectively, for 2013-14. The firm's liquidity
remains stretched, marked by low cash accruals, and incremental
working capital requirements resulting in full utilization of its
bank lines with instances of overdrawn limits. However, GTI's
liquidity is supported through unsecured loans from promoters and
modest debt repayment obligations of about INR2 million estimated
for 2014-15.

GTI was set up in 2003 in Kolkata (West Bengal). The firm tans raw
hides and manufactures leather gloves. GTI is promoted by Mr.
Dilshad Elahi.


HANUMAN ALLOYS: CRISIL Reaffirms INR107.5MM Loan Rating at B+
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hanuman Alloys Pvt Ltd
(HAPL) continue to reflect HAPL's modest scale of operations,
below-average financial risk profile marked by moderate capital
structure and subdued debt protection metrics, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of HAPL's
promoters.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         15       CRISIL A4 (Reaffirmed)
   Cash Credit           107.5     CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       15       CRISIL A4 (Reaffirmed)
   Long Term Loan         20       CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit          42.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HAPL will benefit over the medium term from
its promoters' extensive experience in the steel industry. The
outlook may be revised to 'Positive' if HAPL registers higher-
than-expected growth in revenue or profitability, leading to
significant improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the company registers
lower-than-expected revenue or cash accruals or if its working
capital cycle stretches, leading to deterioration in its financial
risk profile.

Update
HAPL reported a turnover of INR563.8 million in 2013-14 (refers to
financial year, April 1 to March 31), higher than turnover of
INR488 million in 2012-13. The increase in sales in is mainly
attributable to higher volumes. The company recorded an operating
margin of 5.4 per cent in 2013-14.

HAPL's operations are highly working-capital-intensive, with gross
current assets (GCAs) of 166 days as on March 31, 2014. GCAs are
primarily driven by large inventory of 85 days and receivables of
64 days as on March 31, 2014. HAPL partly funds its working
capital requirements through credit from suppliers; it had
creditors of 33 days as on March 31, 2014. Its bank lines had been
fully utilised for the 12 months through June 2014.

HAPL's financial risk profile remains below average, marked by a
moderate capital structure and subdued debt protection metrics.
Its net worth was moderate at INR103.9 million, and its gearing at
1.31 times, as on March 31, 2014. The company's total outstanding
debt is INR135.6 million, with long-term loans of INR18.4 million,
short-term working capital bank borrowings of INR108.5 million,
and unsecured loans of INR8.5 million extended by promoters and
relatives. Its modest operating margin has led to subdued debt
protection metrics, with net cash accruals to total debt and
interest coverage ratios estimated at 0.08 times and 1.8 times,
respectively, for 2013-14.

For 2013-14, HAPL reported, on a provisional basis, a profit after
tax (PAT) of INR4.1 million on net sales of INR563.8 million; it
had reported a PAT of INR1.8 million on net sales of INR488
million for 2012-13.

Incorporated in 1996, HAPL manufactures mild steel ingots and
thermo-mechanically treated bars. Based in Kolkata (West Bengal),
the company is promoted by Mr. Vijay Kumar Rai and his family
members.


HARESH ORGOCHEM: ICRA Suspends B+/A4 Rating on INR17cr Bank Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR17.00 crore of bank limits of Haresh Orgochem. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Haresh Orgochem (HO) was established in February 1989 as a
partnership concern with Mr. Bharat S Kasat and Mrs. Sudha H Kasat
as partners with a shareholding pattern of 50% each. The firm is
engaged in the business of importing and trading of
pharmaceuticals raw materials also known as 'All Active Pharma
Ingredients' or Bulk Drugs. The firm has its registered office in
Mumbai, Maharashtra.


HARIHAR ROCKS: ICRA Suspends D Rating on INR4.50cr FB Facility
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to the
INR3.79 crore term loan facilities and INR4.50 crore fund based
facilities and the short-term rating of [ICRA]D assigned to the
INR0.50 crore non-fund based facilities of Harihar Rocks. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

Harihar Rocks, a partnership firm, is a 100% Export Oriented Unit
(EOU) located in Madurai Sivagangai National Highway, Tamil Nadu.
Incorporated in 2007, the firm is involved in the cutting and
polishing business of gang-saw size granite slabs. The major
varieties are 2 cm and 3 cm granite slabs. The raw granites are
sourced locally and other consumables are imported from outside
India. The firm undertakes both direct exports and deemed exports
to SEZs and EOUs.


INTERCONTINENTAL TAR: CRISIL Cuts INR100M Cash Credit Rating to B
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Intercontinental Tar Refiners Private Limited (ITRPL, part of
Jalan group) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                      Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           100        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term     90        CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan              50        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Working Capital       135        CRISIL B/Stable (Downgraded
   Term Loan                         from 'CRISIL BB-/Stable')

The downgrade reflects the deterioration in the business and
financial risk profile of the group following disruptions in
operations of ITRPL's plant in Orissa. On account of the
disruptions in operations of ITRPL's plant and consequent low
capacity utilization levels, the group incurred cash losses of
around INR 18.4 million (est) in FY 2013-14 on account of the weak
operating performance of ITRPL. The financial risk profile of the
group has deteriorated with a decline in the networth to around
INR 190 million (est) as on March 31, 2014 from INR 225.2 million
as on March 31, 2013 on account of accumulated losses. The debt
protections metrics have deteriorated significantly on account of
net losses at the group level with net cash accruals to total debt
(NCATD) turning negative for FY 2012-13 and FY 2013-14. The
interest coverage ratio continues to be weak at below 1 time (est)
for FY 2013-14. The liquidity of the group is expected to be
stretched over the medium term with ITRPL requiring considerable
funding support to meet its term debt obligations from Jalan
Carbons & Chemicals Limited (JCCL) and the promoters.

The rating continues to reflect the susceptibility of the Jalan
group's operating margin to cyclicality in end-user and supplier
industries and its below average financial risk profile marked by
moderate gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the coal tar pitch industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ITRPL and JCCL, together referred to as
the Jalan group. This is because both the companies are in a
similar line of business, have common management, and have common
customers and vendors.

Outlook: Stable

CRISIL believes that the Jalan group will continue to benefit over
the medium term from the extensive experience of its promoters in
the industry and their sustained fund support. The outlook may be
revised to 'Positive' if the Jalan group reports higher than
expected revenues and profitability, backed by sustainable
improvement in capacity utilization levels and improvement in its
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case of lower than expected accruals, larger-than-
expected working capital requirements, weakening the Jalan group's
financial risk profile.

ITRPL was incorporated in 2006 and operates a coal tar pitch (CTP)
manufacturing facility in Angul (Orrisa). Other by products
manufactured under the facility includes creosote oil, naphthalene
oil, and tar oil.

JCCL, the flagship company of the Jalan group, is promoted by Mr.
Ajay Mohan Jalan and was set up in 1995; the company manufactures
coal tar pitch, and trades in its by-products, such as creosote
oil, naphthalene oil, and tar oil. Apart from its manufacturing
operations, the group's other sources of income include rental
income and trading income from sale of properties.


JALAN CARBONS: CRISIL Cuts Rating on INR80MM Cash Credit to 'B'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jalan
Carbons & Chemicals Ltd (JCCL, part of Jalan group) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          5        CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Cash Credit            80        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')


   Letter of Credit       25        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Standby Line of        12        CRISIL B/Stable (Downgraded
   Credit                           from 'CRISIL BB-/Stable')

The downgrade reflects the deterioration in the business and
financial risk profile of the group following disruptions in
operations of Intercontinental Tar Refiners Pvt Ltd's (ITRPL)
plant in Orissa. On account of the disruptions in operations of
ITRPL's plant and consequent low capacity utilization levels, the
group incurred cash losses of around INR 18.4 million (est) in FY
2013-14 on account of the weak operating performance of ITRPL. The
financial risk profile of the group has deteriorated with a
decline in the networth to around INR 190 million (est) as on
March 31, 2014 from INR 225.2 million as on March 31, 2013 on
account of accumulated losses. The debt protections metrics have
deteriorated significantly on account of net losses at the group
level with net cash accruals to total debt (NCATD) turning
negative for FY 2012-13 and FY 2013-14. The interest coverage
ratio continues to be weak at below 1 time (est) for FY 2013-14.
The liquidity of the group is expected to be stretched over the
medium term with ITRPL requiring considerable funding support to
meet its term debt obligations from JCCL and the promoters.

The rating continues to reflect the susceptibility of the Jalan
group's operating margin to cyclicality in end-user and supplier
industries and its below average financial risk profile marked by
moderate gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the coal tar pitch industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ITRPL and JCCL, together referred to as
the Jalan group. This is because both the companies are in a
similar line of business, have common management, and have common
customers and vendors.

Outlook: Stable

CRISIL believes that the Jalan group will continue to benefit over
the medium term from the extensive experience of its promoters in
the industry and their sustained fund support. The outlook may be
revised to 'Positive' if the Jalan group reports higher than
expected revenues and profitability, backed by sustainable
improvement in capacity utilization levels and improvement in its
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case of lower than expected accruals, larger-than-
expected working capital requirements, weakening the Jalan group's
financial risk profile.

ITRPL was incorporated in 2006 and operates a coal tar pitch (CTP)
manufacturing facility in Angul (Orrisa). Other by products
manufactured under the facility includes creosote oil, naphthalene
oil, and tar oil.

JCCL, the flagship company of the Jalan group, is promoted by Mr.
Ajay Mohan Jalan and was set up in 1995; the company manufactures
coal tar pitch, and trades in its by-products, such as creosote
oil, naphthalene oil, and tar oil. Apart from its manufacturing
operations, the group's other sources of income include rental
income and trading income from sale of properties.


JOSAN FOODS: CRISIL Reaffirms B+ Rating on INR370MM Cash Credit
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Josan Foods
Pvt Ltd (JFPL; part of the Josan group) continues to reflect the
Josan group's below-average financial risk profile, marked by weak
liquidity, high gearing, and below-average debt protection
metrics, and its working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive experience
of the group's promoters in the rice industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           370        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term      5.6      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             200        CRISIL B+/Stable (Reaffirmed)

   Warehouse Receipts    100        CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial profiles of JFPL and Ganesh Rice Mills (Partnership)
[GRM]. This is because these entities, together referred to as the
Josan group, are in a similar line of business and have a common
management.

Outlook: Stable

CRISIL believes that the Josan group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group reports
better-than-expected sales and operating profitability, leading to
substantial accruals and thus to an improvement in its liquidity
and capital structure. Conversely, the outlook may be revised to
'Negative' if the Josan group reports less-than-expected sales or
operating profitability, or its working capital management
weakens, or it undertakes a substantial debt-funded capital
expenditure programme, leading to further weakening of its
financial risk profile, especially its liquidity.

JFPL was set up in 2000 by Mr. Hukam Chand Josan and Mr. Sher
Chand Josan at Ferozepur city in Jalalabad (Punjab). It mills and
shells rice. GRM, set up in 2010, is also involved in the business
of rice milling. Currently, the firm is managed by its partners,
Mr. Sarvjeet Josan and Mr. Pushpinder Singh. JFPL caters to the
export market (primarily Dubai and Iran), whereas GRM caters to
the domestic market. The group has a combined milling and sorting
capacity of 14 tonnes per hour (tph) and 10 tph, respectively.

The Josan group has reported, on a provisional basis, a profit
after tax (PAT) of INR16.2 million on net sales of INR1981 million
for 2013-14 (refers to financial year, April 1 to
March 31); it had reported a PAT of INR15.3 million on net sales
of INR1647 million for 2012-13.


JPC INFRA: CRISIL Lowers Rating on INR208MM Term Loan to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of JPC Infra Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term        6       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

   Term Loan               208       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects deterioration in JIPL's financial
risk profile owing to large capital withdrawal of INR60 million by
promoters, leading to high gearing and weak debt protection
metrics. The company's net worth declined significantly to an
estimated INR29.5 million as on March 31, 2014 from INR78.7
million as on March 31, 2013. Consequently, the gearing
deteriorated to an estimated 9.27 times as on March 31, 2014 from
2.99 times as on Mar 31, 2013. CRISIL believes the gearing will
remain high in the medium term owing to small net worth and low
accretion to reserves. The liquidity is stretched, driven by
additional long-term debt taken by the company; the net cash
accruals of around INR25 million in 2014-15 (refers to financial
year, April 1 to March 31) are tightly matched with its debt
repayment obligations of around INR24 million maturing during the
year.

The rating reflects JIPL's susceptibility to high client and
geographical concentration in revenue profile and exposure to
project funding and off take risk. These rating weaknesses are
partially offset by JIPL's continuous cash flows backed by long-
term lease agreements and financial support from its promoters.
Outlook: Stable

CRISIL believes JIPL will continue to benefit over the medium term
from its long-term lease rental agreement with Standard Type
Foundry Pvt Ltd. The outlook may be revised to 'Positive' if JIPL
diversifies its customer base by bringing in new long-term lessors
for the rest of the building, and generates stable rentals and
improves its capital structure, most likely on account of an
infusion of equity. Conversely, the outlook may be revised to
'Negative' in case of an unexpected termination of existing lease,
which may adversely affect its expected cash accruals, or it
undertakes any large, debt-funded capital expenditure programme,
adversely affecting its capital structure and debt protection
metrics.

JIPL was set up in 2005-06 by Mr. Rajan Adlakha and his family
members. The company develops and leases out commercial space in
the NCR region. It has constructed its first commercial project in
Sector 63 in Noida (Uttar Pradesh).


MAA TARINI: CRISIL Lowers Rating on INR50MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Maa Tarini Transport Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.

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

   Proposed Long Term     46.5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects continued pressure on MTTPL's
business risk profile as curtailing of mining operations by some
of its principals led to reduced demand for its transportation
services. Moreover, delayed realisation of debtors has affected
the company's cash flows; its debtors are estimated at over 250
days as on March 31, 2014. The extent of revival in demand and
moderation in working capital cycle will determine the rating
direction over the medium term.

CRISIL's rating reflects MTTPL's deteriorating business risk
profile, marked by exposure to regulatory risks in the mining
business and to geographic concentration risk. These rating
weaknesses are partially offset by MTTPL's moderate financial risk
profile marked by low gearing and comfortable debt protection
metrics.

Outlook: Stable

CRISIL believes that MTTPL's business risk profile will remain
constrained over the medium term by subdued demand resulting in
limited revenue visibility. The outlook may be revised to
'Positive' if revival in demand leads to significant improvement
in MTTPL's topline and profitability, and if the company's working
capital cycle reduces. Conversely, the outlook may be revised to
'Negative' if further stretch in working capital cycle results in
weakening of financial risk profile, particularly liquidity, or if
continued subdued demand leads to further pressure on turnover and
profitability.

Set up in 2007 as a closely held company by Mr. Srimanta Kumar
Tripathy, MTTPL provides iron ore transportation services in
Odisha. It also trades in iron ore.

MTTPL reported a profit after tax (PAT) of INR4.2 million on
revenue of INR358.2 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR7.2 million on net sales
of INR498.6 million for 2011-12.


MAILAM SUBRAMANIYA: ICRA Reaffirms B+ Rating on INR7.56cr FB Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR4.44
crore term loans (revised from INR7.50 crore) and INR7.56 crore
proposed fund based facilities (revised from INR3.50 crore) of
Mailam Subramaniya Swamy Educational Trust. ICRA had earlier
suspended the rating in January 2014. The suspension now stands
revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              4.44        [ICRA]B+/Reaffirmed;
                                       suspension revoked

   Long Term-Proposed      7.56        [ICRA]B+/reaffirmed;
   fund based facilities               suspension revoked

The rating reaffirmation considers the experience of the promoters
in the educational industry for around two decades, healthy
enrolment under trust run colleges due to its reputation in the
Villupuram District. The rating also favourably considered the
healthy financial profile characterised by strong profit margins
and comfortable capital structure. The rating, however, remains
constrained by high competition in the education industry in
Tamilnadu and the challenges to retain quality and experienced
staffs which are very critical to improve the enrolment in the
colleges. ICRA also takes note of issues of limited accounting
disclosures for an educational trust and large advances given by
the trust to other group entities. Currently, the trust is
undertaking debt funded capex for expansion of college buildings
and hostel facility which is expected to moderate the capital
structure and put pressure on profit margins. Going forward, the
trust's ability to improve its scale of operations with
comfortable profit margins and manage its cash flow position would
be critical for timely repayment of its debt obligations.

Mailam Subramaniya Swamy Educational Trust was established in 1996
by Mr. N. Kesavan who is the founder chairman. The Trust
established -- Mailam Engineering College in 1998 in Mailam in
Villupuram district in Tamil Nadu. The College is approved by
AICTE and affiliated to Anna University, Chennai. It provides both
undergraduate and post-graduate courses in engineering and
management. Over the years the Institute has increased its intake
capacity and also introduced new courses. Currently the trust is
managed by Mr. Dhanasekaran after the demise of the founder in
FY12. The institute currently has ~3,647 students.  Mr. N. Kesavan
also founded Sri Manakula Vinayaga Educational Trust in 1996 and
currently operates five institutes including an engineering
college, medical college, nursing college and a multi speciality
hospital in the Union Territory of Pondicherry. It has a student
base of ~7,800 students.

Recent Results
During 2013-14, the trust has reported a profit after tax of
INR3.7 crore on an operating income of INR18.0 crore as against a
profit after tax of INR5.8 crore on an operating income of INR20.0
crore during the corresponding previous year.


MEENAKSHI POWER: ICRA Ups Rating on INR119.31cr Term Loan From B+
-----------------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]BB- from [ICRA]B+
for the fund based limits of INR5.00 crore, term loan limits of
INR119.31 crore and unallocated limits of INR11.69 crore of
Meenakshi Power Private Limited. The outlook on the long term
rating is Stable. ICRA has also upgraded the issuer rating to
IrBB- from IrB+ for MPPL.

ICRA rating revision factors in healthy performance of the two
hydro power units (25 MW middle Kolab and 12 MW lower Kolab) of
MPPL in FY2014 with PLF of 76.32% as against the PLF of 51% in
FY2013, resulting in improved profitability for the company with
PAT at INR41.16 crore in FY2014 as against INR6.28 crore in
FY2013. The rating continues to be supported by the limited off-
take risks with presence of long term PPA for the entire capacity
with PTC India Limited at a reasonable tariff of INR3.64/kwh, with
back to back power sale arrangement with distribution utilities of
Odisha through GRIDCO Limited. The rating also draws comfort from
the timely receipt of payments from the off-taker. ICRA takes note
that the breakeven PLF required for meeting the debt obligations
over the next three years is estimated at about 40% (assuming no
increase in debt levels), is lower than the average PLF recorded
over the past five years.

However, the rating continues to be constrained by risks
associated with all hydro power projects, which include
vulnerability to seasonality and possible variance in water
availability across the years, which would impact the cash flow
generation of the company, as revenues are linked to actual units
generated and exported. ICRA also takes note that the hydro power
projects of MPPL do not have a deemed generation clause in the
PPA, that covers loss of generation owing to shortage in water
availability. Further, the rating is constrained by the absence of
debt service reserve account (DSRA), which could impact the debt
repayment capacity of the company during months of lower
generation. The rating also takes into consideration the large
expansion plans of implementing 333 MW hydro power projects under
various subsidiaries of MPPL and associated execution risks. ICRA
also takes note of the delays in meeting the debt obligations in
the past by MPPL owing to cash flow mismatch arising from seasonal
nature of hydro power generation; nonetheless the debt servicing
has been timely since July 2013, as confirmed by the company and
the lenders.

Going forward, MPPL's ability to ring fence the operational
projects from funding and execution risks of the upcoming
projects, along with maintaining the operating performance will be
the key rating sensitivities.

MPPL incorporated in May 1999 is promoted by Hyderabad based
Meenakshi group which has interests across real estate, road works
and power projects. MPPL has commissioned two run of the river
(without pondage) hydel power projects namely, Middle Kolab small
hydro power project of 25 MW (2 X 12.5 MW) near Tentuligumma
village of Koraput district in Odisha and Lower Kolab small hydro
power project of 12 MW (3 X 4 MW) near Udeygiri village of
Malkangiri district in Odisha. The Lower Kolab project was
synchronized to the grid on January 26, 2009 and Middle Kolab
project was synchronized to the grid on February 6, 2009. Though
these projects do not have a dedicated reservoir, presence of
Upper Kolab reservoir (dedicated towards 320 MW hydro power
project of Odisha Hydro Power Corporation Limited) has provided
for sufficient flow of water to these projects in the past.

Recent Results
As per the provisional financials, MPPL reported operating income
of INR90.04 crores during FY2014 with OPBITDA of INR80.78 crores
and PAT of INR41.16 crores.


NANDHI DALL: ICRA Lowers Rating on INR77.5cr FB Facility to 'D'
---------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding for the
INR1.50 crore term loan facilities and INR77.50 crore fund based
facilities of Nandhi Dall Mills from [ICRA]C to [ICRA]D. ICRA has
also downgraded the short-term rating outstanding for the INR3.00
crore non-fund based facilities and the INR3.00 crore non-fund
based sublimit facilities of NDM from [ICRA]A4 to [ICRA]D. ICRA
has also downgraded the long-term / short-term rating outstanding
for the INR0.72 un-allocated limits from [ICRA]C/[ICRA]A4 to
[ICRA]D.

                             Amount
   Facilities              (INR crore)     Ratings
   ----------               -----------    -------
   Term loans facilities        1.50       [ICRA]D/downgraded
                                           from [ICRA]C

   Fund based facilities       77.50       [ICRA]D/downgraded
                                           from [ICRA]C

   Non-fund based facilities    3.00       [ICRA]D/downgraded
                                           from [ICRA]A4

   Non-fund based facilities   (3.00)      [ICRA]D/downgraded
   (sub-limit)                             from [ICRA]A4

   Unallocated limits           0.72       [ICRA]D/downgraded
                                           from [ICRA]C/[ICRA]A4

The rating action factors in the current delays in debt servicing
by the firm. The liquidity position of the company has been
constrained owing to the lower than anticipated earnings from
operations during the recent past leading to delays in debt
servicing. The capital structure of the firm is stretched owing to
the high working capital requirements and thin accruals limited by
the relatively low value-addition in an intensely competitive
pulse processing industry, which restricts pricing flexibility.
The promoters of the firm have rich experience in the business,
with the firm having a long standing presence in the manufacturing
and selling of variety of pulses and gram floor under its
established brand in Tamil Nadu. ICRA takes note of the firm's
plans to monetise its assets to support its liquidity position and
the same would be critical to improve the credit profile of the
company.

Nandhi Dall Mills, established in 1940 by Mr. T.V Arunachala
Nadar, is primarily engaged in processing varieties of pulses and
flour including Orid dall, Jileby dall, Toor dall, Orid Flour and
Gram flour. The firm sells its products under the brand name
Nandhi in Tamil Nadu. The firm is closely held by Mr. S.A. Kumar
(son of Mr. T.V. Arunachala Nadar) and his family members.


NECTAR CRAFT: CRISIL Reaffirms 'B' Rating on INR50MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nectar Craft (NC)
continue to reflect NC's below-average financial risk profile,
marked by weak debt protection metrics, and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the textile
industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          5         CRISIL A4 (Reaffirmed)

   Cash Credit            50         CRISIL B/Stable (Reaffirmed)
   Foreign Letter
   of Credit               5.7       CRISIL A4 (Reaffirmed)

   Foreign Letter         10         CRISIL B/Stable (Reaffirmed)
   of Credit

   Letter of Credit        2.5       CRISIL A4 (Reaffirmed)

   Term Loan              32.9       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm is able to
achieve a sustained increase in revenue and profitability
resulting in higher-than-expected cash accruals and improved
liquidity. Conversely, the outlook may be revised to 'Negative' if
the firm's capacity utilisation and operating margin decline
substantially or if it undertakes a large debt-funded capital
expenditure programme that weakens its financial risk profile.

Update
NC's revenue for 2013-14 (refers to financial year, April 1 to
March 31) is estimated to have registered a moderate growth of 12
per cent year-on-year, supported by stable demand from its
customers. The firm's operating profitability is estimated at
around 5.3 per cent for the year. CRISIL believes that NC's
business risk profile will remain stable over the medium term
supported by the promoters' extensive industry experience.

NC's financial risk profile remains below average, marked by a
small net worth and weak debt protection metrics. Its net worth
and gearing are estimated at INR54 million and 1.5 times,
respectively, as on March 31, 2014. CRISIL believes that the
firm's financial risk profile will remain below average over the
medium term, with a small net worth and weak debt protection
metrics.

NC has weak liquidity, marked by accruals that are just sufficient
to meet its term debt obligations. The firm is likely to register
cash accruals of INR7.6 million against debt obligations of around
INR7.2 million in 2014-15. Its bank lines were utilised
extensively at 83 percent over 12 months ended May 2014 on account
of its working-capital-intensive operations. CRISIL believes that
NC's liquidity will remain stretched over the medium term, despite
the absence of significant capex plans.

NC was set up in 2005 by Mr. B Bharath and Mr. B Rathinavelu as a
partnership firm. The firm, based in Tirupur (Tamil Nadu),
manufactures dyed and knitted fabric from cotton yarn.


NEMI CHEM: CRISIL Raises Rating on INR20MM Cash Credit to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Nemi Chem (NC) to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and
has reaffirmed its rating on the firm's short-term bank facilities
at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit       60        CRISIL A4 (Reaffirmed)

   Proposed Long Term     10        CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating upgrade reflects steady growth in NC's scale of
business along with maintenance of the firm's profitability and
working capital cycle. CRISIL believes that NC's topline will
continue to grow at around 15 per cent annually over the medium
term, backed by addition of new customers and healthy demand for
the firm's key product titanium dioxide. CRISIL also believes that
NC's operating margin will remain steady at over 2.5 per cent, and
its gross current assets will remain about 150 days on average,
over the medium term.

The ratings reflect NC's below-average financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio, inadequate interest coverage ratio, and improved yet modest
scale of operations, constrained profitability, and high working
capital intensity. These rating weaknesses are partially offset by
NC's promoters' extensive experience in the chemical trading
business and established relations with customers and suppliers.

Outlook: Stable

CRISIL believes that NC will continue to benefit over the medium
term from its promoters' extensive industry experience and
established relations with customers and suppliers. The outlook
may be revised to 'Positive' if the firm registers sustainable
growth in its accruals, or if its capital structure is
strengthened by capital infusion. Conversely, the outlook may be
revised to 'Negative' if NC's liquidity deteriorates because of
dip in profitability or stretch in working capital cycle.

NC, set up in July 2009, trades in chemicals such as titanium
dioxide, synthetic camphor, polyvinyl alcohol, and sodium
glucomate. The firm is owned by Mr. Jiten Shah and his wife, Mrs.
Dipti Shah. The promoter family has been in the chemical trading
business for over four decades.

For 2013-14 (refers to financial year, April 1 to March 31), NC
reported, on provisional basis, a net profit of INR3 million on
net sales of INR504 million; the firm reported a net profit of
INR2.5 million on net sales of INR413 million for 2012-13.


PRAKASH STEEL: ICRA Reaffirms B+ Rating on INR15cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR15.00 crore cash
credit facility and INR1.27 crore (earlier INR1.59 crore) term
loans of Prakash Steel Corporation.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund        1.27         [ICRA]B+; reaffirmed
   Based Limits-Term
   Loans

   Long Term-Fund       15.00         [ICRA]B+; reaffirmed
   Based Limits-Cash
   Credit

The rating continues to incorporate the moderate scale Prakash
Steel Corporation's operations and it's stretched financial
profile as reflected by thin profitability, stressed capital
structure due to high working capital intensity. ICRA notes that
the firm's liquidity position continues to remain stretched owing
to stretched receivables and stringent credit period from
suppliers as reflected by high utilization of working capital
borrowings. The rating is also constrained by its vulnerability to
competition in the industry and the volatility inherent in the
steel prices.

The rating however positively considers the experience of
promoters in the steel industry, operational backing from group
companies engaged in similar line of business and an established
customer base.

Prakash Steel Corporation is a proprietorship firm established by
late Mr. Babulal A Shah in 1975 in Ahmedabad. After the demise of
Mr. Babulal A Shah, his son Mr. Pankaj B Shah took over the
business of the firm. PSC is a part of the Mukta Group; of which
the other group companies are Mukta Industries Pvt. Ltd., Vastupal
Steel & Spares Pvt. Ltd. and Anil Steel Traders. The firm has been
engaged in manufacturing of bright bars for different grades of
stainless steel, alloy steel and carbon steel. The product range
finds application in submersible pumps, automobile, engineering,
and other allied industries.

Recent Results
During FY14, PSC reported an operating income (provisional) of
INR63.54 crore and profit after tax (provisional) of INR0.63 crore
as against an operating income of INR57.97 crore and profit after
tax of INR0.51 crore during FY13.


RAMESHWAR PRASAD: ICRA Suspends B+ Rating on INR7.5cr FB Facility
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating earlier assigned to the
INR7.5 crore fund based facilities and the [ICRA]A4 rating
assigned to the INR6.5 crore short term, non fund based facilities
of Rameshwar Prasad Sharma Contractors.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Facility     7.5       [ICRA]B+; Suspended
   Non Fund Based
   Facility                6.5       [ICRA]A4; Suspended

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SATNAAM STONE: ICRA Assigns B Rating to INR7.5cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B for INR7.5 crore
fund based facilities, INR2.4 crore term loans and INR0.1 crore
unallocated limits of Satnaam Stone Crushers Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      7.5        [ICRA]B (Assigned)
   Term Loans             2.4        [ICRA]B (Assigned)
   Unallocated            0.1        [ICRA]B (Assigned)

The assigned rating takes into consideration the company's limited
track record of operations, its weak financial profile
characterized by high gearing levels, negative operating and net
profitability for FY14 owing to initial stage of operations. The
rating also factors in the high working capital intensity of
operations on account of high inventory holding and sizeable
scheduled debt repayment obligations as against its projected cash
accruals. Further, the rating also factors in the high competitive
intensity and fragmented nature of the stone crushing industry.
The rating is also constrained by the delays in interest payments
during the project construction phase i.e. prior to January 2014.
However ICRA draws comfort from experience of promoters in the
related industry, satisfactory operations for around past six
months and favorable demand for stone grits given the healthy
level of construction activities.

Satnaam Stone Crushers Private Limited is engaged in the business
of crushing/screening of stones into grits of smaller sizes as per
customer's requirement. SSCPL was incorporated in January, 2013
and commenced its operations in February, 2014. The company is
promoted by Mr. Vinay Arora, Mr. Om Prakash Arora, Mr. Anil Khatri
and Mr. Jitendra Kumar. The stone crushing plant of the company is
located at Rampur (U.P.).

Recent Results
The company commenced its operations in February, 2014 and as per
the audited results of FY14, it reported a net loss of INR0.28
crore on an operating income of INR0.22 crore.


SRI MADAN: CRISIL Rates INR60MM Foreign Bill Purchase at 'B-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Sri Madan Gopal Bhikam Chand Marketing Pvt
Ltd.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Packing Credit            40         CRISIL A4
   Cash Credit               20         CRISIL B-/Stable
   Foreign Bill Purchase     60         CRISIL B-/Stable

The ratings reflect MGB's modest scale of operations, low cash
accruals, and weak capital structure and liquidity. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the agro products industry.

Outlook: Stable

CRISIL believes that MGB will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
significant and sustained improvement in its revenue while
bettering its margins and capital structure. Conversely, the
outlook may be revised to 'Negative' if MGB registers significant
decline in its revenue or margins, or if its working capital cycle
is stretched, or if it undertakes a substantial debt-funded
capital expenditure programme, resulting in weakening of its
financial risk profile.

MGB was incorporated in 2006, promoted by Mr. Rajesh Mall. The
company is engaged in trading and export of agro products, spices,
animal feeds, and herbs. It also trades in lac, used in bangles
and paints, in the domestic market. Its directors are Mr. Rajesh
Mall and Mrs. Kusum Mall; it is based in Jaipur (Rajasthan).

MGB reported a profit after tax (PAT) and net sales of INR0.9
million and INR400.8 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR0.4
million on net sales of INR143.5 million for 2011-12. Its net
sales are estimated at INR370 million for 2013-14.


SUPRABHA CONSTRUCTION: CRISIL Puts B- Rating on INR45MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Suprabha Construction Company Pvt Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan               45          CRISIL B-/Stable
   Cash Credit             45          CRISIL B-/Stable
   Proposed Long Term      10          CRISIL B-/Stable
   Bank Loan Facility

The rating reflects SCCPL's weak financial risk profile, marked by
a below-average capital structure and weak liquidity caused by
stretched receivables. The rating is also constrained by the
company's modest scale of operations in the fragmented civil
construction industry. These rating weaknesses are partially
offset by the extensive industry experience of SCCPL's promoter,
its moderate order book, and its adequate debt protection metrics
because of its comfortable operating profitability.

Outlook: Stable

CRISIL believes SCCPL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
there is significant improvement in the company's liquidity, most
likely because of timely receipt of payments from customers or
fresh infusion of funds by the promoter. Conversely, the outlook
may be revised to 'Negative' in case of further deterioration in
SCCPL's financial risk profile, particularly its liquidity, most
likely because of further delays in receiving payments from
customers.

SCCPL, based at Nashik (Maharashtra) and promoted by Mr. Praveen
Bhoi, was incorporated in 2005. The company is a registered
contractor with the public works department (PWD) of Maharashtra,
and primarily undertakes contracts for construction of roads,
highways, and other allied civil works from the PWD and local
bodies such as municipalities and zilla parishads.

SCCPL reported, on a provisional basis, a profit after tax (PAT)
of INR13.0 million on a net operating income of INR290.3 million
for 2013-14 (refers to financial year, April 1 to March 31); it
had reported a PAT of INR8.4 million on a net operating income of
INR192.2 million for 2012-13.


UNNATHI PROJECTS: CRISIL Lowers Rating on INR65MM LT Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Unnathi Projects Ltd (UPL) to 'CRISIL D' from 'CRISIL B-/Stable'.
The rating downgrade reflects instances of delay by UPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity. UPL's liquidity is weak on account of
cash losses.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         65        CRISIL D (Downgraded
                                    from 'CRISIL B-/Stable')

UPL also has a weak financial risk profile, marked by a negative
net worth, and a small scale of operations and exposure to risks
related to wind power generation. However, UPL benefits from the
extensive entrepreneurial experience of its promoter.

UPL, based in Bengaluru (Karnataka), was set up in 1995 by Mr.
Srinivasa Raju; the company is involved in wind power generation.

UPL reported a net loss of INR15 million on net sales of INR22
million for 2012-13 (refers to financial year, April 1 to March
31) as against a net loss of INR15 million on net sales of INR28
million for 2011-12.


VARDHMAN KNIT: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vardhman Knit.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            60          CRISIL B+/Stable
   Term Loan              10          CRISIL B+/Stable

The rating reflects VK's small scale of, and working-capital-
intensive, operations in a highly fragmented industry. These
rating weaknesses are partially offset by the benefits that VK
derives from the extensive experience of its promoters in the
textile industry.

Outlook: Stable

CRISIL believes that VK will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the firm
increases its scale of operations and profitability while
maintaining its working capital management, leading to higher-than
expected accruals. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile weakens because of
larger-than-expected debt-funded capital expenditure or
inefficient working capital management, leading to pressure on its
liquidity.

VK is a partnership firm that manufactures ready-made garments and
hosiery products. The firm's manufacturing facility is located in
Ludhiana (Punjab).

For 2012-13 (refers to financial year, April 1 to March 31), VK
reported a profit after tax (PAT) of INR4.3 million on an
operating income of INR205.9 million.


VIJ CONTRACTS: ICRA Puts 'B+' Rating on INR7.0cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR7.0 crore fund
based facility and INR4.0 crore non fund based facility of Vij
Contracts Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        7.0        [ICRA]B+ assigned
   Non Fund based Limits    4.0        [ICRA]B+ assigned

The assigned rating factors in the proven execution track record
of the company, adequate experience of its promoters in civil
construction segment and moderate order book position with order
book/OI of 2.2 times on as on Aug 2014 which provides revenue
visibility in the near term. The rating also draws comfort from
availability of key raw materials such as Steel and Cement at
fixed prices throughout the tenure of the execution which is in
accordance with the contract agreement, which are essentially
state government entities. However, the assigned rating is
constrained on account of modest profitability of the company
owing to low complexity involved in the executed works and
intensely competitive nature of the civil construction industry.
The rating also factors in high client concentration in VCPL's
orderbook with Haryana Police Corporation Ltd (HPCL) along and
Haryana State Cooperative Supply and Marketing Federation Limited
(HAFED) contributing to ~90% of the outstanding order book; delays
in execution of most of these orders further intensifies the
concern. Going forward, the ability of the company to expand its
order book while reducing the client concentration and improving
the profitability and to manage its working capital requirements
efficiently would be among the key rating sensitivities.

Vij Contracts Private Limited was incorporated in 1995 and is a
closely held private limited company being promoted by Vij family.
The company is engaged in the business of civil construction
wherein it has supported the construction of various real estate
projects in Delhi/NCR regions in the past and is currently
executing orders for civil construction, electrification and
sanitary works for various Haryana state government entities.

Financial Results

The company has recorded an operating income and PAT of INR32.61
crore and INR0.47 crore respectively for FY2013 as against the
operating income and PAT of INR14.61 crore and INR0.22 crore
respectively for FY2012.



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


MITRA PINASTHIKA: Fitch Assigns 'BB-' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned Indonesia's PT Mitra Pinasthika Mustika
Tbk (MPM) a Long-Term Foreign Currency Issuer Default Rating of
'BB-' with a Stable Outlook.  At the same time, Fitch has assigned
a senior unsecured rating of 'BB-' and an expected 'BB-(EXP)'
rating to the proposed US dollar notes due in 2019.

The notes will be issued by its wholly owned subsidiary MPM Global
Pte. Ltd. and guaranteed by MPM and its subsidiaries, excluding
the financing and insurance subsidiaries.

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

KEY RATING DRIVERS

Leading Motorcycle Distributor: MPM is the master distributor of
Honda motorcycles in East Nusa Tenggara and East Java, the largest
contributor to Indonesia's total motorcycle sales in 2013.  Honda
motorcycles had a 67.2% share of unit sales in East Java in 2013,
according to Frost & Sullivan.  Fitch believes that motorcycles
are likely to remain the most popular mode of transportation in
Indonesia in the medium term.

Sound Financial Profile: MPM has a sound financial profile.
Leverage, as measured by the ratio of net debt to operating
EBITDA, is low at 1.6x in 1H14 (excluding the financing and
insurance subsidiaries), while interest coverage, as measured by
the ratio of operating EBITDA to gross interest expense, was
sufficient at 4.7x (excluding the financing and insurance
subsidiaries).  MPM also has adequate liquidity and a well-
laddered debt maturity profile.

Relationship with AHM: MPM has had a business relationship with
Astra Honda Motor (AHM), an affiliate of Honda Motor Co. Ltd that
manufactures and distributes the brand's motorcycles in Indonesia,
since 1988.  MPM holds the exclusive master license
distributorship for East Java and East Nusa Tenggara and it
consistently ranks among AHM's top three resellers thanks to its
extensive networks in the two regions.  Fitch believes the long
history of cooperation with AHM and its extensive networks provide
MPM with strong bargaining power to maintain its distributorship
rights.  Fitch expects MPM to continue to benefit from Honda's
status as the leading motorcycle brand in Indonesia with good
brand awareness, high resale value, and attractive models.

Flexible Capex, Manageable Leverage: Fitch expects free cash flow
to be negative in the next two to three years because MPM is
continuing to expand, particularly its rental services business
called MPM Rent.  About 80% of the total capex planned for 2014-17
is related to the expansion of MPM Rent's fleet.  Fitch believes
the risk related to this expansion is manageable, considering the
scalability of capex and management's good track record.  Leverage
is likely to remain manageable with Fitch expecting net
debt/EBITDA (excluding the financing and insurance subsidiaries)
to remain at below 2.5x over the next three to four years.

Entry into Car Market: In 1H14, MPM opened its first car
dealership to sell Nissan and Datsun cars.  MPM plans to
significantly expand its car dealership business, which would
present some execution risk.  Not only will the business incur
start-up losses, but it will also enter a highly competitive
sector where the Nissan group of brands' market share is small
relative to its competitors.  These risks are mitigated by the
scalable capex for the business and MPM's adoption of a less
capital-intensive strategy in which it finds partners to set ups
dealerships.

MPMFinance Merger: The recent merger of MPM's financing subsidiary
PT Mitra Pinasthika Mustika Finance (MPMFinance; A-(idn)/Stable)
with PT Sasana Artha Finance (SAF) will result in economies of
scale and a larger capital base for the enlarged MPMFinance.  The
merger will also result in Japanese consumer credit company JACCS
Co, Ltd becoming a shareholder in MPMFinance via its previous
stake in SAF and a capital injection.  Having JACCS as a
shareholder will give MPMFinance access to low-cost funding and
more expertise in the consumer financing business.

Limited Scale; Competitive Environment: The rating is mainly
constrained by MPM's limited scale of operations compared with
higher-rated peers and the competitive operating environment.
Auto distribution is characterised by low EBITDA margin of below
5%.  The competition is even tougher in the car industry where
players often offer discounts to defend their market shares.  The
car rental services industry is highly fragmented with relatively
low barriers to entry.

RATING SENSITIVITIES

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

   -- Increase in net debt/EBITDA excluding finance subsidiaries
      to more than 2.5x on a sustained basis

   -- Significant deterioration in the finance subsidiaries'
      performance on a sustained basis

No positive rating action is expected in the next 24 months,
unless there is significant increase in scale and MPM's business
profile without any deterioration in its financial profile.



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


BLUE CHIP: Mark Byers Loses Bid For Video-Link Bankruptcy Hearing
-----------------------------------------------------------------
Paul McBeth at BusinessDesk reports that former Blue Chip
principal Mark Bryers has lost a bid to avoid appearing in person
at a High Court hearing to discharge his bankruptcy, with the
judge turning down his request to be examined via a video-link
from Australia, where he now lives.

Associate Judge Jeremy Doogue declined to make an order letting
Mr. Bryers be examined by video-link at a hearing where the
Official Assignee will object to his discharge from bankruptcy,
according to a Sept. 4 judgment published on Sept. 5, BusinessDesk
relates.

According to BusinessDesk, the judgment said Mr. Bryers sought to
be excused from appearing in person, saying one of the issues of
concern was negative publicity that would accompany his return to
New Zealand that could "potentially turn the matter into a 'media
spectacle and would likely inhibit my ability to property deal
with the examination'."

"He says that in the past the past when he has been back in New
Zealand he was subjected to unfavourable and defamatory media
coverage and that led to him being subjected to 'considerable
harassment' by members of the public outside the Auckland courts
and physical threats being made against him and his family on the
internet," it said, BusinessDesk relays.

BusinessDesk says Mr. Bryers contended it would be easier to have
a video-link, which the estimated NZ$24,000 cost able to be
covered by arrangements with his employer.

According to the report, the Official Assignee opposed the video-
link proposal after receiving information concerning Mr. Bryers's
alleged conduct while a bankrupt that meant an examination would
be more effective in person.

BusinessDesk adds that the judge said she was confident the court
would be able to ensure an orderly hearing that would be fair for
each side, and that it was unlikely Mr. Bryers would be unsafe or
subject to unacceptable harassment.

The high media interest arose from Mr. Bryers's elevated public
profile and the extent of Blue Chip's collapse may attract members
of the public to the hearing, the judge, as cited by BusinessDesk,
said.

"While those sorts of factors may make Mr. Bryers uncomfortable,
in my view, it is the price that has to be paid for the hearing
taking place in public under an open system of justice," the judge
said. "I do not consider that it can be said that he suffers from
a lack of resilience which will enable him to manage himself when
he comes to the Court if an order is made to that effect."

Mr. Bryers escaped a prison sentence in 2010 when he pleaded
guilty to 34 charges relating to the company's mismanagement and
improper accounting, and received a NZ$33,750 fine and 75 hours'
community work, the report discloses.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. was a financial services company with
offices throughout New Zealand.  It was a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


POSTIE PLUS: No Payout For Unsecured Creditors, PwC Says
--------------------------------------------------------
NZN reports that Postie Plus' administrator said there's no money
in the pot for unsecured creditors of the company.

The nationwide clothing retailer had 650 employees and 81 stores
when it went into voluntary administration in June, and 580 kept
their jobs when assets were sold to South African based Pepkor in
July, according to NZN.

A report by PwC in August is bleak reading for unsecured creditors
who met on September 8, NZN says.

NZN relates that the administrator has NZ$1.6 million left and
NZ$6.2 million is still owned to secured creditor BNZ.  BNZ was
originally owed NZ$13.7 million, NZN notes.

There is no money for unsecured creditors, relays NZN.

According to NZN, the administrators considered raising money by
selling the company's NZX listing to someone looking to list via a
so-called back door but there is no money to meet the compliance
costs of maintaining the listing.

A reverse listing transaction was therefore not a realistic
prospect, the report, as cited by NZN, said.

NZN says the company's only other asset is significant tax losses
but these can only be carried forward if ownership stays similar.

The administrator has obtained advice it is unlikely the tax
losses can be used by a third party, NZN notes.

NZN adds that the company also faces a potential liability from a
previous logistic provider, the size of which is not detailed in
the report.

Creditors will consider whether to appoint a liquidator, adds NZN.

The administrator paid 86 employees who did not transfer with the
sale entitlements, with the exception of long service leave and
time in lieu of notice, NZN reports. About 65 employees have
lodged claims as unsecured creditors for time in lieu notice and
long service leave, adds NZN.

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

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

Postie Plus has 64 retail stores located throughout New Zealand.


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


ALPHALAND CORP: PSE Orders Delisting; Banning 3 Top Execs
---------------------------------------------------------
Doris C. Dumlao at Inquirer.net reports that the Philippine Stock
Exchange has ordered the delisting of property developer Alphaland
Corp. and issued a ban on three of its top executives from sitting
on the boardroom of any company applying for a stock debut.

Inquirer.net relates that in a resolution issued by the PSE on
September 8, the PSE required Alphaland to make a tender offer to
minority shareholders within 60 days from receipt of the delisting
order. It noted that an involuntary delisting would take effect on
the trading day immediately after this 60-day window, whether or
not the tender offer had been completed, Inquirer.net relates.

Under the same resolution, the company was prohibited from
applying for relisting within a period of five years from the
effective date of delisting, according to the report.

Alphaland's chief executive officer Roberto V. Ongpin, president
Mario Oreta and corporate secretary Rodolfo Ma. Ponferrada were
also disqualified from becoming directors or executive officers in
any company applying for listing with the exchange, Inquirer.net
adds.

According to Inquirer.net, the PSE said the tender offer
requirement was "in order to protect the interests of the
company's retail or nonstrategic shareholders" under such terms
and conditions as may be imposed by the Securities and Exchange
Commission and the exchange.

The property developer was also required to submit a fairness
opinion or valuation report for the tender offer it was required
to undertake, the report says.

Inquirer.net notes that the involuntary delisting process was
initiated by the PSE against Alphaland for a number of violations,
including noncompliance with the listing agreement and repeated
failure to make "timely, adequate and accurate" disclosures of
information.

But allowing the tender offer is seen protecting the minority
shareholders by giving them an exit mechanism, as well as allowing
the transfer of shares to allow the consummation of the settlement
deal between Alphaland and estranged partner, British fund
Ashmore, relates Inquirer.net.

According to the report, the local group issued the statement in
response to reports that Alphaland had settled its squabble with
British fund Ashmore by giving up some assets in exchange for the
latter's exit as shareholder in the Ongpin-managed firm.

On September 8, Mr. Ongpin released a statement pleading that
Alphaland's officials be spared from PSE's sanctions, the report
says.  He pointed out that Ponferrada merely followed his orders
as an officer of Alphaland, the report relates.

"As far as Mr. Oreta is concerned, I categorically state that he
has nothing to do at all with the disclosures in question," the
report quotes Mr. Ongpin as saying. "Hence, I believe that a
serious injustice would be done if both Attorneys Oreta and
Ponferrada would be subjected to the five-year disqualification."

Alphaland and Ashmore were previously locked in a shareholder
squabble, but eventually struck a deal dividing the assets of the
property developer, Inquirer.net recalls.

The assets that the Ashmore group, in partnership with businessman
Eric Recto, will acquire from Alphaland are 100 percent of
Alphaland Makati Tower Inc.; 100 percent of each of Alphaland
Marina Club Inc. and Alphaland Marina Corp.; 50 percent ownership
of the Alphaland group in Alphaland Bay City; and 60 percent
interest owned by the company in the Boracay Gateway project, the
report discloses.

Alphaland Corporation, together with its subsidiaries, is engaged
in the real property development activities.



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


* BOND PRICING: For the Week September 1 to September 5, 2014
-------------------------------------------------------------

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


  AUSTRALIA
  ---------

A1 INVESTMENTS &    12.00   09/30/14    AUD       0.05
ANTARES ENERGY LT   10.00   10/30/23    AUD       2.14
BOART LONGYEAR MA    7.00   04/01/21    USD      72.25
BOART LONGYEAR MA    7.00   04/01/21    USD      71.13
GRIFFIN COAL MINI    9.50   12/01/16    USD      72.75
GRIFFIN COAL MINI    9.50   12/01/16    USD      72.75
KBL MINING LTD      10.00   08/05/16    AUD       0.28
LAKES OIL NL        10.00   11/30/14    AUD      19.90
MIDWEST VANADIUM    11.50   02/15/18    USD      45.00
MIDWEST VANADIUM    11.50   02/15/18    USD      43.06
MIRABELA NICKEL L    8.75   04/15/18    USD      23.13
MIRABELA NICKEL L    8.75   04/15/18    USD      24.00
NEW SOUTH WALES T    0.50   03/30/23    AUD      74.75
STOKES LTD          10.00   06/30/17    AUD       0.37
TREASURY CORP OF     0.50   11/12/30    AUD      54.99


CHINA
-----

CHANGCHUN CITY DE    6.08   03/09/16    CNY      70.53
CHANGCHUN CITY DE    6.08   03/09/16    CNY      70.35
CHANGZHOU INVESTM    5.80   07/01/16    CNY      70.06
CHANGZHOU INVESTM    5.80   07/01/16    CNY      70.14
CHANGZHOU SMALL &    6.18   11/29/14    CNY      60.19
CHINA GOVERNMENT     1.64   12/15/33    CNY      62.42
CHINA RAILWAY COR    4.10   11/15/36    CNY      74.93
DANYANG INVESTMEN    6.30   06/03/16    CNY      70.28
GUANGXI XINFAZHAN    5.75   11/30/14    CNY      39.90
JIANGSU LIANYUN D    7.85   07/22/15    CNY      71.59
KUNSHAN ENTREPREN    4.70   03/30/16    CNY      69.33
KUNSHAN ENTREPREN    4.70   03/30/16    CNY      69.42
QINGZHOU HONGYUAN    6.50   05/22/19    CNY      49.70
QINGZHOU HONGYUAN    6.50   05/22/19    CNY      49.29
WUXI COMMUNICATIO    5.58   07/08/16    CNY      49.80
WUXI COMMUNICATIO    5.58   07/08/16    CNY      49.88
YANGZHOU URBAN CO    5.94   07/23/16    CNY      70.45
YANGZHOU URBAN CO    5.94   07/23/16    CNY      70.37
ZHENJIANG CITY CO    5.85   03/30/15    CNY      70.32
ZHENJIANG CITY CO    5.85   03/30/15    CNY      70.21
ZHUCHENG ECONOMIC    7.50   08/25/18    CNY      57.26
ZIBO CITY PROPERT    5.45   04/27/19    CNY      59.13
ZOUCHENG CITY ASS    7.02   01/12/18    CNY      70.96


INDONESIA
---------

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


INDIA
-----

3I INFOTECH LTD      5.00   04/26/17    USD      43.50
CORE EDUCATION &     7.00   05/07/15    USD       9.50
COROMANDEL INTERN    9.00   07/23/16    INR      14.93
GTL INFRASTRUCTUR    2.53   11/09/17    USD      34.87
INCLINE REALTY PV   10.85   08/21/17    INR      20.37
INCLINE REALTY PV   10.85   04/21/17    INR      17.35
INDIA GOVERNMENT     0.23   01/25/35    INR      19.96
JCT LTD              2.50   04/08/11    USD      20.00
MASCON GLOBAL LTD    2.00   12/28/12    USD      10.00
PYRAMID SAIMIRA T    1.75   07/04/12    USD       1.00
REI AGRO LTD         5.50   11/13/14    USD      55.88
REI AGRO LTD         5.50   11/13/14    USD      55.88
SHIV-VANI OIL & G    5.00   08/17/15    USD      27.52


JAPAN
-----

ELPIDA MEMORY INC    0.70   08/01/16    JPY      16.50
ELPIDA MEMORY INC    0.50   10/26/15    JPY      15.38
ELPIDA MEMORY INC    2.03   03/22/12    JPY      16.50
ELPIDA MEMORY INC    2.10   11/29/12    JPY      16.50
ELPIDA MEMORY INC    2.29   12/07/12    JPY      16.50
JAPAN EXPRESSWAY     0.50   03/18/39    JPY      72.66
JAPAN EXPRESSWAY     0.50   09/17/38    JPY      73.32


KOREA
------

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


MALAYSIA
--------

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


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

KIWI INCOME PROPE    8.95   12/20/14    NZD       1.04


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

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


SINGAPORE
---------

BAKRIE TELECOM PT   11.50   05/07/15    USD      10.50
BAKRIE TELECOM PT   11.50   05/07/15    USD      10.25
BLD INVESTMENTS P    8.63   03/23/15    USD      29.63
BUMI CAPITAL PTE    12.00   11/10/16    USD      48.00
BUMI CAPITAL PTE    12.00   11/10/16    USD      45.91
BUMI INVESTMENT P   10.75   10/06/17    USD      47.65
BUMI INVESTMENT P   10.75   10/06/17    USD      47.50
ENERCOAL RESOURCE    9.25   08/05/14    USD      39.75
INDO INFRASTRUCTU    2.00   07/30/10    USD       1.88
OVERSEA-CHINESE B    3.50   12/27/37    USD      72.65


SRI LANKA
---------

SRI LANKA GOVERNM    5.35   03/01/26    LKR      69.35


THAILAND
--------

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


VIETNAM
-------

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




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***