TCRAP_Public/140919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 19, 2014, Vol. 17, No. 186


                            Headlines


A U S T R A L I A

AUSWIDE SERVICES: In Administration; First Meeting Set Sept. 25
JOHN FARRAGHER TRANSPORT: Placed Into Liquidation
PUBLISHERS AUSTRALIA: Goes Into Voluntary Administration


C H I N A

FOSUN INT'L: Bid For Club Med No Impact on Ba3 CFR, Moody's Says
GEELY AUTOMOBILE: Moody's Assigns Ba2 Corporate Family Rating
LDK SOLAR: Units to File Prepack Bankruptcy in U.S.
LDK SOLAR: Cayman Court Wants Creditors Meeting Held in October
LDK SOLAR: Hong Kong Court to Conduct Hearing on Sept. 23

RUSSIAN STANDARD: S&P Lowers CNY500BB LPN Rating to 'cnBB-'


H O N G  K O N G

BAOXIN AUTO: Moody's Withdraws Ba3 Corporate Family Rating


I N D I A

A. S. INDUSTRIES: CRISIL Assigns D Rating to INR32MM Term Loan
AJANTA OFFSET: CRISIL Suspends D Rating on INR328.9MM Bank Loan
ANG LIFE: CRISIL Assigns 'D' Rating to INR81.5MM Term Loan
ATTAR CONSTRUCTION: CRISIL Suspends B+ Rating on INR200MM Loan
C P SPONGE: CRISIL Suspends B+ Rating on INR177MM Cash Credit

CHIRAYU CHARITABLE: CRISIL Suspends B Rating on INR567.5MM Loan
COSMOS JEWELLERS: CRISIL Suspends B+ Rating on INR50M Cash Credit
DEIVAANAI SINTER: CRISIL Suspends D Rating on INR53.9MM Term Loan
DEVA SINGH: CRISIL Suspends B+ Rating on INR110MM Cash Credit
GAUTAM AUTO: CRISIL Suspends B Rating on INR100MM Funding Loan

JIA AUTO: CRISIL Suspends D Rating on INR70MM Cash Credit Stock
KAYNES HOTEL: CRISIL Suspends D Rating on INR200MM Term Loan
KESHRANAND COTEX: CRISIL Assigns B+ Rating to INR110MM Bank Loan
KINGFISHER AIRLINES: Lenders Vie for 1st Right of Recovery
KRISHNA COKE: CRISIL Suspends 'D' Rating on INR50MM Cash Credit

MAHABIR COLD: CRISIL Reaffirms B+ Rating on INR124MM Bank Loan
MAHAJAN TYRE: CRISIL Reaffirms B Rating on INR75MM Cash Credit
MANDONA HYUNDAI: CRISIL Suspends B Rating on INR32MM Funding Loan
METAL CRAFT: CRISIL Suspends B+ Rating on INR76.4MM Cash Credit
NICOMET INDUSTRIES: CRISIL Suspends D Rating on INR1BB LOC

PAL & PAUL: CRISIL Reaffirms B+ Rating on INR139MM Overdraft Loan
PEARL FURNITURE: CRISIL Assigns B+ Rating to INR38MM Cash Credit
PEEKAY MEDIEQUIP: CRISIL Suspends D Rating on INR150M Cash Credit
POLYLON INDUSTRIES: CRISIL Suspends B- Rating on INR50M Cash Loan
POLYLON TEXTILE: CRISIL Suspends B- Rating on INR46.2MM Term Loan

PRECISE SEAMLESS: CRISIL Reaffirms B Rating on INR180.5MM Loan
PRESSMACH INFRA: CRISIL Suspends B Rating on INR136MM Cash Credit
PRESTIGE URBAN: CRISIL Suspends B Rating on INR350MM Cash Credit
PRITHVI FERRO: CRISIL Ups Rating on INR843MM Term Loan to B-
RACHNA METAL: CRISIL Upgrades Rating on INR150M Cash Credit to B+

RAJ-RAJESHWARI PAP-CHEM: CRISIL Suspends D INR127.5M Loan Rating
RCM INFRA: CRISIL Suspends C Rating on INR60MM Overdraft Loan
SARDA RICE: CRISIL Assigns B+ Rating to INR76MM Cash Credit
SARVODAY ASHRAM: CRISIL Reaffirms B+ Rating on INR65M Cash Credit
SHIVKRUPA TRADING: CRISIL Suspends B Rating on INR30MM Bank Loan

SHREE MANIBHADRA: CRISIL Suspends B+ Rating on INR90M Cash Credit
SHREE UMIYA: CRISIL Suspends 'B' Rating on INR90MM Cash Credit
SHRI VISHNU: CRISIL Suspends D Rating on INR550MM Foreign Bill
SIDDHI VINAYAK: CRISIL Reaffirms B Rating on INR55MM Cash Credit
SIRIUS INFRA: CRISIL Suspends B+ Rating on INR30MM Cash Credit

SIVAGAMY TRADERS: CRISIL Suspends B Rating on INR47.5MM Cash Loan
SOHAMS FOUNDATION: CRISIL Suspends D Rating on INR135MM Cash Loan
SRI VENKATESWARA: CRISIL Suspends B+ Rating on INR50M Cash Credit
STERLING ESTATES: CRISIL Suspends D Rating on INR100M Cash Credit
SUNSHINE INFRAWELL: CRISIL Suspends B+ Rating on INR200MM Loan

SURYA CONSTRUCTION: CRISIL Suspends B- Rating on INR20MM Loan
SURYA HEALTHCARE: CRISIL Suspends D Rating on INR488MM Term Loan
SYNPACK FINANCE: CRISIL Suspends B Rating on INR100MM Cash Credit
T C SPINNERS: CRISIL Suspends D Rating on INR644.7MM Bank Loan
TRAVANCORE COCOTUFT: CRISIL Suspends B+ Rating on INR30MM Loan

ULTIMA SWITCHGEARS: CRISIL Reaffirms B+ Rating on INR60MM Loan
VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR200MM Loan


I N D O N E S I A

MITRA PINASTHIKA: Fitch Assigns BB- Rating on USD200MM Sr. Notes


J A P A N

PIONEER CORP: To Sell DJ Equipment Business to KKR for JPY59BB
SONY CORP: Revises Full-Year Net Loss Forecast to JPY230 Billion
SONY CORP: USD1.7B Write-Down No Effect on BB- Rating, Fitch Says


M A L A Y S I A

MALAYSIA AIRLINES: Khazanah to Set Up Outplacement Center


N E W  Z E A L A N D

FELTEX CARPET: Prospectus 'Not Misleading', High Court Says
SOLID ENERGY: Gets NZ$103MM Fund From Government


S I N G A P O R E

GOODPACK LIMITED: Moody's Assigns Parent B2 Corp. Family Rating


V I E T N A M

* VIETNAM: New Bankruptcy Law to Take Effect in January 2015


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AUSWIDE SERVICES: In Administration; First Meeting Set Sept. 25
---------------------------------------------------------------
David Ian Mansfield and Neil Robert Cussen of Deloitte Touche
Tohmatsu were appointed as administrators of Auswide Services Ltd
and Auswide Projects Ltd on Sept. 15, 2014.

A first meeting of the creditors of the Company will be held at 14
Cabarita Place, in Merimbula, New South Wales, on Sept. 25, 2014,
at 12:30 p.m.


JOHN FARRAGHER TRANSPORT: Placed Into Liquidation
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that John Farragher
Transport Management Pty Ltd has been placed on the market
following the vote of creditors to put the company into
liquidation.  Farnsworth Shepard's Adam Shepard was appointed as
liquidator of the company on Sept. 16, 2014.

According to the report, the liquidator addressed staff and said
that if the business does not have enough money to pay their
entitlements, which does not include superannuation, they could
make a Fair Entitlement Guarantee claim.

The placement of the company into liquidation followed a voluntary
administration, Dissolve.com.au notes.


PUBLISHERS AUSTRALIA: Goes Into Voluntary Administration
--------------------------------------------------------
Mediabiz Net reports that Publishers Australia, struggling with
membership and financial pressures has entered voluntary
administration.

A lifeline being a AUD50,000 line of credit provided by Focal
Attractions publishers of Mumbrella apparently could not arrest
the problems faced by the industry body, according to Mediabiz
Net.

The report notes that Geoff Hird stepped down as long serving
Chair replaced one month ago by Ash Hunter who released a
statement.

"After careful consideration and professional advice, the Board
has made the decision to put Publishers Australia into voluntary
administration.  The company in recent years has not performed
well financially and has residual debt.  The appointment of the
voluntary administrator will provide a mechanism to restructure
the company and hopefully provide a stronger company into the
future," the statement said.

Prior to the appointment of the administrator, the Board entered
into an agreement with Focal Attractions to prepare and hold the
annual Excellence Awards which have been launched and are entirely
unaffected by this process. The administrator is continuing to
trade the business of the company and is working with Focal
Attractions," the statement added.

The report relates that it is hoped the Association will be
revived as the industry needs a champion for small to medium
publishers especially in the B2B and Specialist publishing space.



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


FOSUN INT'L: Bid For Club Med No Impact on Ba3 CFR, Moody's Says
----------------------------------------------------------------
Moody's Investors Service said Fosun International Limited's
tender offer for Club Mediterranee (Club Med, unrated) and
investment in Sinopec Marketing Co., Ltd. (Sinopec Sales, unrated)
have no immediate impact on its Ba3 corporate family rating and B1
bond ratings.

The outlook for the ratings remains negative.

"The tender offer and investment reflect Fosun's continued
investment appetite. The cash consideration for Club Med and
Sinopec Sales could total up to EUR696 million and RMB2.153
billion, respectively," says Lina Choi, a Moody's Vice President
and Senior Analyst.

"The two deals will be partially funded by Fosun's insurance
subsidiaries and funds from third parties, an investment strategy
in line with Moody's expectations. By leveraging these financial
resources Fosun also partially alleviates the funding pressure
arising from its aggressive investment plans," adds Kai Hu, a
Moody's Vice President and Senior Credit Officer.

If Fosun wins the tender offers and acquires 100% of the stakes in
Club Med, Moody's estimates that Fosun will still need to fund
deal with around EUR238million in additional debt and/or liquid
financial assets (i.e. cash or marketable securities) at the
holding company level.

For the RMB2.153 billion Sinopec Sales deal, about 28% of the cash
consideration will be funded by Fosun's insurance subsidiary and a
fund under its management, the other 72% will be funded by third
party Co-investors.

"Even though, such will further pressure Fosun's credit metrics
and liquidity profile, following a debt increase of RMB18.4
billion in 1H 2014. Unless Fosun achieves more active asset
disposal or expands the use of alternative funding resources, its
credit metrics will be under higher pressure," adds Hu.

While both deals could further improve Fosun's portfolio diversity
and value, they will unlikely materially boost Fosun's recurring
EBITDA and cashflow in the next six to twelve months. The
environment for its core businesses remains challenging
environment, and there is uncertainty regarding the integration
with the acquired businesses.

The negative outlook for its ratings reflects: (1) concerns over
whether Fosun can reduce its reliance on debt-funded growth by
leveraging other funding channels; (2) Fosun's considerable
execution risk in integrating its Portuguese insurance companies'
operations; and (3) the unfavorable industry conditions affecting
its core businesses in steel, property and mining.

Fosun's ratings reflect its: (1) business risk and competitive
position compared with others within the industry; (2) capital
structure and financial risk; (3) projected performance over the
next 12-18 months; and (4) management's track record and tolerance
for risk.

Fosun was founded in 1992 and focuses on the core businesses of:
(1) steel; (2) property; (3) pharmaceuticals and healthcare; and
(4) mining.

Apart from its core businesses, Fosun also has a growing presence
in other areas such as insurance and asset management. It also has
a significant portfolio of Chinese and overseas investments in
listed companies, equity interests in operating businesses and
investment partnerships that are not publicly listed.


GEELY AUTOMOBILE: Moody's Assigns Ba2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Geely Automobile Holdings Limited (Geely).

Moody's has also assigned a Ba2 rating to its proposed USD senior
notes.

The ratings outlook is stable.

The net proceeds from the notes issuance will be used by Geely to
refinance its existing indebtedness, expand its business, and for
other general corporate purposes.

Ratings Rationale

"The Ba2 corporate family rating reflects Moody's expectation that
Geely will achieve robust unit sales growth of around 10%-15% in
2015, given that it operates in China's large and rapidly growing
passenger vehicle market," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

Moody's points out that Geely's focus is on China's auto market,
which is the largest globally, with unit sales volume reaching 22
million in 2013, a 14% year-on-year growth rate. Its passenger
vehicle market, which includes sedans, MPVs and SUVs, grew 23%
over the same period.

The high growth rate reflects China's higher GDP growth relative
to other economies and the low penetration rates evident in its
auto market.

In addition, the government's support of local automakers is
favorable to Geely.

"Geely's Ba2 corporate family rating also considers the
operational support that the company receives from its parent,"
says Ho, who is also the Lead Analyst for Geely.

Geely's parent, Zhejiang Geely Holding Group Company Limited
(Zhejiang Geely, unrated), supports Geely's production of
passenger vehicles through its own holding of licenses to
manufacture passenger vehicles in China. Consequently, Geely can
manufacture and sell cars in China, while holding 99% stakes in
operating subsidiaries, despite its offshore incorporation.

Zhejiang Geely also provides support to Geely in the form of model
incubations. For example, the parent's ownership of Volvo Car
Corporation is helping Geely develop new models through the two
companies' co-operation on the development of the Compact Modular
Architecture (CMA) passenger vehicle platform. This platform --
once it becomes operational -- will in turn support Geely's
strategy to expand its customer base by developing competitive,
larger and higher-priced models.

Moody's points out that Geely's Ba2 rating also takes into account
its low debt leverage. Its debt/EBITDA and debt/book
capitalization at 31 December 2013 were at 0.3x and 8%
respectively.

The company's debt leverage fell in 2013, due partly to lower
levels of borrowing and the conversion of RMB901 million of
convertible bonds.

The low debt leverage reflects the company's cautious approach to
financial management. While it suffered a material decline in
sales of 32% year-on-year in 1H 2014 -- partly due to the
restructuring its dealership network and weak export sales -- it
was able to control inventory, capital expenditure and borrowings.
This meant it could maintain good liquidity and low debt leverage.

However, Moody's expects Geely's debt leverage to rise over the
next 12-18 months, as the company focuses on improving its
products and distribution network.

In addition, Geely's debt leverage will rise further in 2016, as
it acquires the CMA passenger vehicle platform from its parent.

Nonetheless, Geely's debt leverage, as measured by debt/EBITDA,
will remain below 2x over the next two years; a level which will
support its Ba rating.

On the other hand, Geely's rating is constrained by the strong
competition in China's auto market. It captured 3.4% of China's
passenger vehicle market in 2013, ranking it 10th-largest by unit
sales, and second-largest local brand by unit sales.

Geely's limited market share is due to competition from a large
number of major international automakers, as well as from local
brands; in particular, Geely faces brand and product competition
from the major international automakers, and price and value
competition from local brands.

Moreover, Geely's exports to emerging markets add volatility to
its sales, in turn constraining its rating.

Moody's notes that Geely's product range is limited, as its
vehicles are mainly low-priced small sedans. Nevertheless, the
company plans to develop new models to improve its
competitiveness.

Geely's liquidity position is solid. At end-June 2014, excluding
assets and liabilities held for sale, it reported net cash
holdings totaling RMB5.6 billion, and cash and marketable
securities to debt of 809%.

The stable rating outlook reflects Moody's expectation that Geely
will achieve sales growth by producing new marketable models. It
will also maintain its discipline in financial management, as seen
by low debt levels and a strong liquidity position.

Upward rating pressure could emerge over the medium term if Geely:
(1) improves its overall market share through the successful sales
of new models; (2) improves profitability, such that its EBITA
margins -- net of government subsidies -- exceed 7.5% on a
sustainable basis; (3) maintains low debt leverage, as measured by
debt/EBITDA below 1.5x; and (4) maintains a solid liquidity
profile, as indicated by cash/short-term debt above 1.5x.

Downgrade pressure could emerge if Geely: (1) exhibits weakening
sales or falling profit margins; in particular, if EBITA margins
fall below 6%; (2) expands capacity rapidly, or if acquisitions
are materially funded by debt; or (3) makes substantial
distributions to its parent, Zhejiang Geely.

Specific credit metrics that would indicate downward rating
pressure include debt/EBITDA well above 2.5x.

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

Geely Automobile Holdings Limited is incorporated in the Cayman
Islands and listed on the Hong Kong Stock Exchange.

The company is one of the largest privately owned, local brand
automakers in China. Geely develops, manufactures and sells
passenger vehicles that are sold in China and globally. Chairman
and founder, Mr. Li Shufu, became Geely's controlling shareholder
in June 2005. Mr. Li and his family held a 42.6% stake in the
company at end-2013.


LDK SOLAR: Units to File Prepack Bankruptcy in U.S.
---------------------------------------------------
LDK Solar CO., Ltd., in provisional liquidation, together with its
Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both
of Zolfo Cooper (Cayman) Limited, said Sept. 18 that three of its
U.S. subsidiaries, LDK Solar USA, Inc., LDK Solar Tech USA, Inc.
and LDK Solar Systems, Inc. (the 'US Plan Proponents'), launched a
solicitation of votes on a prepackaged plan of reorganization (the
'Prepackaged Plan') from the holders of the Company's 10% Senior
Notes due 2014 (the 'Senior Notes').

The US Plan Proponents intend to implement the Prepackaged Plan
through the commencement of chapter 11 cases.

Votes on the Prepackaged Plan from the holders of Senior Note
guarantee claims must be submitted to Lucid Issuer Services
Limited ('Lucid') so that they are actually received no later than
12:00 p.m. (prevailing Eastern time) on October 15, 2014.

Holders of Senior Notes guarantee claims who need additional
information regarding the balloting process can contact Lucid at
ldk@lucid-is.com or Epiq Bankruptcy Solutions, LLC, which is the
U.S. Voting Agent, at +1 646-282-2500 or
tabulation@epiqsystems.com   (please include “LDK Solar”
in the subject line).

The JPLs may be reached at:

     Tammy Fu
     Eleanor Fisher
     ZOLFO COOPER CAYMAN LIMITED
     P.O. Box 1102
     4th Floor, Building 3
     Cayman Financial Centre
     Grand Cayman KY1-1102
     Cayman Islands
     Tel: (345) 946-0081
     Fax: (345) 946-0082
     E-mail: tammy.fu@zolfocooper.ky
             eleanor.fisher@zolfocooper.ky

                          About LDK Solar

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

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


LDK SOLAR: Cayman Court Wants Creditors Meeting Held in October
---------------------------------------------------------------
LDK Solar CO., Ltd., in provisional liquidation, together with its
Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both
of Zolfo Cooper (Cayman) Limited, said Sept. 18 that the Company's
application (acting by the JPLs) and its subsidiary, LDK Silicon &
Chemical Technology Co., Ltd. (?LDK Silicon?), by summons dated
August 29, 2014, to the Grand Court of the Cayman Islands (the
?Cayman Court?), the Cayman Court made an order dated September
12, 2014 and filed on September 16, 2014 to direct the Company and
LDK Silicon to convene the class meetings of the Company's
creditors on October 16, 2014 (starting at 8:00 p.m.), Cayman
time, and October 17, 2014 (starting at 9:00 a.m.), Hong Kong
time.

The Cayman Court is currently scheduled to hear the petition in
respect of the schemes of arrangement on November 6, 2014, at
which hearing the Cayman Court will determine whether or not to
sanction the schemes of arrangement.

Creditors of the Company and LDK Silicon are invited to review the
Scheme Website at http://ldksolar-provisionalliquidation.comwhere
further details of the schemes of arrangement may be found,
including details of how to vote at the meetings, copies of the
schemes of arrangement, the explanatory statement, and the
solicitation packets.

                          About LDK Solar

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

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


LDK SOLAR: Hong Kong Court to Conduct Hearing on Sept. 23
---------------------------------------------------------
LDK Solar CO., Ltd., in provisional liquidation, together with its
Joint Provisional Liquidators, Tammy Fu and Eleanor Fisher, both
of Zolfo Cooper (Cayman) Limited, said Sept. 18 that the Company,
together with LDK Silicon and LDK Silicon Holding Co., Limited
('LDK Silicon Holding'), previously made a filing to commence
schemes of arrangement in the High Court of Hong Kong (the 'Hong
Kong Court'). The Hong Kong Court is currently scheduled to hear
on September 23, 2014 the applications on behalf of the company,
LDK Silicon and LDK Silicon Holding to convene the class meetings
of creditors for the Hong Kong schemes of arrangement on or around
October 17, 2014, Hong Kong time.

                          About LDK Solar

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

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


RUSSIAN STANDARD: S&P Lowers CNY500BB LPN Rating to 'cnBB-'
-----------------------------------------------------------
Standard & Poor's Ratings Services corrected its Greater China
Regional Scale rating on senior unsecured loan participation notes
(LPNs) issued by special purpose vehicle Russian Standard Finance
S.A. for Russia-based Russian Standard Bank JSC by lowering it to
'cnBB-' from 'cnBB'.

The LPNs affected by this rating action are:

   -- CNY500 bil 8.00% LPN series 12 due 02/14/2015 (issuer:
      Russian Standard Finance S.A.; borrower Russian Standard
      Bank JSC).

S&P's counterparty credit ratings and Russia national scale rating
on Russian Standard Bank and all other issues, rated on a global
or local rating scale, are unaffected by this rating action.

S&P is lowering its issue rating on the notes to correspond with
the long-term counterparty credit rating on Russian Standard Bank.
The downgrade is in accordance with S&P's rating methodology,
including its mapping of the Greater China Regional scale to
global scale local currency ratings.

The outlook on Russian Standard Bank remains negative, reflecting
the bank's increasing risks in unsecured lending in Russia and
S&P's opinion that its loan portfolio deterioration could continue
throughout 2014.



================
H O N G  K O N G
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BAOXIN AUTO: Moody's Withdraws Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn Baoxin Auto Group
Limited's Ba3 corporate family rating with a stable outlook.

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Founded in 1999, Baoxin Auto Group Limited is one of the top
players in the luxury car dealership market in China, operating 82
stores at end-2013. Baoxin listed on the Hong Kong Stock Exchange
in December 2011.



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I N D I A
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A. S. INDUSTRIES: CRISIL Assigns D Rating to INR32MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of A. S. Industries (Haridwar) [ASI].

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan              32         CRISIL D
   Cash Credit            25         CRISIL D
   Letter of Credit        3         CRISIL D

The ratings reflect instances of delay by ASI in meeting its debt
obligations; the delays have been due to cash flow mismatches
arising from the difference in the receivables cycle and debt
repayment schedule, as the firm derives 90 per cent of its revenue
from two customers. Furthermore, it has weak liquidity owing to
large working capital requirements.

ASI also has a weak financial risk profile, marked by a high
gearing and a small net worth, and a small scale of operations.
However, the firm benefits from the extensive experience of its
promoters in the die-casted automotive (auto) components industry.

ASI, formed in 2010 and based in Noida (Uttar Pradesh), is a
partnership firm between Mr. Sunil Sharma and Mrs. Sunheri Sharma.
The firm manufactures aluminium die-casted auto components for
two-wheelers. Its manufacturing facility is in Bhegumpur (SIDCUL),
Haridwar (Uttarakhand).

ASI reported a book profit and net sales of INR5.4 million and
INR148.6 million, respectively, for 2012-13 (refers to financial
year, April 1 to March 31), against a book profit of INR6.9
million on net sales of INR80.4 million for 2011-12.


AJANTA OFFSET: CRISIL Suspends D Rating on INR328.9MM Bank Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ajanta
Offset and Packaging Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           230        CRISIL D Suspended
   Letter of Credit       70        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility    328.9      CRISIL D Suspended
   Term Loan             241.1      CRISIL D Suspended
   Working Capital
   Term Loan             170        CRISIL D Suspended

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

Incorporated in 1969 and promoted by Mr. G P Todi, AOPL offers
comprehensive print management solutions, including pre-press,
press, and post-press services, and is listed on the Delhi Stock
Exchange. The company has three units at Faridabad (Haryana) and a
unit in New Delhi.


ANG LIFE: CRISIL Assigns 'D' Rating to INR81.5MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of ANG Life Sciences (India) Pvt Ltd (ANG). The ratings
reflect instances of delay by ANG in repayment of its term debt;
the delays have been caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             81.5        CRISIL D
   Proposed Long Term
   Bank Loan Facility    13.5        CRISIL D
   Letter of Credit      37.5        CRISIL D
   Bank Guarantee        10          CRISIL D
   Cash Credit           37.5        CRISIL D

ANG also has a weak financial profile marked by high gearing, and
working capital intensive operations. However, the company
benefits from its promoter's extensive industry experience.

Incorporated in 2006, ANG manufactures dry powder injectibles. It
has a manufacturing plant at Baddi (Himachal Pradesh). Its
operations are currently being managed by Mr. Rajesh Gupta.


ATTAR CONSTRUCTION: CRISIL Suspends B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Attar
Construction Company Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            65         CRISIL B+/Stable Suspended
   Letter of Credit      335         CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility    200         CRISIL B+/Stable Suspended

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

ACCPL was promoted by Mr. Tarun Jain in 1985, and was initially
engaged in the construction business. The company was non-
operational for a few years until 2009 as its business was moved
to group entity Kamanwala Housing Construction Ltd. In 2009, ACCPL
started ship-breaking at Mazgaon in Mumbai (Maharashtra). The
company imports ships and breaks them into iron and steel plates,
which it sells to re-rolling mills in and around Mumbai.


C P SPONGE: CRISIL Suspends B+ Rating on INR177MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of C P
Sponge Iron Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           177         CRISIL B+/Stable Suspended

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

Incorporated in 2002, CP Sponge is a part of the Chawla group of
companies, which is based in Durgapur (West Bengal). The group
manufactures iron and steel, and trades in coal, coke, and iron
and steel. CP Sponge commenced commercial production in July 2008.


CHIRAYU CHARITABLE: CRISIL Suspends B Rating on INR567.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Chirayu
Charitable Foundation.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         95         CRISIL A4 Suspended
   Term Loan             567.5       CRISIL B/Stable Suspended

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

Chirayu, set up in 2001, is a society registered under Madhya
Pradesh Societies Registration Act, 1973. Chirayu is promoted by
Dr. Ajay Goenka and family, who are also the promoters of Chirayu
Health and Medicare Pvt Ltd in Bhopal (Madhya Pradesh). The
society has set up a multi-speciality hospital in 2010-11 and a
medical college in 2011-12. The society plans to open a nursing
college in November 2012.


COSMOS JEWELLERS: CRISIL Suspends B+ Rating on INR50M Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Cosmos
Jewellers Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable Suspended
   Gold Loan             150        CRISIL A4 Suspended

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

CJPL was incorporated in February 2011, promoted by Mr. Ravinder
Gupta and Mr. Abhishek Saraf. The company is engaged in wholesale
trading of hand-crafted gold jewellery and its product range
include all types of ornaments, such as necklaces, rings,
earrings, bangles, and bracelets.


DEIVAANAI SINTER: CRISIL Suspends D Rating on INR53.9MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Deivaanai Sinter Metals Pvt Ltd.

                      Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           17.5        CRISIL D Suspended
   Term Loan             53.9        CRISIL D Suspended

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

DSMPL was established in 2010 by Mr. K M Ravichandran in
Sathapadi, Tamil Nadu. The company is engaged in powder iron
casting. Currently, it manufactures valve plates, connecting rods,
and pistols for compressors used in refrigerators.


DEVA SINGH: CRISIL Suspends B+ Rating on INR110MM Cash Credit
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Deva
Singh Sham Singh.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           110        CRISIL B+/Stable Suspended
   Letter of Credit        9.9      CRISIL A4 Suspended
   Packing Credit        222.5      CRISIL A4 Suspended

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

DSSS processes paddy to produce basmati and broken basmati rice.
The firm processes about 10 varieties of basmati rice, including
1121, sela, shabnam, and pusa, amongst others. It has eight
registered brands in the export market (around 80 per cent of
total sales are from exports); they are 817 Elephant, Laxmi,
Jahan, Butterfly, AAA, Kasturi, Sona, and Janta.


GAUTAM AUTO: CRISIL Suspends B Rating on INR100MM Funding Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gautam
Automobiles Pvt Ltd.

                                Amount
   Facilities                  (INR Mln)    Ratings
   ----------                  ---------    -------
   Inventory Funding Facility      100      CRISIL B/Stable

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

Incorporated in 2001 by Mr. Rakesh Jain and family, GAPL is a
dealer for the entire range of ALL's commercial vehicles in
Haryana and Himachal Pradesh. The company has seven showrooms-cum-
workshops (four in Haryana at Faridabad, Gurgaon, Rohtak, and
Sohna; and three in Himachal Pradesh at Bhilaspur, Nalagarh, and
Solan).


JIA AUTO: CRISIL Suspends D Rating on INR70MM Cash Credit Stock
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Jia
Auto Sales Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        30         CRISIL D Suspended
   Cash Credit           20         CRISIL D Suspended
   Cash Credit-Stock     70         CRISIL D Suspended
   Term Loan              8         CRISIL D Suspended

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

Jia, incorporated in 1996, is an authorised dealer of Skoda's
passenger vehicles in eastern India. Jia operates four showrooms
out of which three are located at Kolkata and one showroom each
located at Asansol and Siliguri; the company has three workshops,
in Kolkata, Asansol, and Siliguri. Jia is managed by Mr. Amit
Kumar Modi.


KAYNES HOTEL: CRISIL Suspends D Rating on INR200MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kaynes
Hotel Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             200         CRISIL D Suspended

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

Kaynes was acquired by Mr. Jagannath Shenoi in 2004 from the
previous promoter. The company operates a three-star hotel with 54
rooms in Mysore (Karnataka).


KESHRANAND COTEX: CRISIL Assigns B+ Rating to INR110MM Bank Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Keshranand Cotex Pvt Ltd.

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

The rating reflects KCPL's below-average financial risk profile,
marked by its modest net worth, high gearing and below-average
debt protection metrics, and its modest scale of operations in the
fragmented cotton ginning and pressing industry. These rating
weaknesses are partially offset by the promoters' extensive
industry experience, and their funding support.

Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if the company generates more-than-expected
cash accruals or receives a substantial capital infusion.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accruals or large-than-expected working
capital requirements or debt-funded capital expenditure (capex)
pressurizing the company's liquidity.

Established in 2010,KCPL is engaged in cotton ginning and
pressing, and extracts oil from cotton seeds. The company has
manufacturing facilities in Dhule (Maharashtra). KCPL commenced
production in October 2012 and is owned and managed by Mr.
Dyaneshwer Bhamre and his family.


KINGFISHER AIRLINES: Lenders Vie for 1st Right of Recovery
----------------------------------------------------------
Economic Times reports that a consortium of 14 banks fighting to
recover money they have lent to Vijay Mallya-promoted Kingfisher
Airlines have challenged an attachment notice the service tax
department issued against the liquor baron in the Karnataka High
Court to recover tax dues. Now it's for the court to decide the
first right of recovery between secured lenders and sovereign
dues, the report says.

ET recalls that the revenue department, a couple of months ago,
claimed the first right to recover dues by attaching the
Kingfisher House in Mumbai, six aircraft and two helicopters,
besides freezing bank accounts of the defunct airline.

It filed a petition with the Debt Recovery Tribunal (DRT) in
Mumbai and in Bangalore where banks, led by the State Bank of
India, are fighting to recover their dues from Kingfisher
Airlines, says ET. While 17 banks have lent more than INR7,000
crore to the firm, a senior tax official in the know of the
development said the department has laid a claim to the tune of
INR100 crore, according to the report.

"The avenues to get money from the company are evaporating fast
and everybody wants to recover as much as they can get," the
official, as cited by ET, said. Early this month, United Bank of
India had declared Mallya a 'wilful defaulter' and last week SBI
said it too has sent a wilful defaulter notice to him, ET recalls.

ET notes that once a company is declared a wilful defaulter,
criminal proceedings can be initiated against its promoters and
directors, who will also not be allowed to raise fresh funds from
banks and set up new ventures for five years. As per RBI
guidelines, it will have to be proved that the borrower diverted
funds taken from a bank and did not repay the loan despite having
the ability to pay it, ET says.

According to ET, Advait Sethna, special counsel appearing for the
service tax department in the case, said that the banks' challenge
is an important development. "The decision in this case would be a
landmark judgement and is being closely watched by the banking and
finance sector, as the battle for recovery of the state dues and
the bank debts intensifies," he said, adding that the decision
will have "far-reaching implications," ET relays.

Prakash Mirpuri, vice-president of corporate communications at
Mallya's United Breweries Group, in an email response to ET query,
said, "We cannot comment on matters that are sub judice please."
An email query to State Bank of India (SBI) did not elicit any
response till the time of going to press.

The consortium of banks fighting to recover money from Kingfisher
includes Axis Bank, Bank of Baroda, Bank of India, Central Bank of
India and Corporation Bank, the report discloses.

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

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

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

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

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

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


KRISHNA COKE: CRISIL Suspends 'D' Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Krishna
Coke (India) Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL D Suspended
   Letter of Credit       40        CRISIL D Suspended

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

KCIPL, incorporated in 1995, manufactures and trades in low ash
metallurgical coke. It is headquartered at Cuttack (Orissa). The
company is promoted by Mr. Vinod Saraogi and his son, Mr. Gaurav
Saraogi.


MAHABIR COLD: CRISIL Reaffirms B+ Rating on INR124MM Bank Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahabir Cold Storage
Pvt Ltd continue to reflect MCL's below-average financial risk
profile, marked by its high gearing and constrained debt
protection metrics; and large working capital requirements. These
rating weaknesses are partially offset by the promoter's extensive
experience in the cold storage industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            70        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     124       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MCL will continue to benefit from its
promoter's extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves with enhanced scale of operations
and cash accruals or a significant equity infusion by the
promoter. Conversely, the outlook may be revised to 'Negative' if
MCL's financial risk profile weakens because of sizeable debt-
funded capital expenditure (capex), or a sharp decline in the
profit margin driven by volatility in commodity prices.

Set up in 1999 by Mr. Hulas Chand Jain, MCL trades in, stores, and
preserves potatoes. The company's cold storage unit in Tinsukhia
(Assam) has capacity of 140,000 quintals. MCL procures potatoes
from West Bengal, and sells these to traders and wholesalers in
Assam.

MCL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR101.5 million for 2013-14 (refers to financial year,
April 1 to March 31), as compared to a PAT of INR0.5 million on
net sales of INR91.3 million, for 2012-13.


MAHAJAN TYRE: CRISIL Reaffirms B Rating on INR75MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahajan Tyre Company
continue to reflect the firm's below-average financial risk
profile marked by high gearing and weak debt protection metrics,
and its small scale of operations in the highly competitive tyre
industry. The ratings also factor in the firm's working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive industry experience of MTC's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            75        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       40        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MTC will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm's capital structure improves,
either through equity infusion or large cash accruals, scale of
operations increases, or working capital management improves.
Conversely, the outlook may be revised to 'Negative' if MTC's
financial risk profile deteriorates on account of decline in
revenue and profitability or large debt-funded capital
expenditure, or if the firm's liquidity weakens significantly on
account of increase in working capital requirements.

Update
MTC's turnover is estimated at INR373 million for 2013-14 (refers
to financial year, April 1 to March 31), up from INR299 million in
2012-13 on account of increase in demand from the replacement
market for bicycle tyres and tubes. CRISIL believes that MTC's
scale of operations will increase gradually, but remain small,
over the medium term. MTC's operating margin is estimated at 7.1
per cent for 2013-14, down from 8.0 per cent in 2012-13 on account
of increase in raw material cost. CRISIL believes that MTC's
operating profitability will remain susceptible to fluctuations in
raw material prices.

MTC's financial risk profile remains below average, marked by
estimated high gearing of 3.37 times as on March 31, 2014, and
weak debt protection metrics, with interest coverage and net cash
accruals to total debt ratios estimated at 1.4 times and 0.09
times, respectively, for 2013-14; this has been on account of
large working capital requirements and low accretion to reserves.
CRISIL believes that MTC's financial risk profile will remain
below average over the medium term marked by high gearing and weak
debt protection metrics.

MTC's working capital cycle remains large, as reflected in
estimated gross current assets (GCAs) of over 225 days as on March
31, 2014; the GCAs were over 220 days over the four years ended
March 31, 2014, mainly on account of large credit extended to
customers and large inventory. MTC's debtors and inventory are
estimated at 100 days and 116 days, respectively, as on March 31,
2014. Despite comfortable trade credit of over three months from
suppliers, the firm remains dependent on bank borrowings. CRISIL
believes that MTC's working capital requirements will remain large
over the medium term.

MTC's annual net cash accruals are expected at over INR6.5 million
for 2014-15 and 2015-16, against term debt obligations of around
INR1 million each for 2014-15 and 2015-16. However, its bank limit
utilisation remains high, averaging 95 per cent over the 12 months
ended July 31, 2014, constraining its liquidity. CRISIL believes
that MTC's liquidity will remain constrained over the medium term
driven by large working capital requirements.

MTC is a partnership entity, set up in 2009 by Mr. Vivek Mahajan
and Mrs. Pooja Mahajan. Based in Jalandhar (Punjab), the firm
manufactures bicycle tyres and tubes.


MANDONA HYUNDAI: CRISIL Suspends B Rating on INR32MM Funding Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mandona
Hyundai (A Unit of Bimala Automobile Private Limited).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            2         CRISIL B/Stable Suspended

   Inventory Funding
   Facility              32         CRISIL B/Stable Suspended

   Term Loan             18         CRISIL B/Stable Suspended

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

Mandona promoted by Mr. Babul Dutta is engaged in dealership of
passenger vehicles for HMIL. The unit has a showroom-cum-workshop
(6580 square feet of showroom space and 19,500 square feet is
occupied by the workshpop) in North Lakhimpur, Assam. Its
operations started in October 2011. The promoters are also engaged
in dealership of two-wheelers of India Yamaha Motor Pvt Ltd and
Mahindra Two Wheelers Ltd.


METAL CRAFT: CRISIL Suspends B+ Rating on INR76.4MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Metal
Craft Engineering Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.5       CRISIL A4 Suspended
   Cash Credit           76.4       CRISIL B+/Stable Suspended
   Term Loan              3.1       CRISIL B+/Stable Suspended

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

Based in Kolkata (West Bengal), MCEPL was set up in 2004 as a
private limited company by Mr. Sanjay Todi and his father, Mr.
Mahabir Prasad Todi. The company processes and fabricates
engineering products and has a capacity of around 900 tonnes per
month. It operates primarily as a vendor and supplies boiler
auxiliaries to engineering, procurement, and construction
contractors in the power sector.


NICOMET INDUSTRIES: CRISIL Suspends D Rating on INR1BB LOC
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nicomet
Industries Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           237.5       CRISIL D Suspended
   Letter of Credit    1,008.0       CRISIL D Suspended
   Long Term Loan         19.5       CRISIL D Suspended
   Packing Credit        227.5       CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility     52.5       CRISIL D Suspended

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

Incorporated in 1993, Nicomet is promoted by Mr. Rajendra Agrawal
and his associates, Mr. Vijay Porwal and Mr. Bhupat Shah. Nicomet
is engaged in the business of extraction of cobalt, nickel, and
copper from imported ore and concentrates.


PAL & PAUL: CRISIL Reaffirms B+ Rating on INR139MM Overdraft Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pal & Paul
Builders Ltd continues to reflect PPBL's exposure to risks and
cyclicality inherent in the real estate sector in India, and its
average financial risk profile. These rating weaknesses are
partially offset by the company's diversified revenue profile and
its promoters' extensive experience in the real estate industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      139      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      111      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PPBL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company strengthens
its business risk profile by improving its scale of operations and
expanding its geographical reach. Conversely, the outlook may be
revised to 'Negative' if its financial risk profile deteriorates
either because of lower-than-expected profitability or a
substantial increase in its working capital requirements.

Incorporated in 1980 and based in Delhi, PPBL is promoted by Mr. D
S Pal. The company operates in the real estate development and
hospitality sector; it owns Hotel Palm Greens as well as some
service apartments in Delhi.


PEARL FURNITURE: CRISIL Assigns B+ Rating to INR38MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Pearl Furniture Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           38         CRISIL B+/Stable
   Term Loan             25.3       CRISIL B+/Stable

The rating reflects the modest scale of PFPL's newly begun
operations in the highly competitive home furnishing industry and
below-average financial risk profile marked by high gearing and
modest debt protection metrics. These rating weaknesses are
partially offset by its promoters' extensive experience in the
home furnishing industry.

Outlook: Stable

CRISIL believes PFPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company stabilises its operations
in time, leading to large cash accruals and better financial risk
profile. Conversely, the outlook may be revised to 'Negative', if
it achieves low cash accruals or its financial risk profile
weakens, caused most likely by increase in working capital
borrowings or large debt-funded capital expenditure.

Incorporated in 2013, PFPL is promoted by the Rajkot (Gujarat)-
based Nandani family. The company manufactures all types of
furniture such as chair and bed-room sets.


PEEKAY MEDIEQUIP: CRISIL Suspends D Rating on INR150M Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Peekay
Mediequip Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         10         CRISIL D Suspended
   Cash Credit           150         CRISIL D Suspended
   Letter of Credit       50         CRISIL D Suspended
   Rupee Term Loan        70         CRISIL D Suspended

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

PML was established as a private limited company in 1995 by Mr.
Shankar G. In 2003, a partnership firm named Peekay Enterprises
(established in 1992 and in the same line of business) was merged
with PML. The company manufactures disposable syringes and needles
and has plans to manufacture insulin syringes, IV cannula, IV
sets, face masks, and caps over the medium term.


POLYLON INDUSTRIES: CRISIL Suspends B- Rating on INR50M Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Polylon
Industries (PI; part of the Polylon group).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B-/Stable Suspended
   Term Loan              27.1      CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by PI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PI is yet to
provide adequate information to enable CRISIL to assess PI'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 consolidated the business and financial risk profiles
of Polylon Textiles (PT), PI, and Polylon Fabrics Pvt Ltd (PFPL),
together referred to as the Polylon group. This is because the
three entities are in the same line of business, have common
ownership, and are expected to support each other in case of a
financial exigency. At an operational level, the entities share
common infrastructure with common procurement, finance and
management teams.

PI is a partnership firm based in Panipat (Haryana). It was
established in December 2009. The firm manufactures and markets
narrow fabric (malai dori), which is widely used in carpets and
other home furnishing items.

The other two entities in the group are PT, engaged in the
manufacturing of Polar Fabrics and PFPL, engaged in printing and
manufacturing of Zips.


POLYLON TEXTILE: CRISIL Suspends B- Rating on INR46.2MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Polylon
Textile (PT; part of the Polylon group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           68.5        CRISIL B-/Stable Suspended

   Proposed Long Term
   Bank Loan Facility     0.9        CRISIL B-/Stable Suspended

   Term Loan             46.2        CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by PT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PT is yet to
provide adequate information to enable CRISIL to assess PT'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 consolidated the business and financial risk profiles
of Polylon Industries (PI), PT and Polylon Fabrics Pvt Ltd (PFPL),
together referred to as the Polylon group. This is because the
three entities are in the same line of business, have common
ownership, and are expected to support each other in case of a
financial exigency. At an operational level, the entities share
common infrastructure with common procurement, finance and
management teams.

PT is a partnership firm based in Panipat (Haryana). It was
established in December 2009. The firm is manufacturing Polar
fabrics on knitting machines which are used in blankets and also
in home furnishings export items.

The other two entities in the group are PI, engaged in the
manufacturing of narrow fabrics and PFPL, which manufactures polar
fabrics.


PRECISE SEAMLESS: CRISIL Reaffirms B Rating on INR180.5MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Precise
Seamless Apparels Private Limited at 'CRISIL B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               10       CRISIL B/Stable Reaffirmed
   Export Packing Credit    120       CRISIL A4 Reaffirmed
   Letter of Credit          70       CRISIL A4 Reaffirmed
   Term Loan                180.5     CRISIL B/Stable Reaffirmed

The ratings reflect the company's below- average financial risk
profile marked by high gearing; and its stretched liquidity
resulting from working-capital-intensive operations, and large
term debt repayment obligations. These rating weaknesses are
partially offset by the benefits that PSAPL derives from its
promoter's extensive experience in the ready-made garments
industry and established relationship with its key customers.

Outlook: Stable

CRISIL believes that PSAPL will benefit from its promoter's
extensive experience in the ready-made garments industry and its
established relationship with key customers. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's financial and liquidity profiles driven by better-than-
expected cash accruals along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of further pressure on the company's financial risk
profile, particularly liquidity, driven by lower-than-expected
cash accruals or larger-than-expected working capital
requirements.

Update
The revenues of the company registered a 10.5 per cent growth in
2013-14 and were around INR44.23 Crore in 2013-14 (refers to
financial year, April 1 to March 31); which was on account of
increased demand from its existing customers as well as addition
of new clients. Over the medium term top line of the company is
expected to grow at a growth rate of around 20-25 per cent account
of successful commission of enhanced capacity and addition of new
clients and healthy order book.   The company's operating margins
increased by around 90 basis points to 16.7 per cent in 2013-14 on
account of appreciation of dollar and benefits from economies of
scale and expected to remain in the range of around 15-16 per cent
over the medium term.

The company's operations are relatively highly working capital
intensive as reflected in its estimated gross current asset (GCA)
of around 152 days as on March 31, 2014; the GCA days have
increased from the past level of around 100 days on account of
increase in inventory days. These GCA days emanates from the
company's inventory levels of around 135 days. As a result, the
company's average bank limit utilization has been higher at around
92.4 per cent, for the 12 months ended July 2014.

PSAPL's net worth is also remained  low at around INR77.3 million,
as on March 31, 2014  and the company has high debt levels
towards funding its working capital requirements and capex; these
coupled with low net-worth levels has  resulted in high gearing
of around 4.88 times as on March 31, 2014.

Over the medium term PSAPL's financial profile is expected to
improve on account of improvement in net worth level on account of
receipt of capital grant, continues addition to reserves and
expected funding support from promoters which will consequently
improve its capital structure.

Incorporated in 2004, PSAPL is engaged in manufacturing of
garments, particularly ladies' garments and their exports. The
company undertakes various operations such as knitting, dyeing,
finishing, and packaging. The company has its manufacturing
facilities in Delhi and is promoted by the Jindal family.


PRESSMACH INFRA: CRISIL Suspends B Rating on INR136MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Pressmach Infrastructure Pvt Ltd (PIPL; part of the Pressmach
group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         25         CRISIL A4 Suspended

   Cash Credit           136         CRISIL B/Stable Suspended

   Proposed Long Term
   Bank Loan Facility    103         CRISIL B/Stable Suspended

   Term Loan              36         CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by PIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PIPL is yet to
provide adequate information to enable CRISIL to assess PIPL'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
PIPL and Press Mach. This is because both the entities, together
referred to as the Pressmach group, have common promoters and
significant financial linkages.

Incorporated in 2010, PIPL is engaged in erection of pre-
fabricated shelters. Its group entity, Pressmach, set up in 1984,
is also engaged in the same line of business.

The Pressmach group reported a profit after tax (PAT) of INR17.6
million on net sales of INR658.0 million for 2011-12, as against a
PAT of INR50.2 million on net sales of INR658.3 million for 2010-
11.


PRESTIGE URBAN: CRISIL Suspends B Rating on INR350MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prestige Urban Infratech Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           350         CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by
PUIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PUIPL is yet to
provide adequate information to enable CRISIL to assess PUIPL'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
Shalimar Corp Ltd (previously known as SAS Hotels & Properties Pvt
Ltd) and Prestige Urban Infratech Pvt Ltd (PUIPL), together
referred to as the Shalimar Group.

Shalimar group commenced operations in 1988 as a civil works
contractor; it undertakes construction and repair of buildings. In
1998, the group started developing real estate projects and over
the last 10 years, it has developed several projects in the
residential and commercial space, mainly in Lucknow. Mr. Sanjay
Seth, Mr. Masood Ahmed, and their associates have equal shares in
the Shalimar group.


PRITHVI FERRO: CRISIL Ups Rating on INR843MM Term Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Prithvi Ferro Alloys Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           304.3       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term    154.2       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan             843         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely repayment of interest and term debt
obligations by PFAPL since April 2014. The rating also factors in
commencement of operations at the company's facilities. In terms
of overall implementation, the company has completed the captive
power plant (CPP). The CPP has started commercial operations since
April 2014 and is currently being utilised at 50 per cent
capacity. The power produced in CPP is expected to be used in
Ferro Alloy Plant 1 and Ferro Alloy Plant 2. The Ferro Alloy Plant
1 has also been completed and commenced production since July
2014. The Ferro Alloy Plant 2 is expected to commence full-fledged
operations in December 2014. Liquidity of the company continues to
remain weak but continues to be supported by financial support
from the promoters and the diversified Prithvi group.

The rating continues to reflect PFAPL's weak liquidity and limited
track record of operations. The rating weakness is partially
offset by the extensive experience of the promoters, who are a
part of the diversified Prithvi group.
Outlook: Stable

CRISIL believes that PFAPL will continue to benefit over the
medium term from the extensive experience of the promoters who are
a part of the diversified Prithvi group. The outlook may be
revised to 'Positive' in case of sustainable increase in the
company's revenue and profitability, supported by stabilisation
and healthy utilisation of its newly started ferro alloy unit and
improvement in its debt protection metrics and liquidity.
Conversely, the outlook may be revised to 'Negative' if it records
lower-than-expected revenue or profitability, or if its working
capital cycle lengthens, leading to deterioration of its financial
risk profile, particularly liquidity.

PFAPL was formed for the purpose of setting up a greenfield
integrated steel complex comprising a ferro alloys (13,200 tonnes
per annum of silica-manganese alloys) manufacturing facility and
an 18-megawatt (MW) CPP.

The Prithvi group was started by Mr. Bijay Kumar Garodia, Mr.
Ramesh Kumar Sarawagi, and Mr. Shankar Lall Ajitsaria in the
1990s. The Prithvi group has presence across several industries,
including cement, tea, power generation, real estate, steel, and
mining.


RACHNA METAL: CRISIL Upgrades Rating on INR150M Cash Credit to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rachna Metal Industries Pvt Ltd (RMIPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Proposed Long Term      62.7      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

CRISIL has upgraded the rating of RMIPL on account of improvement
in business and liquidity risk profile of the company in 2013-14.
The operating margins of the company improved due to entire
procurement of the raw material from the domestic sources and no
purchases from overseas suppliers, thus mitigating the forex risk
and preventing any losses due to volatility of currency. Improved
margins along with moderate growth in the top line resulted in
cash accruals of around INR17.4 million in 2013-14 against
repayment obligations of around INR10 million maturing in that
year. CRISIL believes, going forward RMIPL will sustain the
improvement in its business risk profile and liquidity due to
moderate growth in revenues and sustained margins which will
generate adequate cash accrual against nil debt repayments.

CRISIL's ratings on the bank facilities of Rachna Metal Industries
Pvt Ltd (RMIPL) continue to reflect RMIPL's weak financial risk
profile, marked by a high gearing and below-average debt
protection metrics, small scale of operations and the
susceptibility of the company's margins to volatility in input
prices. These rating weaknesses are partially offset by the
extensive experience of RMIPL's promoter in manufacturing copper
products and the company's established relationships with its
customers.

Outlook: Stable

CRISIL believes that RMIPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case there is a
substantial and sustained improvement in the revenues and
profitability or there is an improvement in eth working capital
management. Conversely, the outlook may be revised to 'Negative'
if there is a decline in the company's revenues or profitability
margins from the current levels or if there is a deterioration in
its capital structure on account of larger-than-expected working
capital requirements or large debt-funded capex.

RMIPL was set up in 1996 by the late Mr. Mahesh Agarwal and his
wife, Mrs. Sadhna Agarwal. The company manufactures copper and
brass cold-rolled sheets, circles, flanges, flats, and strips.


RAJ-RAJESHWARI PAP-CHEM: CRISIL Suspends D INR127.5M Loan Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Raj-Rajeshwari Pap-Chem Industries Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee        5.5         CRISIL D Suspended
   Cash Credit         127.5         CRISIL D Suspended
   Proposed Cash
   Credit Limit          2.0         CRISIL D Suspended
   Term Loan            50.0         CRISIL D Suspended

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

Shree Raj was established in 1997 by the Shah family of
Maharashtra. The company manufactures kraft paper from waste
paper. Its plant, with an installed capacity of 100 tonnes per
day, is in Nashik (Maharashtra).


RCM INFRA: CRISIL Suspends C Rating on INR60MM Overdraft Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of RCM
Infrastructure Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        250        CRISIL A4 Suspended
   Overdraft Facility     60        CRISIL C Suspended

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

RCM Infra, promoted by Mr. K S Chowdary, is a turnkey contractor
for civil engineering projects.


SARDA RICE: CRISIL Assigns B+ Rating to INR76MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sarda Rice and Oil Mills. The rating reflects
SROM's modest scale of operations in a fragmented market, and
below average financial risk profile. These rating weaknesses are
partially offset by SROM's promoters' extensive experience in the
rice industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            76         CRISIL B+/Stable
   Term Loan              54         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that SROM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase significantly, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if SROM undertakes aggressive, debt-funded
expansions, or registers significant decline in revenue and
profitability, or if the partners withdraw capital from the firm,
leading to deterioration in its financial risk profile.

SROM, a partnership firm, was formed in 1917. It mills and
processes paddy into rice, rice bran, broken rice, and husk. Its
rice mill is in Birbhum (West Bengal). Its day-to-day operations
are managed by its managing partner Mr. Prakash Chandra Sarda and
his son Mr. Karan Sarda.


SARVODAY ASHRAM: CRISIL Reaffirms B+ Rating on INR65M Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sarvoday Ashram
continues to reflect its small scale of operations, along with
intense competition to the society's khadi products from machine-
made fabric.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            65         CRISIL B+/Stable

The rating also factors in Sarvoday's average financial risk
profile, marked by outstanding receivables from various government
organisations in the form of rebates. These rating weaknesses are
partially offset by the promoters' extensive industry experience,
the society's established market position in the khadi industry,
and the Government of India's (GoI's) favourable policies, towards
the industry.

Outlook: Stable

CRISIL believes that Sarvoday will maintain its financial risk
profile, backed by its established presence in the khadi industry,
and the GoI's favourable policies, towards the industry. The
outlook may be revised to 'Positive' if Sarvoday improves its
business risk profile supported by its substantial top line and
profitability, or there is a significant improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if the society's financial risk profile
deteriorates, because of sizeable debt-funded capital expenditure
(capex), or an increase in its working capital cycle.

Update
Sarvoday's revenue registered 14 per cent year-on-year growth to
around INR139 million for 2013-14 (refers to financial year, April
1 to March 31), mainly driven by its enhanced presence in the
retail segment through a new retail outlet in Puducherry, healthy
offtake from the existing showrooms, and e-commerce initiatives
such as selling through websites including jayporee.com, and
ekmatra.com. However, growth in the society's topline was offset
by a decline in the operating margin by around 900 basis points to
4.5 per cent in 2013-14, amid raw material price hikes, and the
society's inability to pass these on to its customers. Sarvoday's
topline is likely to grow at 10 to 12 per cent over the medium
term, with an expected increase in the demand for khadi products
from retail and institutional clients; thus, the society's
profitability levels could range between 6 and 7 per cent, over
the period.

Sarvoday's operations are working capital intensive with its gross
current assets (GCAs) of around 410 days as on March 31, 2014,
given its large inventory of around 313 days and receivables of 65
days. Consequently, its bank limit utilisation was around 98 per
cent on average, over the 12 months through June 2014.

The society sustained its moderate net worth at around INR82
million as on March 31, 2014, and contracted moderate debt to fund
its working capital requirements; this, coupled with its moderate
net worth, has resulted in Sarvoday's moderate gearing of around
1.03 times as on March 31, 2014.
About the Society

Sarvoday was established in 1952 in Etah (Uttar Pradesh [UP]) by
Late Mr. Rohan Lal Chaturvedi. It is a society affiliated with the
Khadi and Village Industries Commission (KVIC).

Sarvoday has been engaged in the spinning, weaving and marketing
of khadi clothes. The society sells woven clothes under its
Ekmatra and Khadiline brands. The founder's son, Mr. Manoj
Chaturvedi, currently serves as Sarvoday's elected chairman.


SHIVKRUPA TRADING: CRISIL Suspends B Rating on INR30MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shivkrupa Trading Co.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            15        CRISIL B/Stable Suspended
   Proposed Long Term
   Bank Loan Facility     30        CRISIL B/Stable Suspended
   Working Capital
   Demand Loan            25        CRISIL B/Stable Suspended

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

Formed in 1990, STC is the proprietorship firm of Dhanedhar
(Gujarat)-based Mr. Shankarbhai Patel.  The firm trades in various
agri-commodity products such as mustard seeds and castor seeds.


SHREE MANIBHADRA: CRISIL Suspends B+ Rating on INR90M Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Manibhadra Food Product Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL B+/Stable Suspended
   Proposed Long Term
   Bank Loan Facility        23.2    CRISIL B+/Stable Suspended
   Standby Line of Credit    13.5    CRISIL B+/Stable Suspended
   Term Loan                 23.3    CRISIL B+/Stable Suspended

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

Incorporated in 2010, SMF is promoted by Ahmedabad (Gujarat)-based
Mr. Prakash Shah and his two sons, Mr. Pritesh Shah and Mr. Tejas
Shah. The promoter family has experience of over 10 years in the
agro commodity business. The company has a sortex plant at Bavla
(Gujarat) for various agro commodities and spices such as wheat,
cumin, mustard, sesame, and toor dal.


SHREE UMIYA: CRISIL Suspends 'B' Rating on INR90MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Umiya Cotton Ginning and Pressing Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            90        CRISIL B/Stable Suspended

   Proposed Long Term
   Bank Loan Facility      7.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
SUCGPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SUCGPPL is yet
to provide adequate information to enable CRISIL to assess
SUCGPPL'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 2006, Shree Umiya Cotton and Ginning and Pressing
Private Limited (SUCGPPL) undertake cotton ginning and pressing
based out of Amreli (Gujarat). The company is promoted by Mr.
Pravin Goti and Mr. Kamlesh Bokarvadiya.


SHRI VISHNU: CRISIL Suspends D Rating on INR550MM Foreign Bill
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shri
Vishnu Eatables (India) Ltd (SVEL; part of the Shri Vishnu group).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit              200      CRISIL D Suspended
   Foreign Bill Purchase    550      CRISIL D Suspended
   Packing Credit           350      CRISIL D Suspended
   Term Loan                 69      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SVEL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVEL is yet to
provide adequate information to enable CRISIL to assess SVEL'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
SVEL and Shri Vishnu Overseas Private Limited (SVOL), here in
referred to as Shri Vishnu group. This is primarily because both
the entities are controlled by the same management and are engaged
in the same businesses- processing of rice. The entities also
derive considerable operational and business synergies from each
other.

SVEL was set up as a partnership firm in 1993 and was incorporated
in 1996 by Mr. Banarasi Lal Mittal and his sons. The company mills
paddy and trades rice and related items. SVEL's processing unit is
in Kaithal (Haryana).


SIDDHI VINAYAK: CRISIL Reaffirms B Rating on INR55MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Siddhi Vinayak Cotton
Industries (Bhavnagar) continue to reflect SVCI's below-average
financial risk profile marked by high gearing and weak debt
protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.8      CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's exposure to intense
competition in the highly fragmented cotton ginning industry,
restricting its scale of operations and profitability, and the
vulnerability of its business and profitability to changes in
government policy. These rating weaknesses are partially offset by
the extensive industry experience of SVCI's promoter.

Outlook: Stable

CRISIL believes that SVCI will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' in case of equity infusion or improvement in
profitability, leading to improvement in the firm's capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in SVCI's
capital structure, most likely because of large debt contracted
for meeting incremental working capital requirements or capital
expenditure.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
SVCI's turnover reduced by around 5 per cent year-on-year to
INR440 million because of limited availability of cotton for
ginning. CRISIL expects SVCI's turnover growth to be modest, in
the range of 5 to 10 per cent, over the medium term; the turnover
growth remains susceptible to the economic scenario and government
policies.

In 2013-14, SVCI's operating profitability remained low, at 2.0
per cent. Because of fragmentation and intense competition in the
cotton industry, players have limited bargaining power leading to
lower margins. CRISIL believes that the fragmented industry nature
will restrict SVCI's bargaining power, leading to low operating
margin of 2.0 to 3.0 per cent over the medium term. In 2013-14,
the firm's working capital requirements were stable, with gross
current assets (GCA) days at around 60 as on March 31, 2014. Over
the medium term, the GCAs are expected in the range of 60 to 65
days and the working capital requirements are expected to increase
with scaling up of operations.

As on March 31, 2014, the firm's gearing reduced marginally to
around 3.75 times on account of term loan being paid off and
because of low working capital debt because of moderation in sales
growth. The gearing is expected to remain close to 3.0 times over
the medium term, in the absence of debt-funded capex and with
incremental debt to meet working capital requirements, given
expected modest accruals. Over the medium term, SVCI's financial
risk profile will remain constrained by its modest net worth, weak
debt protection metrics, and stretched liquidity.

SVCI's profit after tax (PAT) and sales are estimated at INR0.5
million and INR439 million, respectively, for 2012-13; the firm
reported PAT of INR0.3 million on sales of INR457.3 million for
2011-12.

SVCI, established in 2007, operates a cotton ginning and pressing
unit in Palitana (Gujarat). The firm is owned and managed by Mr.
Bharatbhai Kukadiya.


SIRIUS INFRA: CRISIL Suspends B+ Rating on INR30MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sirius
Infra Projects Pvt Ltd.

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

The suspension of ratings is on account of non-cooperation by
SIPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIPPL is yet to
provide adequate information to enable CRISIL to assess SIPPL'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 as a private limited company, Sirius Infra
Projects Pvt. Ltd. (SIPPL) is involved in civil construction for
various large infrastructure projects like roads and pipeline
laying works. The company is promoted by Mr.B.Narasimha Reddy and
Mr.Rajeev Mayor.


SIVAGAMY TRADERS: CRISIL Suspends B Rating on INR47.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sivagamy Traders.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           47.5        CRISIL B/Stable Suspended
   Long Term Loan        12.5        CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by ST
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ST is yet to
provide adequate information to enable CRISIL to assess ST'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 1979 as a partnership firm, ST trades in steel
products. Its day-to-day operations are managed by Mr. K.R
Rajagopalan and his two sons, Mr. R. Balasubramanian and Mr. R.
Saravanan.


SOHAMS FOUNDATION: CRISIL Suspends D Rating on INR135MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sohams
Foundation Engineering Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         75         CRISIL D Suspended
   Cash Credit           135         CRISIL D Suspended
   Letter of Credit       30         CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility    130         CRISIL D Suspended
   Term Loan              30         CRISIL D Suspended

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

SFEPL, incorporated in 1993 as a private limited company,
specialises in geotechnical engineering and covers all aspects of
foundation and ground engineering services. The company operates
from its office in Mumbai (Maharashtra) and implements projects
across India. The company is promoted by Mr. Vitthal
Vaishyampayan.


SRI VENKATESWARA: CRISIL Suspends B+ Rating on INR50M Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Venkateswara Rice Industry, Gandepalli.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable Suspended
   Key Loan               30        CRISIL A4 Suspended
   Long Term Loan         20        CRISIL B+/Stable Suspended
   Proposed Cash Credit
   Limit                  10        CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by SVRI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVRI is yet to
provide adequate information to enable CRISIL to assess SVRI'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 2004 as a partnership firm, SVRI mills and processes
paddy into rice, rice bran, broken rice, and husk. SVRI is
promoted by Mr. Venkateswara Rao and his family members.


STERLING ESTATES: CRISIL Suspends D Rating on INR100M Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sterling Estates and Properties Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility      2.4      CRISIL D Suspended

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

Incorporated in 1986 by Mr. K L V Rama Rao, SEPL constructs
residential properties in and around Chennai and the suburbs of
Bengaluru.


SUNSHINE INFRAWELL: CRISIL Suspends B+ Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sunshine Infrawell Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term    200       CRISIL B+/Stable Suspended
   Bank Loan Facility

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

Sunshine Infrawell was formed in 2010 as a special purpose vehicle
to undertake a residential project namely Sunshine Helios, located
at Sector 78, Noida. The project is promoted by the Sunshine group
(through Sunshine Infratech Pvt Ltd, the group's flagship company)
along with a consortium of companies. The project has 407
residential flats.


SURYA CONSTRUCTION: CRISIL Suspends B- Rating on INR20MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Surya
Construction Company.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         65        CRISIL A4 Suspended
   Overdraft Facility     20        CRISIL B-/Stable Suspended

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

Surya was established in 1987 by Mr. Suraj Mal Choudhary and his
family. The firm undertakes construction, and maintenance of
roads. Its construction activities are concentrated mainly in and
around Rajasthan.


SURYA HEALTHCARE: CRISIL Suspends D Rating on INR488MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Surya
Healthcare Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           350        CRISIL D Suspended
   Letter of Credit      110        CRISIL D Suspended
   Term Loan             488        CRISIL D Suspended

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

SHL, promoted by the Surya group and based in Chandigarh, was
incorporated in 2008-09 (refers to financial year, April 1 to
March 31); it opened its first pharmacy retail store in 2009 in
Delhi. The company operates in the wellness and pharmaceutical
retailing industry through its chain of chemist stores, Viva.


SYNPACK FINANCE: CRISIL Suspends B Rating on INR100MM Cash Credit
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Synpack
Finance Pvt Ltd.

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

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

SPFPL is setting up a shopping mall-cum-office space, Roodraksh,
in Guwahati (Assam). The company is promoted by Mr. Sanjay Chhabra
and Mr. D K Jain. The property is spread over 170,000 square feet.
SPFPL plans to set up the shopping mall-cum-entertainment space on
the ground plus three floors, while the remaining space up to the
eighth floor will be used for commercial purposes.


T C SPINNERS: CRISIL Suspends D Rating on INR644.7MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of T C
Spinners Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          202.5      CRISIL D Suspended
   Letter of Credit      50        CRISIL D Suspended
   Proposed Long Term
   Bank Loan Facility   644.7      CRISIL D Suspended
   Term Loan            208.8      CRISIL D Suspended

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

TCSPL is engaged in the production of cotton and polyester yarn of
counts in the range of 20 to 25. TCSPL also manufactures sewing
threads (contributed around 15 per cent to operating revenues in
2010-11). TCSPL was acquired by the Satia group in 2007-08.
Originally, TCSPL was known as Euro Cotspin Pvt Ltd.


TRAVANCORE COCOTUFT: CRISIL Suspends B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Travancore Cocotuft Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            25       CRISIL A4 Suspended
   Bank Guarantee             5       CRISIL A4 Suspended
   Bill Purchase-
   Discounting Facility     100       CRISIL A4 Suspended
   Packing Credit           125       CRISIL A4 Suspended
   Proposed Long Term
   Bank Loan Facility        30       CRISIL B+/Stable Suspended
   Standby Line of
   Credit                    12       CRISIL A4 Suspended

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

Based in Cherthala (Kerala), TCPL was set up by Mr. V V Pavitharan
in 2000. The company manufactures and exports polyvinyl-chloride-
tufted coir rolls and mats, rubber tray mats, and polypropylene
mats. TCPL has the capacity to produce 1.68 million square metres
per annum.


ULTIMA SWITCHGEARS: CRISIL Reaffirms B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Ultima Switchgears
Ltd continue to reflect the company's large working capital
requirements and modest scale of operations. These rating
weaknesses are partially offset by the extensive experience of
USL's promoters in the power transmission and distribution (T&D)
industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           25      CRISIL A4 (Reaffirmed)
   Bill Discounting under   15      CRISIL A4 (Reaffirmed)
   Letter of Credit
   Bank Guarantee           35      CRISIL A4 (Reaffirmed)
   Cash Credit              60      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that USL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of substantial and sustained
improvement in the company's revenue and profitability margins or
in its working capital management. Conversely, the outlook may be
revised to 'Negative' in case of steep decline in the company's
profitability margins or significant deterioration in its capital
structure on account of large working capital requirements or
debt-funded capital expenditure.

Update
USL revenues remained flat, at around INR225 million for 2013-14
(refers to financial year, April 1 to March 31) because of partial
execution of orders from Himachal Pradesh Electricity Board on
account of domestic hurdles and non-allocation of budget by the
state government. However, USL's operating margin increased by
around 250 basis points year-on-year to 8.17 per cent in 2013-14
on account of reduction in fixed overheads. The company's topline
is expected to grow at a moderate rate of 8 to 10 per cent over
the medium term, backed by healthy order book of around INR250
million to be executed in the next 12 months; its operating margin
is expected to remain moderate on account of low value addition in
operations and exposure to intense competition.

The company's operations are highly working capital intensive, as
reflected in its estimated gross current assets (GCAs) of around
496 days as on March 31, 2014; the GCA days were at a similar
level in the past. The high GCA days emanate from large inventory
of around 163 days and receivables of 293 days. As a result, the
company's bank limit utilisation was high, averaging 97 per cent
for the 12 months through June 2014. USL's net worth remains
moderate, at around INR175 million as on March 31, 2014. The
company has limited debt on its books contracted for funding
working capital requirements; low debt and moderate net worth
result in healthy gearing, estimated at around 0.5 times as on
March 31, 2014.

Incorporated in 1997, USL manufactures electrical components such
as electrical control panels and boards, switchgears, suspension
clamps, and drop-out fuses. The company's day-to-day operations
are managed by Mr. D V Parmar.


VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR200MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vineet
Automobiles Pvt Ltd continues to reflect VAPL's weak financial
risk profile, marked by a high total outside liabilities to
tangible net worth (TOLTNW) ratio and a weak interest coverage
ratio; the rating also factors in the company's susceptibility to
risks relating to intense competition in the automobile (auto)
dealership market and limited bargaining power with its principal,
Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL
A1+'). These rating weaknesses are partially offset by the
benefits that VAPL derives from its association with M&M, and the
extensive experience of its promoters in the auto dealership
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            200       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VAPL will continue to benefit over the medium
term from its association with M&M and the extensive experience of
its promoters in the auto dealership industry. The outlook may be
revised to 'Positive' if the company generates better-than-
expected cash accruals and improves its capital structure, leading
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if VAPL's working capital
management deteriorates, or if it undertakes a large debt-funded
capital expenditure programme, thereby adversely impacting its
financial risk profile.

Update
VAPL's revenue registered a 15 per cent year-on-year growth to
around INR1.38 billion in 2013-14 (refers to financial year, April
1 to March 31); the revenue growth has been high due to the demand
for M&M's vehicles in the market. The company's operating margin
has, however, increased to 2.1 per cent due to increase in income
from insurance commission. Over the medium term, the margin is
expected to be around 1.6 per cent due low bargaining power with
M&M.

VAPL's operations have moderate working capital requirement, as
reflected in its gross current assets (GCAs) of around 65 days as
on March 31, 2014; the GCAs have been at similar levels in the
past. These GCAs emanate from the company's inventory of around 51
days and receivables of 10 days. The company's average bank limit
utilisation has been high at around 90 per cent for the 12 months
ended July 31, 2014.

VAPL's net worth has remained small at around INR44 million as on
March 31, 2014. The company has high debt levels towards funding
its working capital requirements; these, along with a small net
worth, have resulted in a high TOLTNW ratio of around 4.92 times
as on March 31, 2014.

VAPL, incorporated in 2000, is promoted by the Maheshwari and
Rathi families. The company is an authorised dealer for M&M and
operates showrooms in Aligarh, Hathras, Babrala, Bulandshahr, and
Badaun (all in Uttar Pradesh).



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


MITRA PINASTHIKA: Fitch Assigns BB- Rating on USD200MM Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Mitra Pinasthika
Mustika Tbk's (MPM, BB-/Stable) USD200m 6.75% senior notes due
2019 a final rating of 'BB-'.  The notes are issued by MPM Global
Pte. Ltd. and are guaranteed by MPM and its subsidiaries,
excluding the financing and insurance subsidiaries.

This final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on 7 September 2014.

The proceeds will be used for the repayment of certain bank loans
under MPM's rental services business called MPMRent (about 70%),
for the repayment of certain bank loans under MPM (about 20%) and
capital expenditure purposes (10%).

KEY RATING DRIVERS

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

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

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

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

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

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

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

RATING SENSITIVITIES

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

   -- Increase in net debt/EBITDA excluding finance subsidiaries
      to more than 2.5x on a sustained basis
   -- Significant deterioration in the finance subsidiaries'
      performance on a sustained basis

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



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


PIONEER CORP: To Sell DJ Equipment Business to KKR for JPY59BB
--------------------------------------------------------------
Japan Today reports that Pioneer Corp said on September 16 that it
would sell its disc-jockey equipment business to private equity
firm KKR & Co LP for about JPY59 billion.

Pioneer has been selling off non-core assets to focus on its
automotive electronics business, the report says.  On
September 12, the company said it would sell its home audio-visual
business to audio equipment maker Onkyo Corp, the report relates.

Pioneer said that it expects a JPY55 billion special profit from
the sale of the DJ equipment business and that it may revise its
earnings forecast, Japan Today adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2014, The Japan Times said Pioneer Corp. said it
will cut more than 2,000 jobs -- 10 percent of its group workforce
-- through voluntary retirement by employees and sales of noncore
businesses to promote its rehabilitation.

Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products.  The Company operates in three business
segments.  The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives, blu-
ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment.  The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.


SONY CORP: Revises Full-Year Net Loss Forecast to JPY230 Billion
----------------------------------------------------------------
Bloomberg News reports that Sony Corp. CEO Kazuo Hirai is running
out of ways to reverse the fortunes of the faltering consumer
electronics maker.

Bloomberg News relates that the Tokyo-based firm said it would
report a larger-than-expected full-year loss due to poor
performance in its smartphone business. In a statement issued on
September 17, the firm announced it was taking a writedown of
JPY180 billion in the value of its phone unit owing to heavy
competition in the market, Bloomberg relays. Shares in Germany
dropped by the most in 10 months in reaction to the news, the
report says.

According to Bloomberg, Mr. Hirai has been working to turn the
company around by pushing entertainment and game content, consoles
and mobile devices as demand for televisions and compact cameras
has slumped. But with the Xperia smartphone now faltering, Mr.
Hirai's only other options for reviving the company are its movies
and PlayStation video game business, says Bloomberg.

"Sony should have done it earlier," Bloomberg quotes Masahiko
Ishino, a business analyst at Advanced Research Japan Co., as
saying.  "A lot of people were questioning why it didn't write
down the mobile goodwill earlier as the business hasn't been doing
well since the beginning of the fiscal year."

Sony increased its full-year net loss forecast to JPY230 billion
from JPY50 billion and suspended its shareholder dividend for the
first time since its 1958 listing after writing down the value of
its smartphone business, Bloomberg reports.  The firm has lost
money in five of the previous six years, according to Bloomberg.

Based in Japan, Sony Corporation -- http://www.sony.net/--
engages in the operation of imaging products and solution (IP&S),
game, mobile products and communication (MP&C), home
entertainment and sound (HE&S), device, movie, music, financial
and other business.  The IP&S segment provides digital imaging
products and professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer
Rating and the long-term senior unsecured bond rating of Sony
Corporation to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.


SONY CORP: USD1.7B Write-Down No Effect on BB- Rating, Fitch Says
-----------------------------------------------------------------
Sony's (BB-/Negative) JPY180bn (USD1.65bn) write-down in its
mobile communications business comes as no surprise, and is not
likely to affect the credit rating, says Fitch Ratings.  Fitch's
assumptions about Sony's mobile business profitability and cash
generation have been consistently lower than those of management,
given the competitive nature of the smartphone market and Sony's
struggle to achieve the scale required for this business to be a
success.

Sony's revisions to its forecast cash flow indicate that it now
believes that the mobile communication segment's valuation does
not support goodwill which has a carrying value of JPY180m.  As a
result, the company has reviewed its smartphone strategy, and will
now target more niche consumer segments.

"We think the revised strategy to focus on premium mobile products
in certain markets is more sound than trying to compete strongly
in the mid-range smartphone market.  However, lack of scale means
that it will struggle against the big two, Apple and Samsung
(A+/Stable), and will also face competition in the premium market
from LG Electronics (BBB-/Stable), HTC and Nokia," Fitch said.

In addition, the premium market is under threat from lower-cost
Chinese manufacturers such as Lenovo, Huawei and Xiaomi, whose
product design, build quality and functionality is improving to a
level which may threaten the premium market in the longer term.
These businesses will have to invest significantly in their brands
before they represent a significant challenge to the big two in
the premium market.  Nevertheless, their growing strength in the
low- and mid-market is leading to a narrowing in margins for all
competitors.

According to International Data Corporation, Sony's share of the
smartphone market declined to 3.1% in the year to June 2014 (June
2013: 4.0%).  In contrast Huawei's share rose to 6.7% from 4.3%,
Lenovo to 5.2% from 4.7%, and Xiaomi to 4.6% from 1.7%.

"The write-down supports our long-held view that mobile phones are
unlikely to be a key element in Sony's recovery, and our rating
assumes continued weak performance in this segment.  However,
credit markets were surprised by the announcement, with five-year
CDS prices spiking up to 142bp from 112bp, according to Bloomberg,
despite the positive news for creditors that the company will not
be paying a dividend this year," Fitch said.

Management's resolve to make difficult decisions will be tested if
performance in the mobile business does not improve.  Apart from
PCs, the company continues to produce the same products as five
years ago, and we believe that more aggressive reform to revamp
Sony's product and business portfolio is overdue.  For example,
the company appears committed to turning around its TV business
following 10 straight years of losses.  Fitch rates Sony's chance
of meeting its break-even target for TVs in the year ending March
2015 (FYE15) at no greater than 50%.



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


MALAYSIA AIRLINES: Khazanah to Set Up Outplacement Center
---------------------------------------------------------
Bernama reports that Khazanah Nasional Bhd is to set up a special
centre to provide "outplacement support" to some 6,000 Malaysia
Airlines (MAS) staff to be made redundant as part of its
restructuring process.

A source familiar with the restructuring said the focus of the
outplacement centre (OPC) would be to extend all relevant and
required support to the various groups of employees leaving the
national airline, according to Bernama.

This would include professional, emotional and financial support
to assist them as they transition out to the next stage of their
career, the report relates.

Bernama notes that Khazanah had, at the end of August, announced
its 12-point plan to resuscitate the national airline which would
see 6,000 jobs cut across the board and result in the emergence of
a 'new' and leaner MAS come July 1, 2015 from its existing
workforce of 20,000 employees.

According to Bernama, a source said the OPC would help transition
employees who have been identified under three categories -- early
retirees, job seekers and potential entrepreneurs.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
September 1 2014, The Associated Press said Malaysia Airlines will
cut 6,000 workers as part of a $1.9 billion overhaul announced on
August 29 to revive its damaged brand after being hit by double
passenger jet disasters.

Investigators continue to scour the southern Indian Ocean for
Malaysia Airlines Flight 370, which veered far off course while en
route from Kuala Lumpur to Beijing on March 8 with 239 people on
board, said the report.  In July, 298 people were killed
when Flight 17 was blasted out of the sky as it flew over an area
of eastern Ukraine controlled by pro-Russian separatists.

These tragedies have scarred the airline's brand, once associated
with high-quality service, AP added.

Headquartered in Selangor, Malaysia, state-owned Malaysia Airlines
-- http://www.malaysiaairlines.com/-- engages in the business of
air transportation and the provision of related services.

Last year, Malaysia Airlines reported a net loss of MYR1.17
billion ($359 million), its third consecutive year of
net losses, according to The Wall Street Journal. In the three
months that ended June 30, its net loss widened to MYR307 million
from MYR176 million in the year-earlier period, the Journal
disclosed.



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


FELTEX CARPET: Prospectus 'Not Misleading', High Court Says
-----------------------------------------------------------
Radio New Zealand News reports that the High Court said a Feltex
prospectus, issued two years before the carpet manufacturer went
into receivership, was not misleading.

Investor Eric Houghton took the case, on behalf of shareholders,
against seven company directors for losses arising from what he
claimed was a misleading 2004 prospectus, according to Radio New
Zealand News.

The report notes that the High Court has found the prospectus
portrayed an improving financial position for Feltex but also
identified risks.

It says it was not misleading, the report relays.

The former Feltex directors have issued a statement saying they
regret people lost money when the company was forced into
receivership in 2006 but are pleased the court has rejected the
claim in its entirety, the report says.


SOLID ENERGY: Gets NZ$103MM Fund From Government
------------------------------------------------
Stuff.co.nz reports that the Government will provide cover worth
NZ$103 million to Solid Energy for restoring mining land and to
avoid its technical insolvency.

According to the report, Finance Minister Bill English and State-
owned Enterprises Minister Tony Ryall said the state-owned miner
needed the indemnity to keep it in "positive equity" and to sign
off its accounts.

Negative equity means a company has more liabilities than assets
and is technically insolvent, the report notes.

Stuff.co.nz relates that Mr. English said government officials
were working with the company to extend its remediation indemnity,
which would meet the future costs of restoring the mined land to
its previous state.

He expected that to be completed in the next week or so, says
Stuff.co.nz.

"This will extend a similar remediation agreement made in 1987,"
the report quotes Mr. English as saying.  Trading conditions were
still difficult for Solid Energy, he said.

Stuff.co.nz says the indemnity was a promise by the Crown to
reimburse Solid Energy for the costs of remediation when it was
carried out and had a present value of NZ$103 million.

"The company's directors are required to sign off the company's
annual accounts by the end of September and they advised us they
need this indemnity for the company to remain in a positive equity
position through this financial year," Mr. English, as cited by
Stuff.co.nz, said.

The report relates that Mr. English said there would be no overall
impact on Crown accounts because it was the transfer of a
liability from a Crown-owned company directly to the Crown.

The Government said a year ago that it would continue to support
the company "if there is a reasonable chance it can be made
viable", Mr. English said, Stuff.co.nz relays.

Labour's state owned enterprises spokesperson Clayton Cosgrove
said Ryall's last act as Minister was to load up the taxpayer with
even more of a burden to rescue the "train wreck" he had turned
Solid Energy into.

Solid Energy was once the jewel of New Zealand's state owned
enterprise crown, but had been turned into a "shell of a company",
with 800 jobs lost and almost NZ$400 million in debt.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2013, The New Zealand Herald said stricken state owned
coal miner Solid Energy's future appears bleak according to a
recently completed report on the company, Prime Minister John Key
had indicated.  According to the Herald, Mr. Key said corporate
advisers KordaMentha had just completed their report on the
company which is on the brink of collapse after being crippled by
low coal prices and almost NZ$400 million in debts.

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.



=================
S I N G A P O R E
=================


GOODPACK LIMITED: Moody's Assigns Parent B2 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating (CFR) to IBC Capital Limited, the parent holding
company of guarantor Goodpack Limited (together Goodpack), a
definitive B2 instrument rating to its $550 million first lien
term loan due 2021 and a definitive B3 instrument rating to its
$170 million second lien term loan due 2022. The outlook on the
ratings is stable.

This action follows the completion of the acquisition of Goodpack
Limited by IBC Capital Limited, an indirect wholly owned
subsidiary of a fund affiliated and advised by Kohlberg Kravis
Roberts & Co L.P., by way of a scheme of arrangement which was
effective 9 September 2014.

Terms of the credit agreement and total debt used to fund the
transaction are largely consistent with our original expectations.
The first lien term loan was increased by $30 million to $550
million and second lien term loan reduced by the same amount to
$170 million resulting in a modest increase in priority debt
compared to the proposed terms.

Ratings Rationale

The B2 CFR continues to reflect high leverage deployed to acquire
Goodpack via the leveraged buyout arrangement, which resulted in
adjusted debt-to-EBITDA of around 6.5x and debt-to-revenue of over
3.0x at close. Whilst this arrangement is considered an aggressive
capital structure, the rating is supported by the strength of
Goodpack's margins and cash flow profile and its leading position
in the niche logistics and packaging market for natural and
synthetic rubber. Goodpack has customer concentration risks,
whereby its top ten customers represent about 60% of its sales but
are premised on long term relationships averaging around 12 years
and multi-year contracts. In addition, the company relies on a
single supplier for its patented intermediate bulk containers.

The B2 rating on the $550 million first lien term loan and B3
rating $170 million second lien tem loan reflect guarantees from
key operating entities and first or second lien security in
substantially all assets. It also incorporates our view that
Goodpack's assets would not support a full recovery on either
facility in a distressed scenario and the subordination of the
second lien loans relative to the first lien loans.

The stable outlook incorporates our expectation of leverage to
decline below 6.0x in the next 12-18 months from a combination of
debt reduction and margin growth. Further, the outlook reflects
our view that Goodpack will maintain its EBITDA margins at or
around 50% while continuing to grow its customer base over the
next 12-18 months.

Ratings are unlikely to be upgraded in the next 12-18 months given
Goodpack's relatively small scale and high leverage. Rating
momentum would evolve if Goodpack demonstrates a commitment to
reduce its financial leverage such that it remains in the 4.0-4.5x
range and EBIT/interest exceeds 3.0x over a sustainable period
while maintaining its revenue and EBITDA growth rates and good
liquidity profile.

The ratings may be downgraded if Goodpack raises debt to fund any
acquisitions or to fund a shareholders distribution, leverage
remains above 6.0x for an extended period, or if it were to lose
one or more of its top customers.

Moody's detailed rating rationale was set out in a press release
and new issuer report issued on 16 July 2014.

The principal methodology used in this rating was Global Business
& Consumer Service Industry Rating Methodology published in
October 2010.

Goodpack, with a fleet of 3.3 million IBCs, provides bulk cargo
packaging and logistics solutions for its customers largely in the
natural rubber and synthetic rubber markets. It has operations in
more than 70 countries servicing more than 5,000 delivery and
drop-off points.



=============
V I E T N A M
=============


* VIETNAM: New Bankruptcy Law to Take Effect in January 2015
------------------------------------------------------------
Ly Nghia Dung at BizHub reports that after 10 years from the
issuance of the 2004 bankruptcy law, a new Law on Bankruptcy (the
Bankruptcy Law) was passed on June 19, 2014, by the 13th National
Assembly with bankruptcy proceedings separated into the two
concepts -- insolvency and bankruptcy.

BizHub relates that in addition, the new law clearly defines
rights and obligations of involved parties in bankruptcy
proceedings; changed the composition of the team of management and
liquidation; prescribed shortened proceedings for bankruptcy, and
procedures for bankruptcy of credit institutions; provided for
suspension for settling cases related to the implementation of the
financial obligations of enterprises unable to dissolve debts and
resolve legal consequences; and re-arranged the stage of asset
liquidation in bankruptcy proceedings, etc.

According to BizHub, the new law creates a new title of trustee
with the rights and obligations similar to the team for the
management and liquidation of assets, which is responsible for
managing the operation and liquidating assets of the enterprise in
bankruptcy during the proceedings (including the management and
liquidation of assets; representing the enterprise in the absence
of a legal representative; reporting on the status of assets,
financial liabilities and operations of the enterprise;
participation in making a business recovery plan; provision of
proposals for the court to implement the following works:
collecting evidence, declaring a transaction invalid and
recovering asset sales or transfers that were conducted illegally,
applying interim urgent measures and applying administrative
sanctions).

Under the new Bankruptcy Law, a minimum period in which creditors
can lodge a petition for bankruptcy proceedings against debtors is
three months from the due date of financial obligations, BizHub
says. In addition, the law also grants to other individuals and
organisations the right to inform the entities who have the right
and obligation to file a request for bankruptcy proceedings when
they discovered the enterprise was unable to dissolve its debts,
BizHub relays.

BizHub says the court with jurisdiction to resolve bankruptcy
proceedings is transferred to the people's court of the district
where the head office of the enterprise is located, except in
certain cases where the people's court of the province has
jurisdiction under the provisions of Article 9.1 of the Bankruptcy
Law. A petition for bankruptcy proceedings will not always result
in initiation of bankruptcy proceedings as a petitioner has the
right to actively negotiate the withdrawal of the petition through
a separate agreement with the debtor, BizHub notes.

BizHub adds that with the new regulations, information of an
enterprise initiating bankruptcy proceedings (Insolvent Debtor)
can be easily accessed via notification to the petitioner,
Insolvent Debtor, creditors, the Procuracy, the authority of civil
judgment enforcement, tax agency, business registration agency
where the head office of the enterprise is located and the
national business registration portal, the portal of the court and
two consecutive issues of local newspapers. This allows other
creditors, or other entities with financial issues against the
enterprise a better ability to know and take the next steps to
protect their own rights and legitimate interests.

According to BizHub, in avoidance of dispersing and hiding assets,
some transactions, shortly before initiation of bankruptcy
proceedings can be considered to be invalid in the following
cases:

    (i) transactions relating to asset transfers but not at
        market prices;

   (ii) the transfer of unsecured debt into secured debt or
        partially secured debt; (iii) payment or balance to
        a creditor for debts not yet due or for a larger
        amount than due debts; (iv) transfer of property
        without payment;

    (v) transactions for purposes other than business activities
        of the enterprise; and

   (vi) other transactions with the purpose of dispersing the
        assets of the enterprise. The court with jurisdiction
        will consider the transactions at the various periods
        depending on the engaged entities. The time period for
        entities in a relevant relationship to the Insolvent
        Debtor is 18 months, and for others it's six months.

BizHub adds that an enterprise is declared bankrupt if (i) the
enterprise is unable to pay official fees or advance bankruptcy
costs; (ii) the creditors meeting was postponed but still
unsatisfied for being reconvened; (iii) a resolution of the
creditors meeting is not passed; or (iv) a business recovery plan
is not made within the time-limit, a business recovery plan cannot
be implemented, or debts cannot be dissolved even after the
performance of the business recovery plan.

This new Bankruptcy Law enters effect on Jan. 1, 2015, according
to BizHub.


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


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

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

AUSTRALIA


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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


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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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