TCRAP_Public/140916.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, September 16, 2014, Vol. 17, No. 183


                            Headlines


A U S T R A L I A

CALTEX AUSTRALIA: To Cut 10% of Workforce in Restructuring
DIESEL DEVELOPMENTS: Placed in Administration
LYNAS CORP: Ends Restructuring Talks With Lenders
TRAZLBAT PTY: Unsecured Creditors Likely to Get Discounted Pay


C H I N A

CHINA ORIENTAL: Moody's Lowers CFR & Sr. Unsecured Rating to B2


I N D I A

AAREY DRUGS: CRISIL Suspends B+ Rating on INR70MM Cash Credit
ABHA POWER: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
ANAPALLI CONVENTION: ICRA Assigns B Rating to INR5cr Term Loan
ARMSTRONG INFRASTRUCTURE: ICRA Suspends D Rating on INR70cr Loan
ARYANS EDUCATIONAL: CARE Ups Rating on INR23.38cr Loan From B+

BANSAL DIAMOND: CRISIL Suspends B+ Rating on INR1.0BB Cash Credit
CHAMAK POLYMERS: ICRA Reaffirms B Rating on INR5.73cr LT Limits
CHHATRAPATI SAMBHAJI: ICRA Suspends 'B+' Rating on INR40cr Loan
CUSP INT'L: CRISIL Reaffirms B- Rating on INR30MM Cash Credit
D S ENTERPRISES: CRISIL Suspends B Rating on INR150MM Cash Credit

DUTCH TECH: CRISIL Suspends 'B' Rating on INR40MM Term Loan
FOUR P: CRISIL Suspends 'D' Rating on INR140MM Proposed Loan
GUPTA EXIM: CARE Revises Rating on INR483.36cr Bank Loan to 'C'
HEALTHWAY HOSPITALS: CARE Assigns B+ Rating to INR32.11cr Loan
HOTEL EAST: CRISIL Suspends B- Rating on INR140MM Term Loan

INDUS PALMS: CRISIL Assigns 'D' Rating to INR50MM Long Term Loan
KAMADANATHJI TEXTILE: ICRA Assigns B Rating to INR2.90cr FB Loan
KANDLA ENERGY: CARE Revises Rating on INR235cr ST Bank Loan to D
KLA FOODS: CARE Reaffirms B+ Rating on INR2.5cr LT Bank Loan
KRISHNA DRISHTI: CRISIL Suspends B- Rating on INR220MM LT Loan

LALBHAI KALIDAS: CRISIL Reassigns B+ Rating on INR164MM Credit
M.G. INDUSTRIES: CRISIL Suspends B+ Rating on INR40MM Cash Credit
MAHAVIR FOODS: CARE Reaffirms B- Rating on INR7cr LT Bank Loan
ORTEL COMMUNICATIONS: ICRA Ups Rating on INR103.34cr Loan to C+
P.J. EXPORTS: CRISIL Ups Rating on INR80MM Packing Credit to B-

POLYMECH COMPONENTS: CRISIL Suspends D INR70M Cash Credit Rating
PRO MINERALS: CRISIL Reaffirms B+ Rating on INR4.62BB Term Loan
ROLAND CERAMIC: CRISIL Ups Rating on INR51.6MM Term Loan to B+
SARASWATHI EN'G: CRISIL Reaffirms INR35M Overdraft Loan B Rating
SATSANGI TRADERS: CARE Ups Rating on INR4cr Bank Loan From B+

SHREE BADRI: CRISIL Suspends D Rating on INR60MM Cash Credit
SHREEJI FOILS: ICRA Suspends 'B' Rating on INR6cr Fund Based Loan
SIDHI VINAYAK: CARE Reaffirms B Rating on INR4.14cr LT Bank Loan
VAST INDIA: CRISIL Suspends B+ Rating on INR46MM Proposed Loan
VEGA SOLAR: CRISIL Suspends B- Rating on INR30MM Cash Credit

VERSATILE MOBILE: CRISIL Reaffirms B+ Rating on INR50M Loan
VIDYAA VIKAS: CRISIL Suspends D Rating on INR172.5MM Term Loan
VIVEKANANDA PADDY: CRISIL Suspends D Rating on INR50M Cash Credit
YASH ALLOYS: CRISIL Suspends 'D' Rating on INR142MM Term Loan
YAZDANI STEEL: CRISIL Ups Rating on INR157.7MM Cash Credit to C


M A L A Y S I A

MALAYAN BANKING: Fitch Affirms 'BB+' Rating on Tier 1 Sec.


N E W  Z E A L A N D

WINDFLOW TECHNOLOGY: Annual Loss Narrows to NZ$5.2 Million


X X X X X X X X

* BOND PRICING: For the Week September 8 to September 12, 2014


                            - - - - -


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


CALTEX AUSTRALIA: To Cut 10% of Workforce in Restructuring
----------------------------------------------------------
InsolvencyNews reports that Caltex Australia continued to downsize
its operations in Australia, announcing that it will further axe
10% of its work force in the next 12 months. The 10 per cent is
equal to 350 jobs that will be shed as part of the company major
restructure, the report relays.

According to the report, Caltex said that the job losses related
to a cost and efficiency review aimed to make the company
competitive and perform better. The company had lifted its net
profit by 1 per cent to AUD173 million in the first six months to
June after the announcement of job cuts, InsolvencyNews relays. It
was expected to reap AUD100 million benefits within two years as
it capitalises on its transformation, the report notes.

InsolvencyNews says the reduction will take place over time; the
job losses will mainly affect operational and support departments.
The company chief claimed that they will discuss redeployment
opportunities and redundancy entitlements with its staff,
according to the report.

Jamieson Louttit of Insolvency and Advisory firm Jamieson Louttit
& Associates said that "the company was experiencing a major
transformation and an organisational restructure appeared to be
needed to improve its efficiency to make the company more
competitive," the report adds.


DIESEL DEVELOPMENTS: Placed in Administration
---------------------------------------------
Ivan Glavas -- ivan.glavas@worrells.net.au -- & Matthew Jess --
matthew.jess@worrells.net.au -- of Worrells Solvency & Forensic
Accountants were appointed as administrators of Diesel
Developments Pty Ltd on Sept. 11, 2014.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 12A 45 William
Street, in Melbourne, on Sept. 22, 2014, at 3:30 p.m.


LYNAS CORP: Ends Restructuring Talks With Lenders
-------------------------------------------------
Australian Associated Press reports that Lynas Corporation Limited
has cut talks over a restructure of a US$225 million loan, meaning
it will soon need to make a sizeable repayment.

Under its current loan arrangement with two Japanese firms, Lynas
is required to make four repayments between September and
March 2016, AAP says.

It was seeking to replace that arrangement with a new deal with
Nomura Australia, a local subsidiary of a Japanese financial
company, that would require just one repayment in June 2016,
according to AAP.

But Lynas has ended the talks with Nomura, meaning it will need to
make a repayment of about US$40 million this month, the news
agency relates.

According to AAP, the company, whose products are used in a range
of hi-tech products, said it would focus on talks with potential
lenders and investors about restructuring the loan, or striking
new loans or other investments.

Lynas was seeking to change its debt deal to give itself time to
resolve its current cash flow problems, caused by low rare earths
prices hitting just as production ramps up at its new Malaysian
refinery, the report notes.

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in
Australia.  The Company's activities are focused primarily on the
exploration and development of rare earths deposits and
exploration for other mineral resources.  Lynas Corporation
Limited is also engaged in the planning, design and construction
of a concentration plant and advanced materials processing plant.
The Company's subsidiaries include Lynas Malaysia Sdn Bhd, Lynas
Transales Pty Ltd, Mt Weld Niobium Pty Ltd, Mt Weld Holdings Pty
Ltd, Mt Weld Rare Earths Pty Ltd, Lynas Chemet Australia Pty Ltd
and Mt Weld Mining Pty Ltd.

                          *     *     *

The company incurred three consecutive annual net losses of
AUD104.12 million, AUD102.61 million and AUD107.4 million for the
years ended June 30, 2011, 2012 and 2013.


TRAZLBAT PTY: Unsecured Creditors Likely to Get Discounted Pay
--------------------------------------------------------------
Cara Waters at SmartCompany reports that Trazlbat Pty Ltd
administrator said unsecured creditors are likely to have to take
some sort of "haircut" or discount.

SmartCompany says the family engineering business which counts
Lend Lease, Leightons and John Holland among its clients collapsed
into administration last week with Andrew Spring and Trent Devine
of Jirsch Sutherland appointed as administrators.

The civil engineering company was founded by John O Connor in 1989
and turned over around AUD20 million last financial year, the
report notes.

Mr. Spring told SmartCompany the administrators are continuing to
trade Trazlbat with a view to a financial restructure of the
business.

He said Trazlbat's collapse is a familiar story, SmartCompany
relates.

"It's a family-run business and has just grown and taken on some
larger contracts with excessive costs," the report quoted Mr.
Spring as saying.  "It's at a level that requires some really
strong back office systems and control and that's an area we will
be looking at to see why a company this size has ended up where it
is."

According to the report, Mr. Spring said Trazlbat owes around
AUD500,000 to the ATO and has estimated deficiencies of between
AUD1 million and AUD2 million.

He is hopeful a solution can be worked out for the engineering
business and will work hard to maintain Trazlbat's relationships
in the industry, SmartCompany says.

Trazlbat Pty Ltd is a civil engineering company. It employs 50
workers.



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


CHINA ORIENTAL: Moody's Lowers CFR & Sr. Unsecured Rating to B2
---------------------------------------------------------------
Moody's Investors Service has downgraded China Oriental Group
Company Limited's corporate family rating and its senior unsecured
rating to B2 from B1.

The ratings outlook is negative.

Ratings Rationale

"The ratings downgrade reflects the increased level of refinancing
risk facing China Oriental, given the approaching maturity of its
USD490 million bond in August 2015, its weak liquidity profile,
and the persistence of the dispute on the public float issue
between its two major shareholders," said Chenyi Lu, a Moody's
Vice President and Senior Analyst.

China Oriental's large amount of maturing debt over the next 12
months -- when compared with its moderate level of cash holdings
and weak free cash flow -- means that its ability to tab external
funding is critical.

The higher level of refinancing risk also reflects increased
challenges in refinancing its bond through offshore bond issuance,
a result in turn of the deterioration in its credit profile over
the last few years. For instance, adjusted debt/EBITDA increased
to 5.1x for the 12 months to 30 June 2014 from 2.6x in 2011, and
EBITDA to interest coverage fell to 3.4x from 5.7x.

In addition, China Oriental's access to additional bank credit
facilities could be challenged by the tightening in lending by
domestic banks to the steel industry. Moreover, its access to the
equity markets has been hindered by the suspension of stock
trading since 29 April 2014.

"At the same time, its refinancing risk is partly mitigated by its
relatively robust creditworthiness -- when compared to other
steelmakers -- and the availability of secondary sources of
liquidity," adds Lu.

Moody's notes that China Oriental maintains long-term relations
with its onshore banks, backed by its established position as the
largest H-section steel manufacturer in the country, as well as
the efficiency of its production process when compared to other
domestic peers.

The company can also raise funds through discounting its unpledged
bank acceptance notes, which totaled RMB3.5 billion at end-June
2014, and pledging its sizeable, unencumbered assets. But their
availability is subject to market conditions.

The persistence of the legal dispute on the public float issue
between major shareholders Mr. Han Jingyuan and ArcelorMittal (Ba1
negative) is negative for the company's overall funding
capability.

However, any impact on its steel operations will be moderate, as
ArcelorMittal is not substantially involved in day-to-day
operations and strategic decisions.

In terms of its 1H 2014 performance, adjusted EBITDA margin
improved to 5.4% from 4.8% a year ago, mainly thanks to lower raw
material costs. But, financial leverage remained flat when
compared with the level in 2013 because of increased debt.

The negative outlook primarily reflects the heightened level of
refinancing risk for its offshore bonds as well as concerns over
the persistence of the dispute on the public float issue between
the two major shareholders.

An upgrade of the ratings is unlikely, given the negative outlook.
But, Moody's could change the ratings outlook to stable, if the
company makes meaningful progress in refinancing its USD notes and
maintains adjusted debt/EBITDA below 6.0x.

The ratings would come under further pressure if the company fails
to make meaningful progress on refinancing over the next 6-9
months or the dispute on the public float issue between its major
shareholders escalates significantly.

In addition, China Oriental's bond ratings will come under
pressure if a significant portion of the USD490 million bond is
refinanced through onshore debt at its subsidiaries as such an
outcome would increase the subordination risk for its remaining
offshore bonds.

The principal methodology used in this rating was Global Steel
Industry published in October 2012.

China Oriental Group Company Ltd, with total steel manufacturing
capacity of 11 million tonnes per annum, mainly manufactures H-
section steel products and HR strips/strip products at its mills
in Hebei Province. The company was listed on the Hong Kong Stock
Exchange in 2004. It is 45%-owned by its founder, Mr. Han
Jingyuan, and 29.6% by ArcelorMittal.

The Local Market analyst for this rating is Jiming Zou, + 86 21
6101 0381.



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


AAREY DRUGS: CRISIL Suspends B+ Rating on INR70MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aarey
Drugs & Pharmaceuticals Ltd (ADPL).

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

   Proposed Long Term
   Bank Loan Facility     20         CRISIL B+/Stable Suspended

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

ADPL, listed on the Bombay Stock Exchange, currently trades in
various chemical compounds. The company has its administrative
office in Mumbai (Maharashtra). Mr. Mihir Ghatalia is the managing
director of ADPL, which is promoted by members of the Ghatalia
family; the company's management comprises a team of
professionals. ADPL's manufacturing facility in Tarapur
(Maharashtra) is currently being upgraded. The company plans to
commence manufacturing operations by October 2012.


ABHA POWER: ICRA Reaffirms B+ Rating on INR6cr Cash Credit
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR3.00
crore term loans and INR6.00 crore cash credit facilities of Abha
Power and Steel Private Limited. Earlier the rating was suspended
in the month of March 2014 in the absence of the requisite
information from the company, which currently stands revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-     3.00        [ICRA]B+ reaffirmed
   Term Loans

   Fund Based Limit-     6.00        [ICRA]B+ reaffirmed
   Cash Credit

The reaffirmation of the rating takes into account the company's
declining topline over the last two fiscals, primarily due to
scaling down of ingot production, notwithstanding an improvement
in the operating margin during the same period due to increase in
the sale of SGCI insert, which is a higher margin product, APSPL's
high working capital intensity of operations, which increased
significantly in 2013-14, thereby adversely impacting liquidity,
and the significant debt servicing obligations relative to the
company's modest current net cash accruals that is likely to keep
liquidity stretched. The ratings are also constrained by the
company's weak financial profile as reflected by a low net
profitability and depressed coverage indicators, the lack of
backward integration in the company's operations, which keeps
margins sensitive to fluctuations in the raw material prices as
well as exposure to the cyclicality inherent in the steel
industry, leading to volatility in profits and cash-flows of all
the players in the similar line of business, including APSPL. The
rating, however, continues to favourably factor in the experience
of the promoters in the steel industry and locational advantage of
the plant due to proximity to the raw material sources, which
leads to low inward freight cost. ICRA also notes that the
company's ongoing project to set up a value added casting facility
is likely to strengthen its business profile, if implemented
successfully. Nevertheless, the financial closure for the project
is yet to be achieved.

APSPL, set up in 2005 by Mr. Subhas Chand Agarwal and Mr. Harish
Shah and their family members, is engaged in the manufacturing of
mild steel (MS) ingots and spheroidal graphite cast iron (SGCI)
inserts. The company's manufacturing facility is located at the
Silpahari Industrial Area, close to Bilaspur in Chhattisgarh with
an annual production capacity of 14, 256 tons of mild steel ingot
and 4,800,000 pcs of SGCI inserts.

Recent Results
The company reported a net profit of INR0.19 crore (provisional)
on an operating income of INR19.11 crore (provisional) during
2013-14, as compared to a net profit of INR0.17 crore on an
operating income of INR32.28 crore during 2012-13.


ANAPALLI CONVENTION: ICRA Assigns B Rating to INR5cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR5.00
crore term loan facilities of Anapalli Convention Center.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            5.00         [ICRA]B Assigned

The assigned ratings factor in larger floor space and parking area
available in the facility, which provides an advantage compared to
meeting halls and convention centers located inside the city. The
ratings also consider the location of the facility along the six-
lane Nellore-Guntur national highway providing easy accessibility
and mitigating the disadvantages related to location on the
outskirts of the city. The ratings are however constrained by the
relatively nascent stage of and the high dependence on marriages
for occupancy. The dependence on marriages induces seasonality to
cash flows, as the receipts for the firm are likely to be low
during the lean-season for marriages. However, the operating
expenses are lower and the repayments are structured half yearly,
which mitigates the impact of seasonality on the credit profile.
Going forward, achieving early breakeven will be help in
improvement of the credit profile, as any delay in breakeven will
necessitate external funding to meet the debt obligations.

Anapalli Convention Center, constituted in December 2012 by
Mr.Anapalli Ashok Kumar Reddy and his wife Ms.Anapalli Sulochana,
has constructed a convention center on the outskirts of Nellore
city in Andhra Pradesh. The convention center is located in total
land area of 6.4 acres and has a built up area of 47117 square
feet. The convention center has a seating capacity of 1500
persons, dinning capacity of 1500 persons, and has parking space
for 1000 vehicles. The facility also has six rooms in the
premises. The Firm inaugurated the convention center in August-
2014. The Firm does not engage in any other line of business and
at present has only manages a single property and does not provide
any other service like catering or decoration. Other business
interests of the partner's family include Indian made foreign
liquor (IMFL) distributorship in Puducherry and commercial real
estate in Nellore.


ARMSTRONG INFRASTRUCTURE: ICRA Suspends D Rating on INR70cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D outstanding on
the INR70.0 crore long term bank facilities of Armstrong
Infrastructure Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Armstrong Infrastructure Private Limited (AIPL) was incorporated
in 2006 by Mr. Pankaj Bhujbal, Mr. Sanjay Bhujbal and Mr.
Satyamkeshar. The company is engaged in sugar production. The
commercial operation commenced in October 2011. The company is
operating with installed capacity of 1250 TCD for sugar and a 2 MW
co-generation, which is used for captive consumption


ARYANS EDUCATIONAL: CARE Ups Rating on INR23.38cr Loan From B+
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Aryans Educational and Charitable Trust.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     23.38      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Aryans Educational and Charitable
Trust (ARYANS) factors in growth in the total operating income and
improvement in the capital structure in FY14 (refers to the period
April 1 to March 31). The rating however, continue to remain
constrained by its short track record and small scale of
operations, leveraged capital structure, high competition from the
institutions operating in the vicinity, limited reach on account
of a single campus and regulatory challenges involved in the
education sector in India.

The rating continues to derive strength from the experience of the
management in the field of education, moderate enrollment ratio
and healthy profitability margins and moderate debt service
coverage indicators.  Going forward, the ability of ARYANS to
further improve its scale of operations coupled with an
improvement in the enrollment ratio and capital structure shall be
key rating sensitivities.

ARYANS was established under the Society Registration Act 1860 in
March 2005 by Mr Anshu Kataria (Chairman) and other family
members. The society was established with an objective to provide
higher education. For the same, the society started professional
courses under the name of 'Aryans Group of Colleges'. The
registered office is situated in Mohali, Chandigarh. The first
academic session was started in 2007-08.

Currently, the society is running six colleges, each offering
different course in a single campus spread across 20 acres of
land, located at village Nepra on the Chandigarh-Patiala Highway.
ARYANS is offering courses in the field of management,
engineering, administration, teaching and nursing which are
approved by the respective authorities/bodies, like Punjab
Technical University, All India Council for Technical Education
(AICTE), Indian Nursing Council etc.

The society has employed experienced teaching and administrative
staff and has a total strength of 1,514 students as on
March 31, 2014.

ARYANS reported a surplus of INR5.05 crore on a total operating
income of INR15.75 crore in FY14 as against a total operating
income of INR11.92 crore and a surplus of INR4.83 crore in FY13.


BANSAL DIAMOND: CRISIL Suspends B+ Rating on INR1.0BB Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bansal Diamond Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit          1,000        CRISIL B+/Stable Suspended

   Proposed Long Term
   Bank Loan Facility     500        CRISIL B+/Stable Suspended

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

BDPL was set up on September 9, 2007, by Mr. Surender Kumar Bansal
and his wife, Mrs. Shefali Bansal. BDPL is engaged in the
wholesaling and retailing of gold and diamond jewellery and
operates from its showroom at Karol Bagh (Delhi), which is a
jewellery hub and one of the largest markets in Asia.


CHAMAK POLYMERS: ICRA Reaffirms B Rating on INR5.73cr LT Limits
---------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR5.73 crore
long term facilities of Chamak Polymers Private Limited. ICRA has
also reaffirmed the [ICRA]A4 rating to the INR1.00 crore short
term facilities of CPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Limits      5.73        [ICRA]B reaffirmed
   Short Term Limits     1.00        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account the company's
weak financial profile as indicated by highly leveraged capital
structure and stretched liquidity position, despite the
improvement in its revenues and profitability during FY 2013-14.
The ratings are further constrained by the small scale of
operations and vulnerability of profitability to volatility in raw
material prices. ICRA further takes into consideration the
prohibitive freight costs which restricts the scale of operations
across the industry and results into a fragmented industry
structure.

The ratings, however, draw comfort from the established track
record of the promoters in the lime and paint industry, favourable
prospects for the domestic packaging industry and the company's
tie-ups with reputed clients which provides revenue visibility in
the near to medium term.

Chamak Polymers Private Limited is engaged in the manufacturing of
expanded polystyrene (EPS)/thermocol. The company commissioned its
EPS manufacturing plant in November 2011. EPS is a thermoplastic
compound and finds application in industrial packaging of tiles,
industrial materials of different shapes and other fragile items,
domestic packaging in TV boxes, AC boxes and other electronic
items and is also used for thermocol false ceiling.

The company is a part of the 'Chamak' group based out of Gujarat,
which is involved in various businesses, such as manufacturing of
lime products, paints, ceramics, glass, and water jet machines.
CPPL is promoted by Mr. Chirag Patel and Mr. Ravi Patel and is a
closely-held company. Mr. Chirag Patel is a commerce graduate and
manages the day-to-day operations of the company while Mr. Ravi
Patel is a post-graduate in management and handles the marketing
activities of the company. The directors are assisted by other
family members, who are the directors in other group entities.

Recent Results
For the year ended 31st March 2014 (unaudited provisional
financials) the company reported an operating income of INR9.14
crore and profit before tax of Rs 0.68 crore as against operating
income of INR5.72 crore and net loss of INR0.96 crore for the year
ended 31st March 2013.


CHHATRAPATI SAMBHAJI: ICRA Suspends 'B+' Rating on INR40cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding on
the INR40.00 crore long term fund based bank facilities of
Chhatrapati Sambhaji Raje Sakhar Udyog Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in 2000, Chhatrapati Sambhaji Raje Sakhar Udyog
Limited (CSRSUL) has installed crushing capacity of 1250 TCD. The
company has more than 6500 cane producing members. The company
command area spans Aurangabad Taluka of Aurangabad District of
Maharashtra with suppliers also located in adjoining tehsils of
nearby Jalna and Beed districts It also operates a 6 MW co-
generation unit.


CUSP INT'L: CRISIL Reaffirms B- Rating on INR30MM Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of CUSP International Pvt
Ltd (CIPL) continue to reflect CIPL's weak financial risk profile,
marked by leveraged capital structure, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive experience of CIPL's promoters in trading in
synthetic leathers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       50        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that CIPL will benefit from its promoters'
extensive experience in the trading industry. The outlook may be
revised to 'Positive' if there is a substantial scale-up in
operations along with diversification in supplier base, supported
by sustainable improvement in financial risk profile and
efficiently managed working capital management. Conversely, the
outlook may be revised to 'Negative' if CIPL's operating margin
declines or its working capital requirements increase, which may
weaken its financial risk profile.

CIPL was incorporated in 2010 and is based in Delhi. The company,
by promoted Mr. Vinod Kakar and his family members, trades in
synthetic leather.

For 2013-14 (refers to financial year, April 1 to March 31), CIPL
reported, on a provisional basis, a profit of INR2.7 million on
net sales of INR274.3 million; the company reported a profit of
INR1.7 million on net sales of INR275.1 million for 2012-13.


D S ENTERPRISES: CRISIL Suspends B Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
D S Enterprises.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            150        CRISIL B/Stable Suspended

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

DSE is a partnership concern, set up in 2003, with its current
partners as Ms. Sonica Malhotra, Ms. Monica Malhotra, and their
mother, Mrs. Satish Bala Malhotra. DSE is engaged in manufacturing
notebooks at its unit in Una (Himachal Pradesh).


DUTCH TECH: CRISIL Suspends 'B' Rating on INR40MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dutch Tech Tools Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         1          CRISIL A4 Suspended
   Cash Credit           35          CRISIL B/Stable Suspended
   Letter of Credit      20          CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility    27          CRISIL B/Stable Suspended
   Term Loan             40          CRISIL B/Stable Suspended

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

DTT was set up as a private limited company in 2007. It
specialises in manufacturing precision solid carbide rotary metal
cutting tools. These products are supplied to the aeronautical,
ordinance, and automotive industries, among others. DTT has its
registered office and manufacturing unit at Falta Special Economic
Zone (West Bengal). The company has capacity of 420,000 units of
solid carbide drills and endmills per month, of sizes ranging from
0.20 millimetres (mm) to 32.0 mm. DTT commenced commercial
operations in July 2009.


FOUR P: CRISIL Suspends 'D' Rating on INR140MM Proposed Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Four P
Brandcom Pvt Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan      140         CRISIL D Suspended
   Term Loan                60         CRISIL D Suspended

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

FPB, promoted by Mr. Bhavesh Bhinde, his mother, Mrs. Jayaben
Bhinde, and his wife, Mrs. Jigna Bhinde, was initially established
in 2010 as a proprietorship firm by Mr. Bhinde, whose business was
taken over by the FPB in 2011. FPB is part of Guju Group of which
Guju Ads Pvt Ltd (rated 'CRISIL B-/Stable') is the flagship
company. FPB provides out-of-home advertising solutions and has
hoarding rights for 10 hoardings at Ghatkopar railway station
(Mumbai) and 25 private hoardings across Mumbai.


GUPTA EXIM: CARE Revises Rating on INR483.36cr Bank Loan to 'C'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gupta Exim India Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    483.36      CARE C Revised from
                                            CARE B

   Short-term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating takes into account the
ongoing default in the derivative facility. These derivative
facilities are not rated by CARE and detail of these transactions
were not made available to CARE at the time of initial rating.

The ratings continues to be constrained by the weak financial risk
profile marked by the recent history of debt restructuring in
December 2013, geographical concentration risk, exposure to
foreign exchange fluctuation and volatility in raw material
prices.

The rating, however, draws comfort from the experience of the
promoters of GEIPL, long track record of operations and
established relationship with the clients Going forward, the
timely infusion of funds by the promoters as per the bank's
restructuring package and ability to consistently scale up its
operations with improvement in profitability margins would be the
key rating sensitivities.

Gupta Exim India Pvt Ltd, a Government of India recognized export
house, was established in 1990 and started commercial operations
in 1992. The company is engaged in knitting, dyeing, printing and
processing of knitted fabrics and manufacturing of garments like
cotton t-shirts and sweaters. GEIPL is promoted by Mr Sandeep
Gupta and his family members in 1990, who have an experience of
more than two decades in the manufacturing and export of fabrics
and garments.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), GEIPL reported a loss of INR77.2 crore at
the PAT level on a total operating income of INR296.7 crore
vis-a-vis loss of INR5.4 crore on a total operating income of
INR335.2 crore in FY13.

Details of ongoing default in the derivative facility (not rated
by CARE). The Company had availed the derivative facility to hedge
exposure out of foreign currency fluctuations. There is ongoing
default in the said derivative facility and the matter is sub
judice.


HEALTHWAY HOSPITALS: CARE Assigns B+ Rating to INR32.11cr Loan
--------------------------------------------------------------
CARE assings 'CARE B+' rating to the bank facilities of Healthway
Hospitals Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     32.11      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Healthway Hospitals
Private Limited is constrained due to project execution risk on
account of nascent stage of construction, revenues dependent on
HHPL's ability to attract qualified doctors which is yet to be
demonstrated and reputational risk coupled with stringent
regulatory framework for the healthcare sector. Furthermore,
retention of doctors remains a challenge in view of heightened
competition and fragmented nature of the industry.

The rating, however, derives strength from wide experience of the
promoters and positive outlook for healthcare services in India.
Ability of the company to complete ongoing capex without any time
and cost overrun and scale up of operations post commissioning
would remain the key rating sensitivity.

Incorporated on April 10, 2014, Healthway Hospitals Private
Limited is a subsidiary of Goa Doctors Alliance Private Limited
(GDAPL). HHPL is setting up a 210-bedded multi-specialty hospital
at Tiswadi, Goa. The proposed hospital would be a tertiary
hospital with departments such as oncology, cardiology, general
medicine, obstetrics, pediatrics, orthopedics, anesthesiology,
ophthalmology, otorhinolaryngology, accident & emergency,
dermatology, dentistry, radiology. The project cost is INR75.50
crore and is proposed to be funded through a term loan of INR32.11
crore and equity of INR43.40 crore. The hospital is expected to be
operational by September 2015.


HOTEL EAST: CRISIL Suspends B- Rating on INR140MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hotel
East Palace Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B-/Stable Suspended
   Term Loan             140        CRISIL B-/Stable Suspended

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

HEPPL was incorporated in 2006 by Mr. Shyamal Basu and Mr. Ravi
Ranjan Basu of Kolkata. The company is running a 3-star hotel
named Hotel East Palace in South 24 Paraganas, West Bengal. It is
also setting up another hotel in Kolkata. Currently, the
operations are being managed by Mr. Shyamal Basu and his daughter,
Ms. Ritushree Basu.


INDUS PALMS: CRISIL Assigns 'D' Rating to INR50MM Long Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Indus Palms Hotels & Resorts Ltd. The rating
reflects instances of delay by IPHRL in servicing its term debt;
the delays have been caused by the company's weak liquidity.

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

IPHRL also has a small scale of operations with limited track
record, and geographical concentration in its revenue profile.
However, IPHRL benefits from the favourable location of the hotel
and healthy prospects for the hotel industry.

Incorporated in 2007 and promoted by Mr. E Sunil Reddy and
associates, IPHRL owns and operates Ella Hotels, a 5-star hotel in
Hyderabad.

For 2013-14 (refers to financial year, April 1 to March 31), IPHRL
reported, on a provisional basis, a profit after tax (PAT) of INR5
million on net sales of INR157 million, as against a PAT of
INR8.15 million on net sales of INR180 million for 2012-13.


KAMADANATHJI TEXTILE: ICRA Assigns B Rating to INR2.90cr FB Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the Rs 2.63
crore term loan and Rs 2.90 crore fund based facilities of
Kamadanathji Textile Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             2.63        [ICRA]B assigned
   Fund Based Limits     2.90        [ICRA]B assigned

The assigned rating takes into account extensive experience (of
more than a decade) of the promoter in the textile industry who
has been involved in the weaving business through the group entity
Kamadgiri Fabrics (KF; rated [ICRA]B-) and the favourable location
of KTPL's weaving facility, which provides easy accessibility of
raw materials. ICRA notes that at present company is making its
entire sales to KF, which in turn is marketing and selling the
produce to end customers. The rating however is constrained on
account of modest scale of operations of KTPL and intense
competition within the fragmented synthetic fabrics industry. The
rating also takes into account the debt funded capex which KTPL
plans to undertake in the near future. Given KTPL's limited fund
generation, the incremental debt and associated repayments are
expected to result into deterioration in coverage indicators and
overall financial risk profile of the company. Going forward, the
ability of the company to complete the planned capex within
estimated time and cost, subsequently to scale up its operation
and efficiently manage its working capital intensity will remain
critical to its credit profile.

Kamadanathji Textile Private Limited was incorporated in April
2012 and is part of the Kamadgiri group which is a Gorakhpur based
group involved in the manufacturing of grey fabric. KTPL's
facility is based in Bhilwara, Rajasthan and the company makes its
entire sales to group company, Kamadgiri Fabrics which is also
engaged in manufacturing of grey fabric. KF markets and sells the
fabric to readymade garment players. At present, KTPL has 30 looms
installed at its facility however it plans to add another 20 looms
in near future at an estimated cost of Rs 2.5 crore.

Recent Results
Kamadanathji Textile Private Limited reported net profit of
INR0.09 crore on total revenues of INR17.28 crore in FY 14.


KANDLA ENERGY: CARE Revises Rating on INR235cr ST Bank Loan to D
-----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Kandla Energy
and Chemicals Limited.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities     22.19     CARE D Revised from
                                           CARE BB+

   Long term/Short term Bank    130.00     CARE D/CARE D Revised
   Facilities                              from CARE BB+/CARE A4+

   Short term Bank Facilities   235.00      CARE D Revised from
                                            CARE A4+

Rating Rationale

The revision in the ratings of the bank facilities of Kandla
Energy and Chemicals Limited takes into account instances of delay
in debt servicing on its bank facilities due to its stretched
liquidity arising out of increased working capital intensity of
its operations.

KECL was incorporated in March 2005 as Bhagwati Remedies Private
Limited by Mr. Sanjay Rai, Chairman & Managing Director, for
manufacturing various aromatic and aliphatic solvents. In May
2009, it was renamed as KECL. Mr. Sanjay Rai has an experience of
around two decades in the solvent business. KECL had an installed
capacity of 1,20,000 KLPA (Kilo Liter Per Annum) as on March 31,
2013 for manufacturing different variants of aromatic and
aliphatic solvents.

During FY13 (refers to the period April I to March 31), KECL
reported a total operating income of INR703.60 crore (FYI2:
Rs.491.20 crore) with a PAT of INR37.71 crore (FY12: INR41.19
crore). Further, as per provisional results for 10MFY14, KECL
has reported total operating income of INR654.88 crore with a PAT
of INR33.60 crore.


KLA FOODS: CARE Reaffirms B+ Rating on INR2.5cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
KLA Foods India Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.50       CARE B+ Reaffirmed
   Short-term Bank Facilities    7.50       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by KLA's low
profitability margins attributable to the trading nature of
business, working capital intensive nature of operations, its
presence in the fragmented food processing industry with
low entry barriers and seasonality associated with raw material
sourcing. The ratings also take cognizance of decline in
the total operating income during FY14 (refers to the period
April 1 to March 31).

The ratings however, continue to draw comfort from the experienced
promoters and comfortable capital structure. Going forward, the
ability of the company to increase its scale of operations while
registering an improvement in profitability margins and maintain
favourable capital structure shall be the key rating
sensitivities.

Incorporated in 2006 by Mr Ashok Agarwal and his brother, Mr Arun
Agarwal, KLA is mainly engaged in the processing of frozen
vegetables and trading of rice. The company's processing unit is
in Rudrapur (Uttarakhand) with a freezing capacity of 2 MT per
hour.

This capacity is utilized for processing peas only during the
period December to March, and for the rest of the year, the
capacity is utilized to process other vegetables like sweet corn,
ladyfinger and mix vegetables. The company markets its various
products under different sub-brands; however, 'KLA' remains as the
mother brand.

For FY14, KLA achieved a total operating income of INR64.60 crore
with a PAT of INR0.67 crore against INR132.13 crore and INR1.03
crore for FY13. Furthermore, in Q1FY15, the company has achieved a
total operating income of INR9.55 crore.


KRISHNA DRISHTI: CRISIL Suspends B- Rating on INR220MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Krishna Drishti Educational Society.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        220        CRISIL B-/Stable Suspended

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

KDES was set up in September 2008 and is promoted by the cricketer
Mr. Virender Sehwag, and his brother Mr. Vinod Sehwag. The society
operates a school, Sehwag International School, in Jhajjar
(Haryana). The school began its first academic session in April
2011 and provides education from kindergarten to Class VIII.


LALBHAI KALIDAS: CRISIL Reassigns B+ Rating on INR164MM Credit
--------------------------------------------------------------
CRISIL has reassigned its rating on the bank facilities to Lalbhai
Kalidas & Co. (LKC) to 'CRISIL B+/Stable'; the facilities had
earlier been rated at 'CRISIL A4'.


                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Post Shipment Credit    164      CRISIL B+/Stable (Reassigned)

   Proposed Long Term        6      CRISIL B+/Stable (Reassigned)
   Bank Loan Facility

The rating continues to reflect the firm's below-average financial
risk profile marked by its modest net-worth, high total outside
liabilities to tangible net worth ratio, and average debt
protection metrics. The rating also factors in the firm's large
working capital requirements and high degree of customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of LKC's promoters in
the diamond industry, and its established relationships with
customers.

Outlook: Stable

CRISIL believes LKC will continue to benefit over the medium term
from the extensive industry experience of its promoters and its
established relations with customers. The outlook may be revised
to 'Positive' if there is a sustained improvement in its working
capital management, or there is a substantial improvement in its
capital structure on the back of sizeable equity infusion from the
partners. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the firm's profitability margins, or a
significant deterioration in its capital structure caused most
likely because of a stretch in its working capital cycle.

Established as a proprietorship concern in 1910, LKC was
reconstituted as a partnership firm in 1993. LKC is engaged in
cutting and polishing of diamonds. The firm currently has four
partners Mr. Sailesh Mehta, Mr. Saumil Mehta, and Mrs. Sushma
Mehta and Mrs. Bijal Mehta.


M.G. INDUSTRIES: CRISIL Suspends B+ Rating on INR40MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M.G.
Industries.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         20         CRISIL A4 (Suspended)
   Cash Credit            40         CRISIL B+/Stable (Suspended)
   Proposed Long Term
   Bank Loan Facility     10         CRISIL B+/Stable (Suspended)

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

M.G. Industries was set up as a partnership firm in 2005; and
commenced operations in June 2007. The firm is promoted by Mr.
Nanu Ram Aggarwal, Mrs. Meena Agarwal Mrs. Ritika Aggarwal and
Mrs. Sabina Aggarwal. The firm is engaged in manufacturing of
aluminium conductor steel reinforced (ACSR) conductors, which are
used for overhead transmission and distribution of electricity.
M.G. Industries manufacturing unit is located at Bari Brahmana,
Jammu.


MAHAVIR FOODS: CARE Reaffirms B- Rating on INR7cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahavir Foods.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7         CARE B- Reaffirmed
   Short-term Bank Facilities    15         CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mahavir Foods
continue to be constrained by its weak financial risk
profile as reflected by the fluctuating scale of operation, low
profitability margins, leveraged capital structure and weak
debt service coverage indicators. The ratings further continue to
be constrained by MFS's exposure to the fluctuation in the raw
material prices and forex rates, presence in the highly
competitive agro processing industry and its constitution as
a partnership concern.

The ratings, however, continue to draw strength from its
experienced and resourceful partners along with MFS's close
proximity to raw material sources.

Going forward, the firm's ability to profitably scale up its
operations while improving its capital structure shall be the key
rating sensitivity. Effective management of the working capital
and foreign exchange fluctuation risk shall also be the key
rating sensitivity.

Karnal-based (Haryana) Mahavir Foods (MFS) was established in 1998
as a partnership firm by Mr Suresh Kumar and Mr Amit Kumar having
a profit sharing of 50% each. The firm is engaged in the business
of milling, processing and trading of rice. The partners have
extensive experience of two decades in the processing of rice. The
processing facility of the firm is located at Taraori, Karnal
(Haryana) with an installed capacity for processing of paddy of
54,000 tonnes per annum (TPA) as on March 31, 2014. The firm
procures raw material (paddy) from Haryana, Uttar Pradesh and
Punjab. The firm mainly exports to the Middle East countries.
Exports comprised about 85% of its total operating income during
FY14 (refers to the period April 1 to March 31) (based on the
provisional results). MFS has a group associate, Sidhi Vinayak
Rice Mills (CARE B/A4) which is also engaged in the processing of
rice.

The firm reported a total operating income (TOI) of INR93.37 crore
with a PAT of INR0.51 crore for FY14. The firm has achieved a TOI
of approximately INR34 crore in 4MFY14.


ORTEL COMMUNICATIONS: ICRA Ups Rating on INR103.34cr Loan to C+
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR26.66
crore term loans, INR10.00 crore long term fund based bank limits
and INR103.34 crore unallocated limits of Ortel Communications
Limited to [ICRA]C+ from [ICRA]C.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             26.66       Upgraded to [ICRA]C+
                                     from [ICRA]C

   Fund Based Limits     10.00       Upgraded to [ICRA]C+
                                     from [ICRA]C

   Unallocated Limits    103.34      Upgraded to [ICRA]C+
                                     from [ICRA]C

The rating revision primarily takes into account Ortel's timely
servicing of all debt obligations in recent months, although the
debt servicing track record of the company (on unrated
instruments) has been unsatisfactory in the past. The rating also
takes into consideration the weak financial profile of Ortel,
which is characterized by loss making operations, highly
aggressive gearing levels and depressed coverage indicators, with
the ballooning structure of the company's debt repayment
obligations resulting in large repayments falling due from 2015-16
onwards. Ortel's business, which focuses on the distribution of
cable television services, is highly capital intensive, and
requires high amounts of funding. The company's rapid growth in
past years has been mostly inorganic in nature, with debt-funded
acquisition of smaller multi-system operators (MSOs) and local
cable operators (LCOs) leading to high capital charges for the
company. However, such growth has slowed down over the past two
years due to paucity of funds. In order to address these funding
constraints, Ortel plans on raising funds through the sale of
equity, since additional debt funding is likely to place further
pressure on liquidity. However, the timeliness of the same remains
uncertain at present. Moreover, the intense competition present in
the industry is likely to keep profit margins under check. The
rating, however, favourably factors in the established market
presence of Ortel as one of the largest MSOs in Odisha, with an
increasing presence in other states as well. The company's
promoters also have experience of over two decades in the
industry. The company has a well developed network infrastructure
for cable and broadband services, with legal rights of way for
laying cable granted in the areas in which it operates, which
enables it to focus on the last mile connection and gain direct
access to cable television subscribers, thereby ensuring capture
of the entire subscription revenues paid by the subscribers. This
infrastructure is also expected to result in lower costs for
transitioning of the cable TV systems from analog to digital, as
per the enactment of the regulatory framework for digitisation of
cable TV systems in India with a sunset date of December 31, 2014.
The increasing digitization has also led to an improvement in
Ortel's average revenue per user (ARPU) over the past year, as
digital connections carry higher monthly subscriptions. This was
further supported by increasing broadband connections as well. In
ICRA's opinion, the ability of the company to generate profits,
continue servicing of debt obligations in a timely manner, and
improve its capital structure would remain key rating
sensitivities going forward.

Ortel Communication Limited was incorporated on June 2, 1995 by
the Panda family (promoters of the Indian Metals and Ferro Alloys
Ltd. (IMFA) Group). The company is a regional multi-system
operator (MSO), engaged in the distribution of analog and digital
cable television services, high speed broadband services and voice
over internet protocol (VoIP) services, with services being
provided under the brand names "Ortel Home Cable", "Ortel Digital"
and "Ortel Broadband". At present, the company is providing only
cable and broadband services, as government regulations currently
prohibit commercial voice services. Cable services are the main
drivers of revenue, followed by broadband services and other
ancillary revenues, such as carriage fees, uplinking charges etc.


P.J. EXPORTS: CRISIL Ups Rating on INR80MM Packing Credit to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
P.J. Exports to 'CRISIL B-/Stable' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Foreign Bill           65        CRISIL B-/Stable (Upgraded
   Discounting                      from 'CRISIL D')

   Packing Credit         80        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term     20        CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

The rating upgrade reflects improvement in PJ Exports' liquidity
backed by improved working capital management, leading to absence
of continuously overdrawn cash credit limits in excess of 30 days
over the three months through June 2014. Furthermore, enhancement
in bank limits has led to further cushion in liquidity. CRISIL
believes that PJ Exports will sustain its working capital, backed
by faster realisations from its customers. Its debtors improved to
66 days as on March 31, 2014, from 109 days as on March 31, 2013.
The rating upgrade also factors in CRISIL's belief that PJ
Exports' liquidity will be supported by absence of capital
expenditure plan or long-term debt obligations over the medium
term.

Outlook: Stable

CRISIL believes that PJ Exports will maintain its business risk
profile over the medium term, backed by its promoters' extensive
industry experience and established customer relationship. The
outlook may be revised to 'Positive' in case of improvement in the
firm's capital structure or working capital cycle, leading to
better-than-expected financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the firm's financial risk profile due to further stretch in
working capital cycle or decline in revenue and profitability.

PJ Exports was set up as a partnership firm in 1990 by Mr. Jagdish
Todi and his son, Mr. Jiten Todi. The firm commenced commercial
operations in 2008. The firm manufactures home textile products
such as bed sheets, bed and pillow cases, and curtains. Mr. Jiten
Todi oversees PJ Exports' day-to-day operations.


POLYMECH COMPONENTS: CRISIL Suspends D INR70M Cash Credit Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Polymech Components Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           70.0        CRISIL D (Suspended)
   Rupee Term Loan        9.8        CRISIL D (Suspended)

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

PCPL, established in 1982 as a partnership firm, was reconstituted
as a private limited company in 1990. The company manufactures
automobile components and construction hardware parts. It
manufactures various products such as hose clamps, cir-clips,
bearing pullers, washers, snap rings, spring steel parts, and
sheet metal components for use in the automobile, construction,
and engineering sectors. PCPL has a manufacturing facility of
15,000 square feet in Asangao (Maharashtra).


PRO MINERALS: CRISIL Reaffirms B+ Rating on INR4.62BB Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pro Minerals Pvt Ltd
(PMPL; a part of the Dalmia group) continues to reflect project
implementation risks inherent in greenfield projects, including
cost and time overrun, as well as PMPL's average financial risk
profile marked by high gearing.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          120      CRISIL A4 (Reaffirmed)
   Cash Credit             850      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      370      CRISIL B+/Stable (Reaffirmed)
   Term Loan             4,620      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the cyclical nature of the iron and
steel industry which could negatively impact the offtake from its
ongoing project. These weaknesses are partially offset by healthy
demand prospects for the company's key product (iron ore pellets),
and location advantage owing to its proximity to raw material
sources and customers. The ratings also factor in the Dalmia
group's extensive experience which has substantial presence in
Orissa through other group companies.

On 1st August 2014, CRISIL had assigned its ratings on PMPL's bank
facilities at 'CRISIL B+/Stable/CRISIL A4'.
Outlook: Stable

CRISIL believes PMPL will benefit over the medium term from its
promoters' extensive experience and healthy demand for its key
products, iron ore pellets. The outlook may be revised to
'Positive' on successful implementation of the project, coupled
with improvement in capacity utilisation leading to better cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of any further time or cost overruns. Substantially lower-
than-expected cash accruals resulting from low profitability
margins could also result in a revision in outlook to 'Negative'.

PMPL was incorporated in September 2010 by the Dalmia Group of
Kolkata. The company is setting up an integrated pellet
manufacturing plant at Keonjhar (Orissa). The project also
involves setting up an iron ore beneficiation plant, which will
convert non-usable low grade iron ore fines in to usable grade of
iron ore fines to be fed directly into the pellet manufacturing
plant as raw material. The project also includes a captive power
plant of 20 megawatts capacity.


ROLAND CERAMIC: CRISIL Ups Rating on INR51.6MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank loan facilities of
Roland Ceramic to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

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

   Proposed Long Term     10.6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              51.6       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that RC's credit risk profile
will continue to improve over the medium term backed by timely
stabilisation of operations. The firm commenced operations in
January 2014. It registered profitability of about 11.2 per cent
for 2013-14 (refers to financial year, April 1 to March 31), which
was better than expected and led to better than expected accruals
which supported its financial risk profile. The firm is likely to
register healthy growth in sales along with profitability of more
than 12 per cent over the medium term backed by timely
stabilisation of operations and its promoters' extensive industry
experience. As a result, its liquidity is also expected to
improve. RC is likely to generate adequate accruals to meet debt
obligations of about INR9.5 million for 2014-15. The upgrade also
factors in CRISIL's belief that RC will continue to receive
funding support from promoters if required.

The rating continues to reflect RC's small scale of operations in
the highly competitive ceramics industry, large working capital
requirements, and leveraged capital structure. These rating
weaknesses are partially offset by the benefits that the firm will
derive from the strategic location of its production unit and its
promoters' extensive experience in the ceramics industry
Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations or liquidity, with
substantial accruals backed by strong profitability. Conversely,
the outlook may be revised to 'Negative' if RC's profitability
declines sharply, or if its financial risk profile deteriorates,
most likely because of large working capital requirements or
substantial debt-funded capital expenditure.

Formed in 2013, RC is promoted by Morbi (Gujarat)-based Mr.
Nitinbhai Dalsaniya, Mr. Manishbhai Moradiya, Mr. Rohanbhai
Kundaria, and other partners. RC manufactures wall tiles in sizes
of 10 inches by 15 inches under the Roland brand; its unit has
capacity of 21,000 tonnes per annum.


SARASWATHI EN'G: CRISIL Reaffirms INR35M Overdraft Loan B Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saraswathi Engineering
Construction Pvt Ltd continue to reflect SEPL's small scale of,
and working-capital'intensive, operations. The ratings also factor
in the company's average financial risk profile, marked by a small
net worth. These rating weaknesses are partially offset by the
extensive experience of SEPL's promoters in the civil construction
industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          50        CRISIL A4 (Reaffirmed)
   Overdraft Facility      35        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SEPL strengthens its
business risk profile by successfully bidding for more civil
construction projects and significantly increases its revenue and
profitability, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if SEPL's
revenue and profitability decline substantially or the company
faces considerable delays in realisation of receivables, or it
undertakes a larger-than-expected debt-funded capital expenditure
programme, thereby weakening its financial risk profile,
particularly liquidity.

Set up in 1984 as a partnership firm, SEPL got its present name
when it was reconstituted as a private limited company in 1986. It
is managed by Mr. P Kandasamy and family. The company is a civil
contractor (majorly buildings) and is based in Erode (Tamil
Naidu).


SATSANGI TRADERS: CARE Ups Rating on INR4cr Bank Loan From B+
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Satsangi Traders Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4         CARE BB Revised from
                                            CARE B+
   Long-term/Short-term Bank
   Facilities                     8         CARE BB/CARE A4
                                            Revised from
                                            CARE B+/CARE A4

Rating Rationale

The revision in the long term ratings assigned to the bank
facilities of Satsangi Traders Private Limited takes into
account improvement in the financial performance during FY14
(provisional, refers to the period April 1 to March 31)
compared to the envisaged figures in terms of turnover, capital
structure, debt coverage indicators and liquidity position.
The ratings remain constrained by its low profitability and
presence in a highly regulated industry with tender driven
nature of the business and geographic concentration risk.
The ratings, however, continue to derive strength from the wide
experience of the promoters in retail sales of liquor and
established group presence in Madhya Pradesh (MP) in a similar
business.

The ability of STPL to increase its scale of operations, improve
its profitability alongwith effective working capital management
will be the key rating sensitivities.

STPL was incorporated in February 2012 by Mr Anil Arora and Mr
Gangadeen Patel for retail trading of liquor. The company received
the retail liquor supplier license in March 2013 and commenced
commercial operations from April 2013. STPL deals in Indian Made
Foreign Liquor (IMFL), Indian Made Liquor (IML), wine and beer
manufactured by distilleries such as United Spirits Ltd and United
Breweries Ltd. STPL has been allotted retail liquor supplier
license for 24 shops in 5 districts (out of 50 districts) in MP as
on August 31, 2014.

STPL has associate concerns namely Avinash Chalana & Co. (Avinash
rated CARE BB/CARE A4) and Gulmohar Traders (Gulmohar-rated CARE
BB/CARE A4) which are engaged in a similar business activity. STPL
together with other group concerns owns total 82 shops in MP.

During FY14 (provisional), STPL reported a PAT of INR1.59 crore on
a total operating income (TOI) of INR111.80 crore.


SHREE BADRI: CRISIL Suspends D Rating on INR60MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Badri Kedar Papers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)        Ratings
   ----------         ---------        -------
   Cash Credit            60           CRISIL D Suspended
   Letter of Credit       30           CRISIL D Suspended
   Long Term Loan         51.7         CRISIL D Suspended

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

SBKPPL was set up as a closely held company in 1994 by Mr. Arvind
Kumar Agarwal and his family. The company manufactures kraft
paper.


SHREEJI FOILS: ICRA Suspends 'B' Rating on INR6cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.0 crore
bank facilities of Shreeji Foils Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based facilities     6.00       [ICRA]B suspended
   Term Loans                0.80       [ICRA]B suspended
   Unallocated               0.20       [ICRA]B suspended

Incorporated in 1956, Shreeji Foils Private Limited (SFPL)
(erstwhile Ananya Foils Private Limited) was engaged in
manufacturing of Stainless Steel Sheets. In September 2011, the
company changed its name to its current name SFPL and started
manufacturing of Alloy Steel Ingots as well as trading of
Stainless Steel, mild steel ingots and sheets. The company has an
induction furnace located in Bhiwadi with a capacity of about
1000T/month.


SIDHI VINAYAK: CARE Reaffirms B Rating on INR4.14cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Sidhi
Vinayak Rice Mills.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     4.14       CARE B Reaffirmed
   Short term Bank Facilities   18.00       CARE A4 Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Sidhi Vinayak Rice
Mills (SVRM) continues to remain constrained by its weak
financial risk profile characterized by low profitability margins,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations. The ratings
further continue to be constrained due to susceptibility of its
margins to fluctuations in the raw material prices and forex
rates, presence in the highly competitive and regulated agro-
processing industry and its constitution being a partnership firm.

The ratings continue to derive strength from the vast experience
of the partners in the agro-processing industry and its
proximity to raw material sources.

SVRM's ability to profitably scale up its operations while
improving its capital structure along with effective management
of the working capital and foreign exchange fluctuation risk shall
be the key rating sensitivities.

Karnal-based (Haryana) Sidhi Vinayak Rice Mills was established in
July 2008, as a partnership firm by Mr Rameshwar Das and his three
sons namely Mr Ashok Kumar, Mr Suresh Kumar and Mr Amit Kumar
sharing profit and losses equally. The firm started its commercial
operations in February 2009.

The firm is engaged in the milling and processing of basmati rice
with an installed capacity of 1,200 quintals per day (QPD). The
firm procures the key raw material i e paddy from Haryana and
Uttar Pradesh at the current market price on cash and advance
basis. The firm is also engaged in the trading of rice. SVRM sells
its product domestically in states like Uttar Pradesh, Haryana and
Delhi. It also exports its product to Saudi Arabia, Iran, Yemen
and during FY14 (refers to the period April 1 to March 31,
provisional) exports comprised about 56% of the total operating
income as against 29% in FY13.

SVRM has an associate concern namely Mahavir Foods (CARE B-/CARE
A4) which is also engaged in trading, milling and processing of
basmati rice.

As per the provisional results for FY14, SVRM reported a total
operating income of INR102.58 crore and a PAT of INR0.50
crore. During Q1FY15 (provisional), SVRM achieved a total
operating income of INR21.38 crore.


VAST INDIA: CRISIL Suspends B+ Rating on INR46MM Proposed Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vast India Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         5          CRISIL A4 Suspended
   Cash Credit            25         CRISIL B+/Stable Suspended
   Proposed Long Term     46         CRISIL B+/Stable Suspended
   Bank Loan Facility
   Term Loan              23         CRISIL B+/Stable Suspended

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

VIPL was incorporated in 2000. VIPL is an IT service company with
prime focus on IT enabled services sector. VIPL is primarily a
software products and services provider which provides
comprehensive IT solutions and services, maintenance, systems
integration, and software development to government organizations.
VIPL also provides information technology-enabled services,
including scanning and digitization. Furthermore, VIPL provides
bulk printing services as well as trading of computers to
government agencies. Mr. Vivek Chandel is the Managing Director of
VIPL.


VEGA SOLAR: CRISIL Suspends B- Rating on INR30MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vega
Solar Energy Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         1          CRISIL A4 Suspended
   Cash Credit           30          CRISIL B-/Stable Suspended
   Letter of Credit      15          CRISIL A4 Suspended
   Long Term Loan        11          CRISIL B-/Stable Suspended

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

Established in 2009, VSEPL designs and manufactures solar PV
panels using crystalline cells. The company is promoted by Mr. K
Sree Rama Reddy, Mr. V Purushotham, Mr. Vinay Keesara, and their
family members.


VERSATILE MOBILE: CRISIL Reaffirms B+ Rating on INR50M Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Versatile Mobile
Distributors Pvt Ltd (VMDPL) continue to reflect VMDPL's below-
average financial risk profile, marked by a weak interest coverage
ratio.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         20         CRISIL A4 (Reaffirmed)
   Cash Credit            50         CRISIL B+/Stable (Reaffirmed)

The ratings also reflect VMDPL's exposure to intense competition
in the mobile phone distribution segment. These rating weaknesses
are partially offset by VMDPL's established regional presence in
the mobile phone distribution business, aided by the extensive
industry experience of its promoters.

Outlook: Stable

CRISIL believes that VMDPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company
significantly increases its scale of operations and profitability,
resulting in improvement in its debt protection metrics, or in
case of large equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case VMDPL's working
capital requirements are larger than expected or if the company
undertakes any large, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

Update
For 2013-14 (refers to financial year, April 1 to March 31), VMDPL
registered a 11 per cent increase in its operating income to
INR772 million from INR697.4 million in 2012-13. This was after a
17 per cent decline in its operating income in 2012-13 from INR
837.4 million in 2011-12 . The operating income has improved on
the back of new distributorships taken by the company for brands
such as Apple, Videocon, and OBI. The company's operating margin
remained modest around 1.9 per cent owing to trading nature of its
operations, though the same has improved from an operating margin
of less than 1 per cent reported prior to 2012-13, backed by
better margins enjoyed by the principals. VMDPL's operations have
remained moderately working capital intensive with an estimated
gross current assets of around 62 days as on March 31, 2014. The
promoters infused INR16 million of capital into the company in
2013-14. The same resulted in improvement in its total outside
liabilities to tangible net worth (TOLTNW) ratio to 1.9 times as
on March 31, 2014 as against 3.5 times as on March 31, 2013.
However, the company's interest coverage ratio remained weak
around 1.1 times in 2013-14, in line with the past, due to low
operating margin and high interest and bank charges. Over the
medium term, CRISIL believes that VMDPL's operating income will
register a healthy growth of over 15 per cent backed by new
distributorships taken by the company. Its operating margin will
remain modest around 2 per cent over the medium term. CRISIL
believes that the company's financial risk profile will remain
constrained by its weak interest coverage ratio though its TOLTNW
ratio will remain comfortable at less than 2 times. VMDPL's
liquidity is expected to remain weak over the medium term, marked
by low cash accruals (expected to be less than INR3 per annum over
the medium term) and high bank limit utilisation.

VDMPL, incorporated in 2008, is a distributor of mobile phones of
brands such as Samsung, Blackberry, Celkon, and LG. It operates
mainly in Andhra Pradesh. It is promoted by Mr. V. Ramesh and Mr.
T. Manohara Rao.


VIDYAA VIKAS: CRISIL Suspends D Rating on INR172.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vidyaa
Vikas Educational and Charitable Trust (VVECT; part of Vidyaa
Vikas group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan         172.5       CRISIL D Suspended
   Overdraft Facility      30         CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
VVECT and Vidyaa Vikas Educational and Medical Charitable Trust -
Covai (VVEMCT), collectively referred to as the Vidyaa Vikas
group. This is because both the trusts are in the same lines of
business, managed by common trustees, and have fungible cash flows
between them.

Established in 1996 and based in Tiruchengode (Tamil Nadu [TN]),
VVECT runs six educational institutions, including schools,
colleges, and a teacher training institute, imparting education to
around 11,000 students every year.

Established in 2009, VVEMCT runs a school in Karamadi near
Coimbatore (TN). Both the trusts together impart education to more
than 15,000 students every year, with more than 80 per cent of the
students being hostelites. The day-to-day operations of the Vidyaa
Vikas group are being managed by managing trustees, Dr. S
Gunasekharan, Dr. T O Singaravel, Mr. S Ramalingam, and Mr. M
Muthuswamy.


VIVEKANANDA PADDY: CRISIL Suspends D Rating on INR50M Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vivekananda Paddy Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2.8       CRISIL D Suspended
   Cash Credit           50         CRISIL D Suspended
   Long Term Loan        44.6       CRISIL D Suspended

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

Set up in 2007 as a partnership firm, Vivekananda Agro Products,
VPMPL undertakes rice milling. The partnership firm was
reconstituted as a private limited company in June 2010. Its
manufacturing facility in Burdwan (West Bengal).


YASH ALLOYS: CRISIL Suspends 'D' Rating on INR142MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Yash Alloys Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           78          CRISIL D
   Letter of Credit      10          CRISIL D
   Term Loan            142          CRISIL D

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

YAPL was incorporated as a private limited company on August 31,
2004. It is promoted by Mr. Rajeev Kumar Agarwalla and Mr. Anil
Kumar Agarwal. YAPL is a semi-integrated manufacturer of thermo-
mechanically treated (TMT) bars; its manufacturing facilities are
in Ramgarh (Jharkhand). YAPL has production capacity of 140 tonnes
per day (tpd) of ingots and 100 tpd of TMT bars.


YAZDANI STEEL: CRISIL Ups Rating on INR157.7MM Cash Credit to C
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Yazdani Steel & Power Ltd (YSPL) to 'CRISIL C' from 'CRISIL D',
while assigning its 'CRISIL A4' rating to the company's short term
facilities.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit          157.7        CRISIL C (Upgraded from
                                     'CRISIL D')


   Funded Interest       75.8        CRISIL C (Upgraded from
   Term Loan                         'CRISIL D')

   Letter of Credit      42.6        CRISIL A4 (Assigned)

   Working Capital      121.9        CRISIL C (Upgraded from
   Term Loan                         'CRISIL D')

   Term Loan             497.7       CRISIL C (Upgraded from
                                     'CRISIL D')

   Proposed Long Term     76.7       CRISIL C (Upgraded from
   Bank Loan Facility                'CRISIL D')

The rating upgrade reflects YSPL's track record of timely debt
servicing following the restructuring of its debt. The company's
liquidity has improved through unsecured loans of INR763.5 million
extended by its promoters.

The ratings reflect YSPL's weak financial risk profile, marked by
weak debt protection metrics, and its susceptibility to
cyclicality in the steel industry. These rating weaknesses are
partially offset by the company's healthy operating efficiencies,
driven by its integrated operations.

YSPL was originally incorporated in October 2003 as Dinabandhu
Steel & Power Ltd (DSPL), promoted by the Sahoo family. DSPL was
acquired by the Odisha-based Yazdani group in May 2011 and was
renamed. YSPL manufactures thermo-mechanically treated steel bars,
mild-steel ingots, and sponge iron.



===============
M A L A Y S I A
===============


MALAYAN BANKING: Fitch Affirms 'BB+' Rating on Tier 1 Sec.
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of five Malaysian banks:
Malayan Banking Berhad (Maybank), Hong Leong Bank Berhad (HLBB),
AmBank (M) Berhad (AmBank), AmInvestment Bank Berhad
(AmInvestment) and Export Import Bank of Malaysia Berhad (MEXIM).
Fitch has concurrently withdrawn all the ratings of AmBank and
AmInvestment, and the long-term deposit ratings of Maybank and
HLBB.

The ratings on AmBank and AmInvestment have been withdrawn for
commercial reasons.  The long-term deposit ratings on Maybank and
HLBB have been withdrawn as they are no longer considered relevant
to the agency's rating coverage.

The Malaysian banks' Issuer Default Ratings (IDRs) and Viability
Ratings (VRs) reflect Fitch's view that their intrinsic risk
profiles are likely to remain steady amid broadly supportive
economic conditions, although the sustained rise in household
leverage and softening regional growth may present some risk to
the sector.

The high and rising household debt as well as sustained public
sector deficits and growing Federal government debt were behind
the Negative Outlook on Malaysia's sovereign ratings (A-
/Negative).  The sovereign ratings were affirmed on Negative
Outlook in July 2014.

The government's prudential measures implemented over the past few
years have begun to slow household credit and property price
growth.  In Fitch's view, this is a healthy adjustment to a more
sustainable growth trend for the banking sector.  There is a risk
that banking sector credit costs may rise as this process occurs,
particularly if the pace of adjustment curtails legitimate
household borrowing or triggers a macroeconomic deterioration.
However, Fitch believes that the risk of this occurring is modest
given the strong economic conditions and the banks' reasonable
loss-absorption buffers.

A full list of rating actions is at the end of this rating action
commentary.

KEY RATING DRIVERS: IDRs and VRs of Maybank, HLBB and AmBank

Maybank's IDR and VR at 'A-' and 'a-', respectively, are supported
by its market-leading domestic franchise and reasonable credit
profile, in particular its healthy and rising capitalization,
stable funding base and steady performance through credit cycles.
However, its ratings remain on Negative Outlook, in line with the
Negative Outlook on the sovereign ratings.  Any negative
developments arising from the sovereign's weakening risk profile
may affect the bank's credit strength and ratings - which are the
highest of the Malaysian banks rated by Fitch.  This is due to the
close connection between the financial health of the bank and that
of the Malaysian government and economy.

There is a risk of higher credit costs as Malaysia transitions
from a period of high credit growth and rapid property price
appreciation.  Nonetheless, Fitch believes that the potential rise
in delinquencies and impairment costs are likely to be manageable
for Maybank due to its satisfactory asset quality history, well-
diversified loan portfolio and prudent domestic regulatory
conditions.  Its earnings and loan loss reserve buffers are likely
to remain adequate to keep capital impairment risks low under most
scenarios.

HLBB's IDR and VR at 'BBB+' and 'bbb+' on Stable Outlook are
underpinned by its relatively low risk appetite, sound financial
profile and reasonable franchise.  The conservative risk
management has kept its capitalization, loan quality and loan-to-
deposit ratio (LDR) better than the industry average.  HLBB's plan
for regional expansion is likely to be executed in a disciplined
manner although its risk appetite might increase slightly.  HLBB
has much smaller overseas exposure compared with its local peers
and its loan book growth has been below the industry average.

AmBank's IDR of 'BBB' is driven by its VR.  The affirmation of the
ratings with a Stable Outlook, reflect the bank's steady earnings
generation, healthy asset quality and satisfactory franchise of
the broader banking group, AMMB Holdings Berhad (AMMB).  The
ratings also reflect Fitch's expectations that the bank's funding
and capital will strengthen and its loan book will be better
diversified over the medium-term.  Underlying profitability is
likely to be maintained in the near term as system-wide margin
compression and slower loan growth could be partly offset by
potential non-interest income growth, particularly from fee
income, and its insurance and credit card businesses.  Asset
quality is likely to be manageable, supported by AmBank's
selective growth in the low-risk corporate and profitable risk-
adjusted retail segments as well as enhancements to risk
management.

The agency believes that AmBank's core capitalisation would
increase only gradually, given the likely need to meet
shareholders' dividend expectations, and the gradual phasing in of
Basel III capital rules.  At end-June 2014, AmBank's core Tier 1
capital ratio was around 10% (below its domestic rated peers) but
is satisfactory for its rating level.  Its LDR of 95%-100% remains
higher than that of the other domestic rated banks.  AMMB has been
raising long-term wholesale borrowings domestically to supplement
its funding base.  This helps to improve funding diversity and
stability and addresses some asset liability maturity mismatches.
Including these funds, the adjusted ratio would be around 90%,
which is within the bank's targeted levels.

RATING SENSITIVITIES: IDRs and VRs of Maybank, HLBB and AmBank

Maybank's ratings are sensitive to the sovereign's credit profile
and to changes in the operating environment, particularly
household leverage and property prices.  These issues are less
pressing for HLBB, which is rated lower than the sovereign at
'BBB+', although its ratings may also be affected by a sovereign
downgrade.  There is likely to be limited rating upside for all
banks in light of the Negative Outlook on the sovereign ratings.

Negative rating actions on the Malaysia banks could result from
aggressive expansion, event risks, destabilising financial-sector
imbalances (such as excessive household leverage) and/or volatile
macroeconomic conditions.  However, Fitch views these risks to be
moderate in the near term, in view of the banks' satisfactory
record through business cycles and the pre-emptive macro-
prudential measures implemented by the regulator over the past few
years.

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

KEY RATING DRIVERS AND SENSITIVITIES - AMINVESTMENT'S IDRs

AmInvestment's IDRs and Outlook are the same as those of its
sister commercial bank, AmBank, as they operate under a universal
banking model with close operational links and a common franchise.
Both entities are owned by AMMB, which is 24%-owned by the
Australian and New Zealand Banking Group Limited (AA-/Stable).
AmInvestment focuses on investment banking and stockbroking, and
is hence core to the universal banking model of AMMB, despite it
being a separate legal entity.

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

KEY RATING DRIVERS AND SENSITIVITIES: SUPPORT RATING (SRs) AND
SUPPORT RATING FLOOR (SRFs) of Maybank, HLBB, AmBank and
AmInvestment

The SRs and SRFs of the four Malaysian banks are premised on
Fitch's view of the probability of extraordinary state support
available to each bank, if needed.  The ratings also take into
account the agency's Negative Outlook on the Malaysian sovereign,
which highlights the potential weakening in the government's
ability to extend timely support.

Fitch believes that Maybank is of high systemic importance in
Malaysia due to its large domestic deposit base (around 18% of
system-wide deposits) and indirect state ownership via various
state-owned funds.  This is reflected in the bank's SR of '2' and
SRF of 'BBB'.

HLBB's SR of '2' and SRF of 'BBB-' reflect its systemic importance
as the fifth-largest local bank, accounting for around 8% of
banking sector's deposits.  Meanwhile, AmBank and AmInvestment
have the same SRs of '3' and SRFs of 'BB+', driven by their
collective systemic importance as part of the sixth-largest
banking group, with indirect state ownership via the Employees
Provident Fund.

A change in the government's ability to provide extraordinary
support would affect the SRs and SRFs.  This could arise from a
change in the sovereign ratings.  The SRs and SRFs will also be
impacted by any change in the government's propensity to extend
timely support.  One development that could lead to this adverse
outcome, for instance, is global initiatives to reduce implicit
state support available to banks, although Fitch views this to be
a longer-term risk for Malaysia.

Rating sensitivities for AmBank and AmInvestment are no longer
relevant given the ratings have been withdrawn.

KEY RATING DRIVERS AND SENSITIVITIES: SENIOR NOTES AND DEPOSITS

The senior notes of Maybank and HLBB are rated at the same level
as their respective Long-Term IDRs.  This is because the senior
notes constitute direct, unconditional and unsecured obligations
of the banks, and rank equally with all their other unsecured and
unsubordinated obligations.  Any change in the IDRs would affect
these issue ratings.

The deposits ratings of Maybank, HLBB, AmBank and AmInvestment are
one notch above the Malaysian banks' Long-Term IDRs to reflect
Malaysia's depositor preference regime, where depositors would
rank above senior unsecured creditors in a liquidation scenario.
Rating sensitivities for the deposit ratings are no longer
relevant as the ratings have been withdrawn.

KEY RATING DRIVERS AND SENSITIVITIES: SUBORDINATED NOTES AND OTHER
HYBRID SECURITIES

Maybank's Basel II-compliant subordinated notes are rated one
notch below the VR to reflect their subordinated status relative
to senior unsecured creditors and the absence of any going-concern
loss-absorption mechanism.  Maybank's and AmBank's Basel II-
compliant hybrid ratings are four notches below their respective
VRs, reflecting the presence of subordination and going-concern
loss-absorption mechanisms.

The ratings of these securities are sensitive to changes in the
VR.  Rating sensitivities for AmBank are no longer relevant given
the rating has been withdrawn.

KEY RATING DRIVERS AND RATING SENSITIVITIES: MEXIM

MEXIM's IDR, SRF and senior debt ratings are at 'A-' and equalised
with that of the Malaysian sovereign.  This reflects Fitch's
belief of an extremely high probability of extraordinary state
support being available to MEXIM, if necessary.  This expectation
also drives the Support Rating of '1'.

MEXIM's modest size in proportion to Malaysia's GDP and the
domestic banking sector implies that the sovereign is likely to
have the ability to support the bank in times of need.  MEXIM is a
developmental financial institution that is wholly-owned by the
government and fulfills a unique policy role to support and
develop domestic companies in the export industry, an area of
strategic importance to Malaysia's economic development.  State
support has been demonstrated in the past in the form of common
equity and government funding assistance.

The Negative Outlook on MEXIM's ratings corresponds to the
Negative Outlook on the Malaysian sovereign ratings.

Any changes to MEXIM's ratings would be tied to shifts in the
sovereign's creditworthiness and ratings, and to any perceived
weakening in the sovereign's propensity to support the bank.

MEXIM's ratings may be notched downwards from the sovereign's
ratings, if Fitch believes that the sovereign's propensity to
support the bank has weakened.  However, this is not expected to
occur in the near to medium term.

The list of rating actions is as follows:

Malayan Banking Berhad

   -- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook
      Negative
   -- Long-Term Local-Currency IDR affirmed at 'A-'; Outlook
      Negative
   -- Viability Rating affirmed at 'a-'
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB'
   -- Long-term deposit rating affirmed at 'A' and withdrawn
   -- Senior notes affirmed at 'A-'
   -- Basel II-compliant subordinated notes affirmed at 'BBB+'
   -- Basel II-compliant hybrid Tier 1 securities affirmed at
      'BB+'

Hong Leong Bank Berhad

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB+'; Outlook
      Stable
   -- Short-Term Foreign-Currency IDR affirmed at 'F2'
   -- Viability Rating affirmed at 'bbb+'
   -- Support Rating affirmed at '2'
   -- Support Rating Floor affirmed at 'BBB-'
   -- Long-term deposit rating affirmed at 'A-' and withdrawn
   -- Senior debt affirmed at 'BBB+'

AmBank (M) Berhad

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB' and
      withdrawn; Outlook Stable
   -- Short-Term Foreign-Currency IDR affirmed at 'F3' and
      withdrawn
   -- Viability Rating affirmed at 'bbb' and withdrawn
   -- Support Rating affirmed at '3' and withdrawn
   -- Support Rating Floor affirmed at 'BB+' and withdrawn
   -- Long-term deposits affirmed at 'BBB+' and withdrawn
   -- Basel II-compliant hybrid Tier 1 securities (USD200m
      Variable Rate Callable Perpetual Preference Shares)
      affirmed at 'BB-' and withdrawn

AmInvestment Bank Berhad

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB' and
      withdrawn; Outlook Stable
   -- Short-Term Foreign-Currency IDR affirmed at 'F3' and
      withdrawn
   -- Support Rating affirmed at '3' and withdrawn
   -- Support Rating Floor affirmed at 'BB+' and withdrawn
   -- Long-term deposits affirmed at 'BBB+' and withdrawn

Export Import Bank of Malaysia Berhad

   -- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook
      Negative
   -- Support Rating affirmed at '1'
   -- Support Rating Floor affirmed at 'A-'
   -- Senior unsecured debt ratings affirmed at 'A-'



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


WINDFLOW TECHNOLOGY: Annual Loss Narrows to NZ$5.2 Million
----------------------------------------------------------
Alan Wood at Stuff.co.nz reports that Windflow Technology reported
a NZ$5.2 million loss for the year to June 30.

Stuff.co.nz says the loss was narrower than the NZ$7.2 million
loss in the year to June 30, 2013 but came in a difficult trading
environment and amid uncertainty around the company as a going
concern.

The Christchurch-based company reported revenues of NZ$1.54
million for the 2014 year, down from revenues of NZ$1.89 million
in the prior year.

Stuff.co.nz relates that Windflow continued to work on its aim of
designing, developing and supplying mid-sized wind turbines, it
said in a statement. The company has been cash strapped during its
development stage.

According to the report, Windflow said there was a significant
element of uncertainty as to the group's ability to remain a going
concern, which was contingent on it being able to generate
sufficient cash to fund overheads.

It indicated this would be done through a mix of continued access
to a shareholder loan facility, achieving turbine sales and
obtaining new finance and further equity injections, the report
adds.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



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


* BOND PRICING: For the Week September 8 to September 12, 2014
--------------------------------------------------------------

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


  AUSTRALIA
  ---------

A1 INVESTMENTS &    12.00   09/30/14      AUD       0.08
ANTARES ENERGY LT   10.00   10/30/23      AUD       2.05
BOART LONGYEAR MA    7.00   04/01/21      USD      72.50
BOART LONGYEAR MA    7.00   04/01/21      USD      71.88
CRATER GOLD MININ   10.00   08/18/17      AUD      15.00
GRIFFIN COAL MINI    9.50   12/01/16      USD      71.88
GRIFFIN COAL MINI    9.50   12/01/16      USD      71.88
KBL MINING LTD      10.00   08/05/16      AUD       0.30
LAKES OIL NL        10.00   11/30/14      AUD      19.50
MIDWEST VANADIUM    11.50   02/15/18      USD      14.00
MIDWEST VANADIUM    11.50   02/15/18      USD      13.25
NEW SOUTH WALES T    0.50   10/28/22      AUD      75.05
NEW SOUTH WALES T    0.50   11/18/22      AUD      74.82
NEW SOUTH WALES T    0.50   03/30/23      AUD      73.87
NEW SOUTH WALES T    0.50   02/02/23      AUD      74.37
NEW SOUTH WALES T    0.50   12/16/22      AUD      74.79
STOKES LTD          10.00   06/30/17      AUD       0.37
TREASURY CORP OF     0.50   11/12/30      AUD      54.16
TREASURY CORP OF     0.50   03/03/23      AUD      74.79


CHINA
-----

CHANGCHUN CITY DE    6.08   03/09/16      CNY      70.55
CHANGCHUN CITY DE    6.08   03/09/16      CNY      70.63
CHANGZHOU INVESTM    5.80   07/01/16      CNY      70.32
CHANGZHOU INVESTM    5.80   07/01/16      CNY      70.40
CHANGZHOU SMALL &    6.18   11/29/14      CNY      60.13
CHINA GOVERNMENT     1.64   12/15/33      CNY      63.06
DANYANG INVESTMEN    6.30   06/03/16      CNY      70.44
GUANGXI XINFAZHAN    5.75   11/30/14      CNY      39.95
JIANGSU LIANYUN D    7.85   07/22/15      CNY      70.47
KUNSHAN ENTREPREN    4.70   03/30/16      CNY      69.65
KUNSHAN ENTREPREN    4.70   03/30/16      CNY      69.03
NANJING PUBLIC HO    5.85   08/08/17      CNY      64.36
QINGZHOU HONGYUAN    6.50   05/22/19      CNY      49.81
QINGZHOU HONGYUAN    6.50   05/22/19      CNY      49.91
WUXI COMMUNICATIO    5.58   07/08/16      CNY      50.10
WUXI COMMUNICATIO    5.58   07/08/16      CNY      50.35
YANGZHOU URBAN CO    5.94   07/23/16      CNY      70.55
YANGZHOU URBAN CO    5.94   07/23/16      CNY      70.60
ZHENJIANG CITY CO    5.85   03/30/15      CNY      70.20
ZHENJIANG CITY CO    5.85   03/30/15      CNY      70.21
ZHUCHENG ECONOMIC    7.50   08/25/18      CNY      48.99
ZIBO CITY PROPERT    5.45   04/27/19      CNY      59.71
ZOUCHENG CITY ASS    7.02   01/12/18      CNY      71.34


INDONESIA
---------

DAVOMAS INTERNATI   11.00   12/08/14      USD      19.50
DAVOMAS INTERNATI   11.00   12/08/14      USD      19.50
INDONESIA TREASUR    6.38   04/15/42      IDR      73.69
PERUSAHAAN PENERB    6.75   04/15/43      IDR      74.80
PERUSAHAAN PENERB    6.10   02/15/37      IDR      70.50


INDIA
-----

3I INFOTECH LTD      5.00   04/26/17      USD      35.00
CORE EDUCATION &     7.00   05/07/15      USD      10.75
COROMANDEL INTERN    9.00   07/23/16      INR      15.10
GTL INFRASTRUCTUR    2.53   11/09/17      USD      31.00
INCLINE REALTY PV   10.85   08/21/17      INR      19.17
INCLINE REALTY PV   10.85   04/21/17      INR      16.13
INDIA GOVERNMENT     0.23   01/25/35      INR      19.35
JCT LTD              2.50   04/08/11      USD      20.00
MASCON GLOBAL LTD    2.00   12/28/12      USD      10.00
PRAKASH INDUSTRIE    5.25   04/30/15      USD      72.13
PRAKASH INDUSTRIE    5.63   10/17/14      USD      74.88
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      27.27


JAPAN
-----

ELPIDA MEMORY INC    0.70   08/01/16      JPY      16.63
ELPIDA MEMORY INC    0.50   10/26/15      JPY      16.63
ELPIDA MEMORY INC    2.03   03/22/12      JPY      16.63
ELPIDA MEMORY INC    2.10   11/29/12      JPY      16.75
ELPIDA MEMORY INC    2.29   12/07/12      JPY      16.75
JAPAN EXPRESSWAY     0.50   03/18/39      JPY      72.18
JAPAN EXPRESSWAY     0.50   09/17/38      JPY      72.79


KOREA
------

DONGBU METAL CO L    5.20   09/12/19      KRW      59.90
EXPORT-IMPORT BAN    0.50   12/22/17      BRL      69.11
EXPORT-IMPORT BAN    0.50   11/21/17      BRL      70.35
EXPORT-IMPORT BAN    0.50   10/23/17      TRY      72.94
EXPORT-IMPORT BAN    0.50   12/22/17      TRY      71.88
GREAT KODIT SECUR   10.00   09/29/14      KRW      76.15
HYUNDAI MERCHANT     7.05   12/27/42      KRW      43.52
KIBO ABS SPECIALT   10.00   08/22/17      KRW      29.35
KIBO ABS SPECIALT   10.00   02/19/17      KRW      30.25
KIBO ABS SPECIALT   10.00   09/04/16      KRW      65.81
KIBO GREEN HI-TEC   10.00   12/21/15      KRW      67.66
KIBO GREEN HI-TEC   10.00   01/25/15      KRW      74.76
KIBO GREEN HI-TEC   10.00   03/20/15      KRW      71.09
SINBO CONSTRUCTIO   10.00   09/29/14      KRW      76.15
SINBO SECURITIZAT    5.00   07/26/16      KRW      30.10
SINBO SECURITIZAT    5.00   10/05/16      KRW      29.70
SINBO SECURITIZAT    5.00   10/01/17      KRW      27.79
SINBO SECURITIZAT    5.00   07/19/15      KRW      58.99
SINBO SECURITIZAT    5.00   07/26/16      KRW      30.10
SINBO SECURITIZAT    5.00   08/24/15      KRW      58.73
SINBO SECURITIZAT    5.00   10/05/16      KRW      29.70
SINBO SECURITIZAT    5.00   05/27/16      KRW      30.57
SINBO SECURITIZAT    5.00   06/29/16      KRW      30.32
SINBO SECURITIZAT    5.00   10/01/17      KRW      27.79
SINBO SECURITIZAT    5.00   05/27/16      KRW      30.57
SINBO SECURITIZAT    5.00   12/13/16      KRW      29.18
SINBO SECURITIZAT    5.00   01/29/17      KRW      28.85
SINBO SECURITIZAT    5.00   02/21/17      KRW      27.62
SINBO SECURITIZAT    5.00   03/13/17      KRW      28.55
SINBO SECURITIZAT    5.00   03/13/17      KRW      28.55
SINBO SECURITIZAT    5.00   02/21/17      KRW      28.62
SINBO SECURITIZAT    5.00   01/19/16      KRW      59.47
SINBO SECURITIZAT    8.00   02/02/15      KRW      66.50
SINBO SECURITIZAT    5.00   02/02/16      KRW      59.87
SINBO SECURITIZAT    8.00   02/02/16      KRW      65.29
SINBO SECURITIZAT    5.00   08/31/16      KRW      29.84
SINBO SECURITIZAT    5.00   08/31/16      KRW      29.84
SINBO SECURITIZAT    5.00   12/07/15      KRW      59.76
SINBO SECURITIZAT    8.00   03/07/15      KRW      63.96
SINBO SECURITIZAT   10.00   12/27/15      KRW      67.39
SINBO SECURITIZAT    5.00   09/28/15      KRW      58.56
SINBO SECURITIZAT   10.00   12/27/14      KRW      71.69
SINBO SECURITIZAT    5.00   10/01/17      KRW      27.79
SINBO SECURITIZAT    5.00   03/14/16      KRW      59.11
SINBO SECURITIZAT    5.00   06/07/17      KRW      25.05
SINBO SECURITIZAT    5.00   06/07/17      KRW      25.05
SINBO SECURITIZAT    5.00   07/08/17      KRW      28.42
SINBO SECURITIZAT    5.00   07/08/17      KRW      28.42
SINBO SECURITIZAT    9.00   07/27/15      KRW      67.36
SINBO SECURITIZAT    5.00   09/13/15      KRW      60.61
SINBO SECURITIZAT    5.00   09/13/15      KRW      56.96
SINBO SECURITIZAT    4.60   06/29/15      KRW      60.47
SINBO SECURITIZAT    4.60   06/29/15      KRW      60.47
SINBO SECURITIZAT    5.00   08/16/16      KRW      29.62
SINBO SECURITIZAT    5.00   08/16/17      KRW      28.05
SINBO SECURITIZAT    5.00   08/16/17      KRW      28.05
STX OFFSHORE & SH    3.00   09/06/15      KRW      72.02
STX OFFSHORE & SH    6.90   04/09/15      KRW      74.51
TONGYANG CEMENT &    7.30   04/12/15      KRW      70.00
TONGYANG CEMENT &    7.50   07/20/14      KRW      70.00
TONGYANG CEMENT &    7.50   09/10/14      KRW      70.00
TONGYANG CEMENT &    7.30   06/26/15      KRW      70.00
TONGYANG CEMENT &    7.50   04/20/14      KRW      70.00
U-BEST SECURITIZA    5.50   11/16/17      KRW      27.87
WOONGJIN ENERGY C    2.00   12/19/16      KRW      57.32
SRI LANKA GOVERNM    5.35   03/01/26      LKR      75.62


MALAYSIA
--------

BANDAR MALAYSIA S    0.35   02/20/24      MYR      66.45
BIMB HOLDINGS BHD    1.50   12/12/23      MYR      73.23
BRIGHT FOCUS BHD     2.50   01/22/31      MYR      68.01
BRIGHT FOCUS BHD     2.50   01/24/30      MYR      69.45
LAND & GENERAL BH    1.00   09/24/18      MYR       0.50
SENAI-DESARU EXPR    0.50   12/31/38      MYR      73.09
SENAI-DESARU EXPR    1.35   12/31/25      MYR      62.81
SENAI-DESARU EXPR    0.50   12/30/39      MYR      74.84
SENAI-DESARU EXPR    1.15   06/30/25      MYR      62.60
SENAI-DESARU EXPR    1.15   12/31/24      MYR      64.07
SENAI-DESARU EXPR    1.35   12/29/28      MYR      55.08
SENAI-DESARU EXPR    1.10   12/31/21      MYR      73.64
SENAI-DESARU EXPR    1.15   12/29/23      MYR      67.26
SENAI-DESARU EXPR    1.35   12/31/29      MYR      52.88
SENAI-DESARU EXPR    1.35   06/28/30      MYR      51.92
SENAI-DESARU EXPR    1.35   06/30/28      MYR      56.26
SENAI-DESARU EXPR    1.35   06/30/26      MYR      61.44
SENAI-DESARU EXPR    1.35   12/31/30      MYR      50.96
SENAI-DESARU EXPR    1.15   06/28/24      MYR      65.64
SENAI-DESARU EXPR    1.35   12/31/26      MYR      60.08
SENAI-DESARU EXPR    1.15   12/30/22      MYR      70.55
SENAI-DESARU EXPR    1.15   06/30/23      MYR      68.90
SENAI-DESARU EXPR    1.10   06/30/22      MYR      71.92
SENAI-DESARU EXPR    1.35   06/30/27      MYR      58.78
SENAI-DESARU EXPR    1.35   12/31/27      MYR      57.50
SENAI-DESARU EXPR    1.35   06/29/29      MYR      53.95
SENAI-DESARU EXPR    1.35   06/30/31      MYR      50.07
UNIMECH GROUP BHD    5.00   09/18/18      MYR       1.42


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       7.99
BAKRIE TELECOM PT   11.50   05/07/15      USD       8.00
BLD INVESTMENTS P    8.63   03/23/15      USD      18.88
BUMI CAPITAL PTE    12.00   11/10/16      USD      49.13
BUMI CAPITAL PTE    12.00   11/10/16      USD      45.15
BUMI INVESTMENT P   10.75   10/06/17      USD      48.89
BUMI INVESTMENT P   10.75   10/06/17      USD      47.00
ENERCOAL RESOURCE    9.25   08/05/14      USD      45.50
INDO INFRASTRUCTU    2.00   07/30/10      USD       1.88


THAILAND
--------

G STEEL PCL          3.00   10/04/15      USD      13.88
MDX PCL              4.75   09/17/03      USD      17.13


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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