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                      A S I A   P A C I F I C

           Friday, October 24, 2014, Vol. 17, No. 211


                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: Moody's Assigns Ba2 Corporate Family Rating
BOART LONGYEAR: Inks Debt Rescue Deal with Centerbridge
CONRAD LININGS: First Creditors' Meeting Slated For Oct. 31
EXPANDING CRUST: In Liquidation; First Meeting Set for Oct. 31
KOSTEN PTY: In Liquidation; 1st Creditors' Meeting Set for Nov. 4

LOCK BOX: In Administration; First Meeting Set For Oct. 31
PATINACK FARM: Horse Stud Farms Fail to Sell
SOUTHERN PEARL: First Creditors' Meeting Slated For Oct. 30
VICTORIA HOTEL: Closes Doors Due to Financial Issues
VIRGIN AUSTRALIA: Moody's Affirms B3 Rating on Class D Notes


C H I N A

HIDILI INDUSTRY: Faces Challenges After Debt Repurchase
HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'SD'


I N D I A

AMEET METAPLAST: CRISIL Reaffirms B Rating on INR52.8MM Bank Loan
ANNAPURNA COTTON: CARE Reaffirms B+ Rating on INR7.06cr Bank Loan
APNA COLD: ICRA Suspends 'D' Rating on INR6.90cr LT FB Facilities
ASTRA CHEMTECH: CRISIL Reaffirms 'D' Rating on INR130MM Cash Loan
AUGUSTAN TEXTILE: CRISIL Reaffirms D Rating on INR80MM Term Loan

BHAGWATI COLD: ICRA Suspends B- Rating on INR6.35cr LT FB Loan
BHOLENATH COLD: ICRA Suspends B- Rating on INR6.31cr LT FB Loan
BIRAMANE HOSTEL: CRISIL Reaffirms 'D' Rating on INR65.1MM Loan
CTS INDUSTRIES: CARE Lowers Rating on INR38.49cr Bank Loan to 'D'
D.D. AGGARWAL: ICRA Suspends B+ Rating on INR1.10cr FB Limits

DAROGA PRADHAN: CRISIL Raises Rating on INR60MM Bank Loan to 'B'
DHAIRYA INTERNATIONAL: CARE Rates INR11cr Bank Loan at B+/A4
DIRCO POLYMERS: CRISIL Ups Rating on INR100MM Cash Credit to B
IDBI BANK: S&P Assigns 'BB+' Rating on US$ Sr. Unsecured Notes
JINDAL WOOD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan

KAMSRI PRINTING: CRISIL Suspends B Rating on INR45MM Cash Credit
MAHAKALI MOTORS: ICRA Suspends B+ Rating on INR10cr Cash Credit
MAWANA FOODS: CRISIL Reaffirms B- Rating on INR35MM Cash Credit
MSV LABORATORIES: CARE Assigns B Rating to INR9.52cr Bank Loan
PAGHADI ASSOCIATES: CRISIL Cuts Rating on INR100M Term Loan to B+

PAPPU COUNTRY: CARE Assigns B+ Rating to INR4.22cr Bank Loan
PREM INFRACITY: CRISIL Cuts Rating on INR280MM Term Loan to 'B-'
PUNJAB METAL: CARE Reaffirms B/A4 Rating on INR3cr Bank Loan
RAMNANDI AUTOMOBILES: ICRA Cuts Rating on INR38cr FB Loan to 'D'
RENUKA CONSTRUCTIONS: CRISIL Rates INR100MM Project Loan at 'B'

SHREE NAKODA: ICRA Reaffirms 'B' Rating on INR1cr Cash Credit
SHREE RAMKRISHNA: CARE Reaffirms B+ Rating on INR10.36cr Loan
SHREE VISHNU: CRISIL Assigns 'D' Rating to INR139MM Term Loan
SIDDHIVINAYAK COTTON: CARE Puts B+ Rating on INR9.5cr Bank Loan
SOLAS FIRE: CRISIL Upgrades Rating on INR45MM Cash Credit to B+

SYMTRONICS AUTOMATION: CRISIL Reaffirms B- Rating on INR25MM Loan
UJJWAL AUTOWHEELS: CRISIL Reaffirms B+ Rating on INR80M Cash Loan
VAIDYANATH SAHAKARI: CRISIL Reaffirms D Rating on INR819.6MM Loan
VINAYKUMAR & CO: CARE Assigns B+/A4 Rating to INR11cr Bank Loan
YOGESHWAR COTTON: CARE Reaffirms B+ Rating on INR5cr Bank Loan


N E W  Z E A L A N D

PYNE GOULD: Sells Entire Shares in EPIC for NZD25.4 Million


T A I W A N

TAIWAN HIGH: Plans to Restructure Finances, Cut Debts


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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ARISTOCRAT LEISURE: Moody's Assigns Ba2 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 corporate
family rating to Aristocrat Leisure Ltd ("Aristocrat"). At the
same time, Moody's has assigned definitive Ba2 senior secured
ratings to the USD1.3 billion Term Loan Facility and AUD100
million Senior Secured Revolving Credit Facility issued by
Aristocrat International Pty Limited.

The rating outlook is stable.

Ratings Rationale

Moody's definitive ratings on these facilities confirms the
provisional ratings assigned on 5 September 2014 following
completion of the acquisition of Video Gaming Technologies Inc.
("VGT") and successful debt issuance.

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

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

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

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

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

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

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

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

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

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

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


BOART LONGYEAR: Inks Debt Rescue Deal with Centerbridge
-------------------------------------------------------
Benjamin Purvis and Brett Foley at Bloomberg News report that
Boart Longyear Ltd., a struggling Australian-listed provider of
mining services, agreed with its biggest shareholder Centerbridge
Partners LP on a US$352 million plan to cut debt and bolster its
finances.

Bloomberg relates that Boart Longyear said the New York-based
private equity firm will provide as much as US$225 million in
loans with looser restrictions and back an equity raising of as
much as US$127 million.  The package will boost liquidity to about
US$240 million and cut net debt by about US$120 million, excluding
transaction costs. Boart shares surged as much as
53 percent to AUD0.23, the biggest gain in three months, the
report notes.

According to the report, Boart Longyear has been hurt by a scaling
back of mineral exploration and capital expenditure as global
commodity prices tumbled. Third-quarter revenue fell
14 percent to US$239 million from a year earlier and the South
Jordan, Utah-headquarted group expects flat utilization rates for
the rest of 2014.  The agreement stems from a review the company
has been undertaking since February amid default concerns,
Bloomberg notes.

"Our going concern status was under review and if the market
didn't improve, we could have been in default in June of next
year," the report quotes Boart Longyear Chief Executive Officer
Richard O'Brien as saying in a conference call with reporters on
Oct. 23.

Boart had already negotiated five amendments with its banks in the
past 24 months and lenders' "patience was wearing out," Mr.
O'Brien, as cited by Bloomberg, said.

Bloomberg says Centerbridge, which was involved in a refinancing
plan for Australian surfwear company Billabong International Ltd.
last year, is providing an initial equity injection of
US$5.6 million and a US$120 million loan with less strict
conditions than Boart's existing bank debt. It will provide as
much as US$105 million of similar loans to fund a buyback of
bonds, the report relates.

According to Bloomberg, the private equity firm is also
underwriting a rights offer of as much as US$84 million and plans
turning US$16 million of Boart Longyear bonds it holds into
equity, subject to shareholder consent. It will pay a further
US$21 million of equity should the deal be approved at a meeting
expected to be held in late December. A share buyback of as much
as US$20 million is also planned, the report adds.

"The recapitalization will provide the company with significant
liquidity to better weather the challenges of the current
depressed markets for our drilling services and products and the
financial strength to allow more time for those markets to
recover," Mr. O'Brien said in the statement, Bloomberg relays.

Boart Longyear's shares had fallen 61 percent this year before
Oct. 23's announcement and were at AUD0.225 as of 2:58 p.m. in
Sydney. The yield on the company's US$300 million of February 2021
notes climbed as high as 13.93 percent in July from 7 percent when
they were issued in March 2011, data compiled by Bloomberg show.

Headquartered in South Jordan, Utah, Boart Longyear Limited is
incorporated in Australia and listed on the Australian Securities
Exchange Limited. The company provides drilling services and
complimentary drilling products and equipment, principally for the
mining and metals industries.

As reported in the Troubled Company Reporter-Asia Pacific on
July 22, 2014, Standard & Poor's Ratings Services lowered its
corporate credit rating on South Jordan, Utah-based Boart Longyear
Ltd. to 'CCC' from 'CCC+'.  The outlook is negative.
At the same time, S&P lowered its issue level rating on subsidiary
Boart Longyear Management Pty Ltd.'s secured notes to 'B-' from
'B' and its senior unsecured notes to 'CCC' from 'CCC+'.  S&P
maintained the '1' recovery rating on the secured notes, which
indicates its expectation for very high (90% to 100%) recovery and
the '4' recovery rating on the unsecured notes, which indicates
S&P's expectation for average (30% to 50%) recovery in the event
of a payment default.

The TCR-AP also reported on June 20, 2014, Moody's Investors
Service downgraded Boart Longyear Limited's corporate family and
probability of default ratings to Caa1 and Caa1-PD respectively
from B3 and B3-PD respectively. The speculative grade liquidity
rating was lowered to SGL-4 from SGL-3. At the same time Moody's
downgraded Boart Longyear Management Pty Limited's guaranteed
secured notes to B3 from B2 and affirmed the Caa2 senior unsecured
notes rating. The outlook is negative.


CONRAD LININGS: First Creditors' Meeting Slated For Oct. 31
-----------------------------------------------------------
Daniel Ivan Cvitanovic of DCW Insolvency Management was appointed
as administrator of Conrad Linings Pty Ltd on Oct. 21, 2014.

A first meeting of the creditors of the Company will be held at
DCW Insolvency Management, Suite 1, 151 Tongarra Road, in Albion
Park, New South Wales, on Oct. 31, 2014, at 10:00 a.m.


EXPANDING CRUST: In Liquidation; First Meeting Set for Oct. 31
--------------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
as Joint and Several Liquidators of Expanding Crust Pty Ltd on
Oct. 20, 2014.

A meeting of creditors will be held at 11:30 a.m. on Oct. 31,
2014, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


KOSTEN PTY: In Liquidation; 1st Creditors' Meeting Set for Nov. 4
-----------------------------------------------------------------
Mark Hall and Simon Miller of Clifton Hall were appointed Joint
and Several Administrators of Kosten Pty Ltd on Oct. 23, 2014.

A first meeting of creditors will be held at 10:30 a.m. on
Nov. 4, 2014 at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


LOCK BOX: In Administration; First Meeting Set For Oct. 31
----------------------------------------------------------
Richard J Cauchi and Michael Carrafa of SV Partners were appointed
as administrators of Lock Box Pty Ltd, formerly trading as
"ARKPX", on October 21, 2014.

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, Level 17, 200 Queen Street, in
Melbourne, Victoria, on Oct. 31, 2014, at 11:00 a.m.


PATINACK FARM: Horse Stud Farms Fail to Sell
--------------------------------------------
Scott Parker at The Sydney Morning Herald reports that the first
auction of former coal billionaire Nathan Tinkler's Patinack Farm
properties could be declared a "non-starter" after all were passed
in at auction on Oct. 23.

The sale was a complicated and at times disjointed process that
included slow starts, pass-ins and an unusual schedule of events,
the report says.

SMH relates that LJ Hooker auctioneer Mark MacCabe presided over
the event that included a first round of bidding for all
properties (complete with separate negotiations following each
auction), and then a second round of bidding on each property,
finally resulting in each property being passed in.

Final bids passed in were AUD4,500,000 for Wadham Park,
AUD1,800,000 for Elysian Fields, AUD3,500,000 for Benobble and
AUD1,800,000 on Sarahvale, totalling AUD11,600,000, relays SMH.

According to the report, LJ Hooker managing agent Cameron McPhie
said prior to the auction there were 15 registered bidders and it
was expected the properties would sell for a total of between
AUD17 million and AUD23 million.

SMH notes that notable horse racing identities who attended the
auction included Gerhard 'Hoss' Heinrich, husband of well known
Queensland trainer Gillian Heinrich, and Sky Racing's Richard
Freedman, brother of Hall of Fame trainer Lee Freedman.

Both men attended in an official capacity, with Mr Heinrich
involved in the bidding and final under bid for both Wadham Park
and Elysian fields and Mr Freedman as official representative at
the sale for Mr Nathan Tinkler, SMH relates.

Also in attendance was former BRW rich lister and ex-MFS Ltd chief
executive officer Michael King, the report says.

SMH adds and Mr. MacCabe concluded the auction by saying LJ Hooker
expected to have all the properties sold within seven days and
were entertaining a number of conditional and unconditional
parties, but were working for the vendor on getting the "best
amalgamation possible".

Earlier in the year, Mr Tinkler had claimed that he had sold
Patinack Farm, including its more than 500 racing horses, to
overseas interests for AUD130 million, which didn't eventuate, SMH
recalls. He was going to use the proceeds to pay back debts owed
to retail billionaire Gerry Harvey, putting the remainder towards
a planned resurrection deal with Peabody Coal and the mothballed
Wilkie Creek mine in Queensland, according to SMH. In August,
Peabody ended any hopes of a business comeback for
Mr. Tinkler by pulling the plug on the deal.

The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on May 10, 2013, that Nathan Tinkler's Mulsanne Resources
Pty was ordered liquidated by a New South Wales state judicial
officer on Nov. 20, 2012, after the company failed to pay AUD28.4
million for shares in coal developer Blackwood Corp. His Patinack
Farm Administration Pty was put in liquidation a day later by a
federal judge in Adelaide over a debt to Workcover Corp. of South
Australia.   Mr. Tinkler also lost ownership of his personal jet
and helicopter after a financing company pushed TGHA Aviation Pty
into receivership on Nov. 23, 2012.  He has avoided other of his
companies being pushed into bankruptcy
with settlements at the last minute, including an agreement with
Mirvac Group (MGR) over a failed property deal.


SOUTHERN PEARL: First Creditors' Meeting Slated For Oct. 30
-----------------------------------------------------------
Michael Gregory Jones -- mjones@jonespartners.net.au -- of Jones
Partners Insolvency & Business Recovery was appointed as
administrator of Southern Pearl Trading Pty Ltd on October 20,
2014.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, New South Wales, on Oct. 30, 2014, at
11:00 a.m.


VICTORIA HOTEL: Closes Doors Due to Financial Issues
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Darwin's Victoria
Hotel has shut its doors due to financial issues.  The closure
took place just three years after it opened again due to tough
trading conditions it experienced in 2011, the report says.

According to the report, the hotel said in a statement the
business struggled to obtain market share since the re-opening
because of its geographic position and the lack of a downstairs
smoking area. The hotel was reported first opened in 1890 to serve
individuals going to Darwin as part of the late 19th century gold
rush, the report relates.

Dissolve.com.au relates that administrator Stephen Duncan from
KordaMentha said the hotel owed around 50 creditors more than
AUD750,000. The administrator added that it is possible for the
hotel to open again, the report says.  Mr. Duncan is currently in
talks with the management to evaluate the potential of the hotel
to be restructured, sold or recapitalised, the report adds.


VIRGIN AUSTRALIA: Moody's Affirms B3 Rating on Class D Notes
------------------------------------------------------------
Moody's Investors Service upgraded its ratings assigned to the
Class A, Class B and Class C Enhanced Equipment Notes, Series
2013-1 ("EENs") of Virgin Australia Holdings Limited ("VA", not
rated): A-tranche to Baa1 from Baa2, B-tranche to Ba2 from Ba3 and
C-tranche to B1 from B2. Moody's also affirmed the B3 rating
assigned to the Class D EEN of this series. The EENS are issued by
separate Australian law trusts ("EEN Trusts"). The sole
beneficiary of each EEN Trust is an orphan special purpose,
Australian bankruptcy-remote vehicle. The transaction structure is
based on that of the Enhanced Equipment Trust Certificates
("EETCs") that have been issued by U.S. airlines and more
recently, non-U.S. airlines, with one key exception. In this
transaction, the EEN Trusts issue debt instruments, the EENs,
rather than the certificates issued in a traditional EETC, which
represent fractional undivided interests in those trusts. The
outlook assigned to the EENs is stable.

The EENs finance 24 aircraft currently owned and operated by
wholly-owned indirect subsidiaries of VA. The aircraft were
previously delivered new between August 2003 and August 2011.
Payment Events of Default under the EEN indentures are the same as
for certificates in an EETC transaction. Specifically, the non-
payment of principal on a scheduled payment date prior to the
final legal maturity date of each tranche will not be an EEN Event
of Default, preserving a key attribute of EETC financings that
helps to meaningfully reduce the probability of default of these
instruments relative to direct obligations of the underlying
airline issuer.

Moody's Pre-Sale Report available to subscribers on www.moodys.com
provides a detailed summary of the Virgin Australia EENs.

Twenty-one Boeing B737-800s with delivery dates between 2003 and
2011, two Boeing B737-700s delivered in 2005 and one Boeing B777-
300ER delivered in 2010 comprise the collateral pool.

Ratings Rationale

The upgrades of the EEN ratings reflect Moody's view that the
underlying credit quality of Virgin Australia has improved since
the EENs were issued in October 2013. Liquidity has been bolstered
with significant contributions of new equity from its major
owners, Singapore Airlines, Etihad Airways and Air New Zealand and
the sale of a stake in its frequent flyer program. Moody's also
anticipates improving operating results as Virgin Australia and
Qantas Airways execute on their recent shifts to limit capacity
growth, effectively curtailing the debilitating market share
battle each has waged over the past year, in pursuit of stronger
yields.

The EEN ratings consider i) the credit quality of VA, ii) the
similar features to those typically found in the traditional EETCs
including cross-default and cross-collateralization, iii) the
importance to VA's network of the aircraft that serve as
collateral, iv) Moody's estimates of the equity cushions based on
market values, v) the faster than typical improvement in the
aggregate loan-to-value because of faster amortization and vi) the
creditor-friendly insolvency regimes in Australia and in New
Zealand in assigning ratings to this transaction. Moody's believes
that the combination of these factors and the assumption that VA
would reorganize rather than liquidate in an insolvency scenario
would cause an administrator to elect to continue to use the
aircraft within five days of commencement of an administration.

The ratings of the A-tranche, B-tranche and C-tranches also
consider Moody's estimates of current loans-to-value of about 60%,
76% and 93%, respectively, modestly weaker than projected when the
transaction came to market. Nevertheless, the faster than typical
amortization of the principal of the equipment notes will help
improve the equity cushion for these tranches. Moody's believes
that the number of aircraft serving as collateral in this
transaction, including one of its longest-haul aircraft,
strengthens the probability of affirmation should an
administration of VA or its airline operating subsidiaries
occur, which reduces the probability of an EEN Event of Default
since rent payments under the leases would continue.

The A-tranche and B-tranche ratings also consider the
subordination provisions of the Intercreditor Agreement that
direct all cash receipts following a default to the A tranche
EENs. The affirmation of the rating on the D-tranche considers the
loan-to-value in excess of 100% and the most junior position in
the transaction waterfall.

Any combination of future changes in the underlying credit quality
or ratings of VA, unexpected material changes in the market value
of the aircraft and/or changes in the status or terms of the
liquidity facilities or the credit quality of the  liquidity
provider could cause Moody's to change its ratings of the EENs.

Virgin Australia Holdings Limited, headquartered in Brisbane,
Australia, is Australia's second largest airline. The company
generated about $4.3 billion of revenue while carrying 20 million
passengers in its most recent fiscal year that ended 30 June 2014.

The methodologies used in this rating were Global Passenger
Airlines published in May 2012 and Enhanced Equipment Trust And
Equipment Trust Certificates published in December 2010.



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HIDILI INDUSTRY: Faces Challenges After Debt Repurchase
-------------------------------------------------------
Stephanie Gleason, writing for Daily Bankruptcy Review, reported
that Chinese coal company Hidili Industry International
Development Ltd. has completed a distressed debt repurchase of
more than half of its senior unsecured bonds, but the company is
still facing significant challenges.  According to the report,
earlier this month, Hidili announced the completion of a tender
offer during which it repurchased $197.2 million in senior
unsecured bonds due 2015, or 51.9% of the outstanding bonds.  The
execution of this deal removed all restrictive covenants and
events of default on the bonds, Hidili said, but it left $187.2
million outstanding and set to mature next year, the report
related.

                  About Hidili Industry

Hidili is a vertically-integrated coal mining enterprise in
southwestern China that supplies coking coal products to the
domestic steel industry. Hidili was listed on the Hong Kong Stock
Exchange in September 2007.

                        *     *     *

The Troubled Company Reporter, on Sep. 22, 2014, reported that
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Hidili Industry International Development Ltd. to
'CC' from 'CCC'.  At the same time, S&P lowered the rating on the
company's senior unsecured notes to 'CC' from 'CCC-'.  S&P also
lowered its long-term Greater China regional scale rating on
Hidili to 'cnCC' from 'cnCCC' and that on the notes to 'cnCC' from
'cnCCC-'.

On the same date, Moody's Investors Service has downgraded to Caa3
from Caa2 the rating for the US$400 million 8.625% senior
unsecured notes due November 2015 ("2015 Notes") issued by Hidili
Industry and downgraded Hidili's corporate family rating to Caa2
from Caa1.

The downgrade was in view of Hidili's offer to buy back its senior
unsecured notes as a "distressed exchange," which, according to
S&P, was tantamount to an immediate default."  The proposed offer
represents a 30%-35% discount to the notes' par value.

Hidili offered to buy back its outstanding US$400 million senior
unsecured notes for US$680 plus a consent payment of US$20 per
US$1,000 principal amount if bondholders accept the offer before
an early tender deadline.  Bondholders who accept after that
deadline but before the expiration date will receive US$650 per
US$1,000.  Hidili was also seeking consent from bondholders to
amend restrictive covenants; the amendments would allow the
company to significantly increase its debt.


HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'SD'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Hidili Industry International
Development Ltd. to 'SD' from 'CC'.  At the same time, S&P lowered
the rating on the company's US$400 million 8.625% senior unsecured
notes due 2015 to 'D' from 'CC'.  S&P also lowered its long-term
Greater China regional scale rating on Hidili to 'SD' from 'cnCC'
and the notes to 'D' from 'cnCC'.

"We downgraded Hidili after the company completed the buyback of
US$197.2 million of its outstanding 8.625% senior unsecured notes
due 2015 at a substantial discount to the par value.  We view the
transaction as a distressed exchange tantamount to an immediate
default," said Standard & Poor's credit analyst Jian Cheng.

Hidili's financial performance in the first half of 2014 was worse
than S&P's base-case expectation, and S&P considers prospects of a
recovery to be weak for the next 12 months.  Continued low coal
prices and market conditions may weaken Hidili's operating
performance.  Consequently, S&P believes the company's highly
leveraged capital structure is unlikely to improve over the
period.  S&P expects that Hidili may seek asset sales if operating
conditions deteriorate.

"We will reassess Hidili's credit profile, particularly the
company's liquidity position, once the buyback is completed," said
Mr. Cheng.  "We believe that Hidili's access to bank credit may
worsen owing to the company's distressed financial situation."

S&P expects to assign new ratings to Hidili and its outstanding
notes in the coming week.  S&P currently do not expect the new
corporate credit rating to be higher than 'CCC'.



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AMEET METAPLAST: CRISIL Reaffirms B Rating on INR52.8MM Bank Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ameet
Metaplast Pvt Ltd continue to reflect AMPL's modest scale of
operations, and its weak financial risk profile, marked by high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the soft and hard luggage and polyvinyl chloride
(PVC) film industries.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term    52.8      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan             34.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if AMPL reports a substantial
increase in its revenue, while maintaining its margins and
improving its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity deteriorates, most likely due to lower cash
accruals or unprecedented delays in collection of receivables, or
if it undertakes an unanticipated large debt-funded capital
expenditure programme, leading to deterioration in its capital
structure.

AMPL was incorporated in 2008 by Mr. K M Ahire, a Nasik-based
first generation entrepreneur. The company manufactures plain and
printed PVC heat-shrinkable films used in the packaging industry.
It has also commenced manufacturing soft and hard luggage for VIP
Industries Ltd in 2013-14 (refers to financial year, April 1 to
March 31).

AMPL reported a net profit of INR5.6 million on net sales of
INR126 million for 2013-14, as against a net profit of INR8
million on net sales of INR60 million for 2011-12.


ANNAPURNA COTTON: CARE Reaffirms B+ Rating on INR7.06cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Annapurna Cotton Impex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.06       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Annapurna Cotton
Impex continue to remain constrained on account of its financial
risk profile marked by its modest scale of operations, modest
profitability, moderately leveraged capital structure, weak debt
coverage indicators and weak liquidity position. The rating is
further constrained on account of exposure of its profitability to
the volatility associated with the raw material prices,
susceptibility to the change in the government policies, its
presence in the fragmented and seasonal cotton industry and
partnership nature of constitution with inherent risk of capital
withdrawal by the partners.

The rating, however, continues to derive benefit from the vast
experience of the promoters and location advantage in terms of
proximity to the cotton-growing region in Madhya Pradesh and also
factors in stabilization of operations and improvement in
profitability during FY14 (refers to the period April 1 to
March 31).

The ability of ACI to increase its scale of operations and
improvement in margins along with better working capital
management are the key rating sensitivities.

Incorporated in May 2012, ACI is established as a partnership firm
by the members of Goyal family. ACI is engaged in cotton ginning
and pressing activities. The manufacturing facilities of the firm
is in Sendhwa (Madhya Pradesh) with installed capacity for cotton
bales of 76,500 MTPA and cotton seeds of 15,000 MTPA as on
March31, 2014. ACI had commenced its commercial operations from
December 2012. The other associate concerns of ACI are Annapurna
Cotton Industries, Tirupati Fibers and Annapurna Cotex Private
Limited which are also in cotton industry.

During FY14, ACI reported a TOI of INR22.31 crore and PAT of
INR0.13 crore as against a TOI of INR14.36 crore and PAT of
INR0.07 crore during FY13. As per the provisional results for
H1FY15, ACI registered a TOI of INR7.00 crore.


APNA COLD: ICRA Suspends 'D' Rating on INR6.90cr LT FB Facilities
-----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR6.90
crore long term fund based facilities of Apna Cold Storage. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in April 2012, Apna Cold Storage (ACS) is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis and commenced commercial operations from February
2013. The facility of the firm is located at Deesa, Gujarat having
storage capacity of 160000 bags each weighing 50 Kg (around 8000
MT of potatoes). The firm has been promoted by Gelot family who
has long experience in potato farming and trading business.


ASTRA CHEMTECH: CRISIL Reaffirms 'D' Rating on INR130MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Astra Chemtech Pvt Ltd
continue to reflect instances of delay by Astra in servicing its
debt; the delays have been caused by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              130        CRISIL D (Reaffirmed)
   Cheque Discounting         2.5      CRISIL D (Reaffirmed)
   Inland/Import Letter      30        CRISIL D (Reaffirmed)
   of Credit
   Term Loan                 10        CRISIL D(Reaffirmed)

Astra's weak liquidity is mainly driven by pressure on its
operating margin, following increase in prices of imported raw
material, and the lengthening of its working capital cycle because
of delays in collection of receivables. CRISIL believes that the
company will continue to face liquidity pressures over the near
term, with continued pressure on its margins and large incremental
working capital requirements.

Astra also has a weak financial risk profile, marked by high
gearing, a small net worth, and weak debt protection metrics, and
a modest scale of operations. However, the company benefits from
its promoters' extensive experience in the adhesives industry.

Update
For 2013-14 (refers to financial year, April 1 to March 31), Astra
achieved revenue of INR572.7 million. The revenue growth was low
at around 7.0 per cent compared with the previous year mainly
because of intense competition. It had an operating margin of 5.3
per cent in 2013-14. The margin continues to be lower than
historical levels of 8.0 to 9.0 per cent mainly because of
increasing competition and high volatility in raw material prices.
The company's sales growth is also expected to remain subdued over
the medium term on account of high competition.

Astra has large working capital requirements as reflected in its
high gross current assets of 204 days as on March 31, 2014, mainly
because of delayed payments by customers. With low cash accruals,
the company's working capital requirements are funded primarily
through bank debt, leading to high gearing of around 3.5 times as
on March 31, 2014. With large debt and low profitability, its
interest coverage ratio has remained weak at around 1.5 times in
2013-14.

The company's financial risk profile is expected to remain weak
over the medium term, impacted by the dependence on outside debt
to support its incremental working capital requirements. Astra has
weak liquidity, marked by low accruals that are tightly matched
with repayment obligations, and high bank limit utilisation. Its
current ratio was weak at below 1.0 time as on March 31, 2014.

Astra, established in 2000 by Mr. Rashid Ibrahim Sorathiya,
manufactures water- and solvent-based synthetic adhesives. It also
manufactures, on a small scale, construction chemicals, textile
specialty chemicals, specialty resins, specialty coating, and
specialty esters. The company's manufacturing facilities are in
Boisar (Maharashtra).


AUGUSTAN TEXTILE: CRISIL Reaffirms D Rating on INR80MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Augustan Textile
Colours Ltd continue to reflect instances of delay by ATCL in
servicing its debt; the delays are because of weak liquidity,
marked by fully utilised bank limits and cash accruals that are
inadequate to meet working capital requirements and debt
obligations.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           13.4       CRISIL D (Reaffirmed)
   Cash Credit              60         CRISIL D (Reaffirmed)
   Long Term Loan           80         CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       15.8       CRISIL D (Reaffirmed)

ATCL's financial risk profile remains below average, with low net
worth; its scale of operations continues to be small, with limited
revenue diversity, while its operating profitability remains
susceptible to competitive pressures in the textile industry.
However, ATCL benefits from its promoter's industry experience.

Set up in 2005 in Coimbatore (Tamil Nadu), ATCL undertakes
printing, bleaching, and dyeing of fabric and yarn.

During 2013-14, on a provisional basis ATCL reported profit after
tax (PAT) of INR15.4 million on net sales of INR362.0 million,
against a net profit of INR7.7 million on net sales of INR325.2
million in 2012-13.


BHAGWATI COLD: ICRA Suspends B- Rating on INR6.35cr LT FB Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR6.35
crore long term fund based facilities of Bhagwati Cold Storage.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 2011, Bhagwati Cold Storage is engaged in
providing cold storage facility to potato farmers and traders on a
rental basis and commenced commercial operations from February
2012. The facility of the firm is located at Deesa, Gujarat having
storage capacity of 150000 bags each weighing 50 Kg (around 7500
MT of potatoes). The partners of the firm have more than a decade
of experience by virtue of their association with other cold
storage units.


BHOLENATH COLD: ICRA Suspends B- Rating on INR6.31cr LT FB Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR6.31
crore long term fund based facilities of Bholenath Cold Storage.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the April 2012, Bholenath Cold Storage (BCS) is
engaged in providing cold storage facility to potato farmers and
traders on a rental basis and commenced commercial operations from
February 2013. The facility of the firm is located at Deesa,
Gujarat having storage capacity of 140000 bags each weighing 50 Kg
(around 7000 MT of potatoes). The firm has been promoted by Gelot
family who has long experience in potato farming and trading
business.


BIRAMANE HOSTEL: CRISIL Reaffirms 'D' Rating on INR65.1MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Biramane
Hostel (BH) continues to reflect instances of delay by BH in
servicing its term loan obligations; the delays have been caused
by BH's weak liquidity resulting from depressed accruals along
with cash flow mismatches.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Term Loan      34.9        CRISIL D (Reaffirmed)
   Term Loan               65.1        CRISIL D (Reaffirmed)

BH also has weak debt protection metrics and modest scale of
operations. The Association of Persons (AOP), however, benefits
from its promoters' extensive experience in the education sector.

BH is an AOP of the Biramane family based in Maharashtra. The AOP
provides hostel services to boarding students of Vidya Niketan
High School & Junior College and Vidya Niketan High School at
Panchgani (Maharashtra), which is run by Biramane Education
Foundation (a group trust).


CTS INDUSTRIES: CARE Lowers Rating on INR38.49cr Bank Loan to 'D'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
CTS Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     38.49      CARE D Revised from
                                            CARE C
Rating Rationale

The rating revision factors in the on-going delays in debt
servicing on account of stretched liquidity position of the
company.

CTS Industries Ltd incorporated in May, 2003 was promoted by
brothers Mr Ashok Kumar Tulsyan and Mr Purushottam Kumar Tulsyan
along with their friend Mr Sanjay Choudhury, all from Kolkata,
West Bengal. CTS commenced its operation in 2006 and was initially
engaged only in the trading of petrochemical products such as
parafin wax, slack wax and pesidue wax. In 2006, Annapurna Global
Ltd, an associate company of CTS which was involved in the
manufacturing of wax was merged into it. At present, the company
operates in three segments i e trading of petrochemical products,
manufacturing of pre-stressed concrete (PSC) pole and supplying
crushed stone/ aggregates to the construction segment. The company
has six plants for stone crushing (aggregates, dust and boulders)
located at various places in Jharkhand and Bihar. Furthermore, it
has manufacturing facility for PSC poles at Begusarai (Bihar) with
available capacity of 360 poles per day.

During FY14 [refers to the period April 1 to March 31], the
company reported a total operating income of INR56.8 crore
(FY13: INR41.3 crore) and a PAT of INR0.2 crore (FY13: INR0.2
crore).


D.D. AGGARWAL: ICRA Suspends B+ Rating on INR1.10cr FB Limits
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR1.10 crore fund based bank facilities of D.D. Aggarwal
Timber Private Limited. ICRA also suspends the short term rating
of [ICRA]A4 assigned to the INR4.40 crore non fund based limits of
DDATPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund        1.10         [ICRA]B+ Suspended
   Based Limits

   Non-Fund Based        4.40         [ICRA]A4 Suspended
   Limits-Short Term

The rating was suspended due to lack of cooperation by the client
to provide any further information.

DDATPL is a privately owned company that was incorporated in 2011.
Directors of the company are Mr Naresh Kumar Aggarwal & Mr. Suresh
Kumar Aggarwal. Both the directors are actively engaged in the
working of the business. The company imports timber from Malaysia.
The variety of timber that the company deals in is mainly used in
furniture making and light construction work. The company's Head
office located at Karnal (Haryana) and branch office located at
Gandhidham (Gujarat) is engaged in cleaning and sawing of logs to
make clean squared timber blocks. All the sawn timber produced at
its Gandhidham (Gujarat) factory is sold from its office in Karnal
in Haryana, and Gandhidham in Gujarat.


DAROGA PRADHAN: CRISIL Raises Rating on INR60MM Bank Loan to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M/s Daroga Pradhan to 'CRISIL B/Stable' from 'CRISIL B-/Stable',
and has reaffirmed its rating on the firm's short-term bank
facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          170        CRISIL A4 (Reaffirmed)

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

   Proposed Long Term       60        CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Term Loan                30        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects the improvement in DP's business risk
profile, driven by substantial increase in its scale of operations
while maintaining its operating margins. The upgrade also factors
in the expected increase in the firm's net worth, which will
enhance its financial flexibility, and the consequent improvement
in its capital structure.

DP's revenue, which registered a year-on-year growth of 30 per
cent in 2013-14 (refers to financial year, April 1 to March 31),
is likely to grow by 15 per cent in 2014-15. The revenue growth
will be driven by timely execution of its healthy order book of
around INR600 million as on July 31, 2014. The firm's operating
profit margin is expected to remain stable at around 11.0 per cent
over the medium term, as it will continue to prudently bid for
building its order book.

The ratings reflect DP's the high degree of geographic and
customer concentration in its order-book, modest net worth base
and its large working capital requirements which limit its
financial flexibility. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
civil construction segment, and its low gearing levels; increasing
cushion between cash accruals and maturing repayment obligations.

Outlook: Stable

CRISIL believes that DP will continue to benefit over the medium
term from its promoters' extensive industry experience and its
moderate order book. The outlook may be revised to 'Positive' if
the firm strengthens its business risk profile by increasing its
scale of operations, or improves its liquidity through better-
than-expected accruals or efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if DP
generates lower-than-expected accruals, or its working capital
cycle is significantly stretched, or it undertakes a large debt-
funded capital expenditure programme, leading to deterioration in
its liquidity.

DP was set up as a proprietorship concern by the late Mr. Daroga
Pradhan and was reconstituted as a partnership firm in 2000. The
firm is currently managed by brothers Mr. Dinesh Pradhan and Mr.
Mahesh Pradhan from Dhanbad (Jharkhand).

DP undertakes civil construction work for government and public
sector undertakings in Jharkhand, Bihar, Odisha, and West Bengal.
Its projects mainly involve construction of buildings, renovation
of quarters and roads, and water supply.


DHAIRYA INTERNATIONAL: CARE Rates INR11cr Bank Loan at B+/A4
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Dhairya International.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long term/ Short term       11        CARE B+/CARE A4 Assigned
   Bank Facilities

Rating Rationale
The ratings assigned to the bank facilities of Dhairya
International (DHI) are primarily constrained due to its modest
scale of operations, constitution as a proprietorship firm, low
profit margins, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained due to
DHI's presence in the highly competitive agro processing
industry and susceptibility of profitability to raw material price
fluctuation.

The aforementioned constraints far outweigh the benefits derived
from the rich experience of the management personnel and long
track record of the group in sesame seeds processing coupled with
geographical diversification.

Increase in the scale of operations through leveraging the
existing marketing network, improvement in profit margins and
capital structure while managing raw material price volatility are
the key rating sensitivities.

DHI was incorporated in 2009 as a proprietorship concern by Mr
Vinay Kumar Patel. It is engaged in the processing and trading of
various types of sesame seeds at its processing facility located
at Unjha, Gujarat wherein it has sorting plant for grading of agro
commodities. It also undertakes trading of other agro commodities
like Jeera seeds, Kalonji Seeds etc. DHI caters to the export
market with presence in over 30 countries.

It is a part of Unjha-based Vinay Kumar group which was started by
Mr Prahladbhai Patel (Father of Mr Vinay Kumar Patel) by setting-
up a proprietorship concern Vinay Kumar & Co (VKC; rated CARE
B+/CARE A4) in 1992. Both these entities are engaged in processing
and trading of sesame seeds.

As per the provisional result for FY14 (refers to the period
April 1 to March 31), DHI reported a total operating income
(TOI) of INR100.23 crore (FY13 Audited: INR132.46 crore) with PAT
of INR0.34 crore (FY13 Audited: INR0.36 crore).


DIRCO POLYMERS: CRISIL Ups Rating on INR100MM Cash Credit to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dirco Polymers Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable', and has reaffirmed its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              100        CRISIL B/Stable (Upgraded
                                       from 'CRISIL B-/Stable')
   Letter of Credit          65.4      CRISIL A4 (Reaffirmed)

   Proposed Long Term       100        CRISIL B/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

The rating upgrade reflects expected improvement in DPPL's
business risk profile and its expected comfortable liquidity over
the medium term. The company's business risk profile is likely to
improve on account of increased orders from its clients, including
Samsung Electronics India Private Limited resulting in higher
revenue. DPPL's operating margin was comfortable, at 8.0 to 8.5
per cent, over the past three years and is expected to remain at a
similar level over the medium term.

Higher revenue and comfortable profitability are expected to
result in improved liquidity with estimated cash accruals of over
INR16 million in 2014-15 (refers to financial year, April 1 to
March 31) against scheduled debt obligations of around INR4.7
million during the year. The company's liquidity is underpinned by
promoters' support, as reflected in unsecured loans of INR14.4
million extended by them to the company in 2013-14.

The ratings reflect DPPL's small scale of operations in the highly
fragmented dyes and pigments industry, and its weak financial risk
profile, marked by a small net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of DPPL's promoters.

Outlook: Stable

CRISIL believes that DPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
improvement in the company's financial risk profile, most likely
driven by fresh equity infusion and reduction in incremental
working capital requirements. Conversely, the outlook may be
revised to 'Negative' in case of decline in DPPL's revenue or
profitability, leading to lower cash accruals, or any large debt-
funded capital expenditure, weakening its capital structure.

DPPL was incorporated in 1996, promoted by Mr. Naresh Goyal and
Mr. Surender Goel. The company manufactures masterbatches and
compounds that are primarily used to manufacture a variety of
plastic products for the automobile, electronic, furniture, and
packaging industries. DPPL has three manufacturing units at
Manesar and Gurgaon (both in Haryana), with capacity utilisation
of 80 per cent on an average.


IDBI BANK: S&P Assigns 'BB+' Rating on US$ Sr. Unsecured Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by IDBI Bank Ltd. (foreign currency BB+/Stable/B).
The bank will issue the notes under its US$5 billion medium-term
notes program.  The rating on the notes reflects the long-term
counterparty credit rating on IDBI.

The proposed notes will constitute direct, unconditional,
unsecured, and unsubordinated obligations of IDBI.  They shall at
all times rank at par among themselves and with all other
unsecured obligations of the bank.

The rating on the notes is subject to S&P's review of the final
issuance documentation.


JINDAL WOOD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Jindal Wood Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       1        CARE B+ Reaffirmed
   Long-term/ Short-term Bank     20        CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of JWPL continue to
remain constrained by its weak financial risk profile
characterized by the small scale of operations, thin profitability
margins, leveraged capital structure, weak debt protection metrics
and elongated operating cycle. The ratings are also constrained by
geographical and customer concentration risk, foreign exchange
fluctuation risk and intense competition and dependence on the
real estate sector.

The ratings, however, draw comfort from the experienced promoters
of JWPL coupled with the long track record of operations.

Going forward, the ability of the company to scale up its
operations while diversifying its customer base, along improvement
in the capital structure while managing its working capital would
be the key rating sensitivities.

Jindal Wood Products Private Limited incorporated in 1990 and is
promoted by Mr Atul Jindal, Ms Sharda Jindal and Mr Amit Jindal,
having an experience of more than two decades in the processing
and trading of timber logs. JWPL is engaged in the business of
processing and trading of timber (Hardwood) logs and production of
veneer, plywood, solid wood doors and frames, decking and
floorings, solid core flush and moulded doors and other wood
products. Punjab Metal Works Private Limited ('CARE B/CARE A4')
and AK Lumbers Limited (AKL) are the group associates and engaged
in the similar business.

JWPL has reported a net profit of INR0.31 crore on a total
operating income of INR35.39 crore during FY14 (refers to the
period April 1 to March 31) based on unaudited results.


KAMSRI PRINTING: CRISIL Suspends B Rating on INR45MM Cash Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Kamsri
Printing & Packaging Pvt Ltd (Kamsri).

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Bank Guarantee       2          CRISIL A4 (Suspended)
   Cash Credit         45          CRISIL B/Stable (Suspended)
   Letter of Credit     2.5        CRISIL A4 (Suspended)
   Line of Credit       5          CRISIL A4 (Suspended)
   Long Term Loan      36.3        CRISIL B/Stable (Suspended)

The suspension of ratings is on account of non-cooperation by
Kamsri with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Kamsri is yet to
provide adequate information to enable CRISIL to assess Kamsri'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 1991 by Mr. S Suresh, Kamsri manufactures cartons for
duplex board and paper. It supplies packaging products mainly to
the pharmaceuticals, health care and textile industries.


MAHAKALI MOTORS: ICRA Suspends B+ Rating on INR10cr Cash Credit
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00
crore cash credit limits of Mahakali Motors Private Limited.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 2009 by the Choudhury family, MMPL is TML's (Tata
Motors Limited) authorized dealer for the sale of commercial
vehicles as well as for services and sale of spares in the state
of Bihar. The company operates out of two showrooms in the state
of Bihar.


MAWANA FOODS: CRISIL Reaffirms B- Rating on INR35MM Cash Credit
---------------------------------------------------------------
CRISIL ratings reflect Mawana Foods Ltd's weak financial risk
profile and constrained financial flexibility, marked by weak debt
protection metrics, continuous erosion of net worth on account of
losses incurred in the past couple of years leading to high
gearing and small scale of operation in the highly fragmented
industry. These rating weaknesses are partially offset by MFL's
established customer base.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            35        CRISIL B-/Stable (Reaffirmed)

   Letter of credit       35        CRISIL A4 (Reaffirmed)
   & Bank Guarantee

Outlook: Stable

CRISIL believes that MFL will maintain its credit risk profile,
backed by its established distribution network. The outlook may be
revised to 'Positive' in case of substantial improvement in its
scale of operations and profitability or an improvement in its
capital structure, most likely driven by equity infusion by the
parent company. Conversely, the outlook may be revised to
'Negative' in case of a sharp decline in scale of operations and
profitability leading to low cash accruals or delay in equity
infusion by the parent company.

Update
The company's revenue registered a subdued 3 per cent year-on-year
growth to around INR1.02 billion in 2013-14 (refers to financial
year, April 1 to March 31); this was mainly driven by low
realisation. The company's operating margin in past three years
ended 2014 have decreased to round -7.23 per cent from around 1
per cent on account of significantly low realisation and its
inability to pass on the same along with considerable increase in
employee cost on account of increased spending on brand building,
leading to negative operating margins. The topline is expected to
grow at a moderate rate on account of increase in distribution
network coupled with diversified product portfolio, which will
lead to slight improvement in EBIDTA margins; however, the
operating losses will remain over the medium term on account of
its high fixed cost.

The company has efficient inventory management policies as it
enters only into order-backed transactions and maintains low
inventory levels of 10 to 20 days. Furthermore, it does not extend
much credit to its customers as reflected in low debtors of 15 to
20 days over the past three years. However, the overall financial
flexibility is constrained on account of continues erosion of net
worth on account of losses incurred in the past couple of years.
Backed by infusion of funds by Usha International Ltd of INR43.5
million in 2012-13, its net worth improved to around INR 45.8
million; however, the same has been completely eroded due to
losses of around INR80 million incurred in 2013-14 which lead to
significant deterioration in capital structure reflected in high
total outside liabilities to tangible net worth ratio of around
3.93 times as on March 31, 2014.

MFL, a closely held public limited company, trades in edible oil
and sugar. Earlier, MFL was a 100 per cent subsidiary of Mawana
Sugars Ltd. However, in September 2012, the group's parent company
Usha International Ltd had invested INR43.5 million in MFL for 33
per cent shares thereby diluting stake of Mawana Sugars Ltd to 67
per cent. Furthermore, on June 29, 2013, Usha International Ltd
has acquired the Mawana Sugars Ltd share at book value as on date
and now it becomes fully owned subsidiary of Usha International.


MSV LABORATORIES: CARE Assigns B Rating to INR9.52cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of MSV
Laboratories Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.52      CARE B Assigned

Rating Rationale

The ratings assigned to the bank facilities of MSV Laboratories
Pvt Ltd are primarily constrained by its small scale of operation
in a highly competitive industry, project stabilization risk,
cyclical nature of the end-user agricultural industry and
elongated operating cycle. The above constraints outweigh the
comforts derived from the experience of the promoters with long
and satisfactory track record and adequate R&D department.

The ability of the company to increase its scale of operations
along with improvement in profitability and the ability to manage
its working capital effectively would be the key rating
sensitivities.

Purba Medinipur-based (West Bengal) MSV Laboratories Pvt Ltd,
incorporated in November 1991, was promoted by Mr Asok Maiti along
with his family members. Since inception, it has been involved in
manufacturing of bio-fertilizer, bio-pesticides, organic
fertilizer and organic pesticides. The sole manufacturing facility
of the company is located at Medinipur, West Bengal with an
installed capacity of 600 tonnes of bio fertilizer, 6,000 tonnes
of organic fertilizer, 20 tonnes of bio-pesticides and 20 KL of
organic pesticides. MSV sells its products through distributors
and markets its products under the brand name of "Kiran" and
"Carbo" and has wide presence in the state of West Bengal.

During FY14 (provisional) [refers to the period April 1 to
March 31], the company reported a total operating income of
INR4.79 crore (FY13: INR3.36 crore) and a net loss of INR0.11
crore (FY13: PAT of INR0.08 crore).


PAGHADI ASSOCIATES: CRISIL Cuts Rating on INR100M Term Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Paghadi Associates to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       47.5     CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan               100       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that PA's order book
position will remain under pressure, owing to lower-than-expected
bookings. The firm received bookings of INR68.7 million till
August 2014, which was lower than CRISIL's expectations. Bookings
were lower than expected because of reduced order flow from
customers due to pending approvals and a decline in demand given
the general slowdown in the industry. Although bookings are
expected to improve once the approvals are received, they are
likely to remain low, leading to stretched liquidity.

CRISIL's rating on the bank facilities of PA reflects the
promoters' extensive experience of PA's promoters in the real
estate sector, and moderate funding risk for its ongoing project.
These rating strengths are partially offset by the firm's exposure
to implementation- and offtake-related risks associated with its
ongoing project, and its susceptibility to the inherent risks and
cyclicality in the real estate sector in India.

Outlook: Stable

CRISIL believes that PA will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate sector. The outlook may be revised to 'Positive' if there
is a significant improvement in the firm's business and financial
risk profiles, backed by timely implementation of and high sales
levels for its ongoing project, leading to healthy cash accruals
on a sustained basis. Conversely, the outlook may be revised to
'Negative' if PA faces a time or cost overrun in its ongoing
project, or significant pressure on its liquidity, or delays in
receiving customer advances, leading to pressure on its revenues
and profitability, and consequently to deterioration in its debt
servicing ability.

PA is promoted by the Ahmedabad-based Patel and Prajapati
families. The firm is developing a residential project at
Ahmedabad (Gujarat), at a total cost of INR489 million, funded by
term-debt of INR147.5 million and rest through promoter's
contribution. The project is expected to be completed by October
2013.

For 2013-14 (refers to financial year, April 1 to March 31), PA
reported a net loss of INR78 million.


PAPPU COUNTRY: CARE Assigns B+ Rating to INR4.22cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Pappu
Country Spirit Bottling Plant Cum Warehouse.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.22      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the entity at
present. The rating may undergo change in case of withdrawal of
the capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Pappu Country Spirit
Bottling Plant cum Warehouse (PCS) is primarily constrained by its
short track record & small scale of operations coupled with
susceptibility of the profitability to volatile raw material
prices, leveraged capital structure and sensitivity of business to
government regulations.

The aforesaid constraints are partially offset by the experience
of the proprietor, albeit limited in the alcohol & distillery
industry and high entry barriers.

Going forward, PCS's ability to grow its scale of operations with
simultaneous improvement in profitability margins and capital
structure would be the key rating sensitivities.

Pappu Country Spirit Bottling Plant cum Warehouse (PCS) was
established as a proprietorship entity in March 2012 by Mr
Prasanta Das based out of Medinipur (East), West Bengal for the
purpose of setting up a liquor manufacturing unit. The entity is
engaged in the manufacturing of India Made Indian Liquor (IMIL).
The entity commenced commercial production at its plant in Jan.
2013. The entity sells its product in West Bengal under the brands
'Power', 'Piyas' and 'Palash'. The manufacturing facility of PCS
is located at Khanjanchak, Haldia (West Bengal) with an installed
capacity to manufacture 11,400 KLPA.

In FY13 (refers to the period January 1 to March 31), the entity
achieved a total operating income of INR1.70 crore and PAT of
INR0.02 crore. In FY14 (Provisional), the entity reported a total
income of INR22.48 crore and PAT of INR0.61 crore.


PREM INFRACITY: CRISIL Cuts Rating on INR280MM Term Loan to 'B-'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Prem Infracity Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         280       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade reflects the increased demand risk for PIPL's
ongoing project driven by lower-than-expected bookings. The
downgrade also factors in the high funding risk for the project
because of the company's reliance on customer advances for funding
incremental construction cost and the ensuing debt obligations.
Also, CRISIL believes that PIPL's expected large cash outflows
towards construction over the near term will lead to weakening of
the company's liquidity, thereby adversely affecting its debt
servicing ability.

The rating continues to reflect PIPL's exposure to high funding,
implementation and off-take risks for its ongoing residential
project. The rating also factors the susceptibility of the project
to risks related to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
extensive experience of PIPL's promoters in real estate
development.

Outlook: Stable

CRISIL believes that PIPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company exhibits significant progress
in bookings and flow of advances for its ongoing project, leading
to improvement in its liquidity and debt servicing ability.
Conversely, the outlook may be revised to 'Negative' in case of
slow bookings or customer advances, impacting the company's
financial risk profile, particularly its liquidity.

PIPL was set up in 2010 by Mr. Kamal Keswani, Mr. Jitendra
Keswani, Mr. Upendra Chhabra, and Mr. Ashish Mangal. The company
develops residential real estate in and around Agra (Uttar
Pradesh). The promoters have experience of over 13 years in the
real estate sector.


PUNJAB METAL: CARE Reaffirms B/A4 Rating on INR3cr Bank Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Punjab Metal Works Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/ Short-term           3        CARE B/CARE A4
   Bank Facilities                          Reaffirmed

  Short-term Bank Facilities       5        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of PMW continue to
remain constrained by its weak financial risk profile
characterized by the small scale of operations, thin profitability
margins, leveraged capital structure, weak debt protection metrics
and elongated operating cycle. The ratings are also constrained by
geographical and customer concentration risk, foreign exchange
fluctuation risk, intense competition and dependence on the real
estate sector.  The ratings, however, draw comfort from the
experienced promoters of PMW coupled with the long track record of
operations.

Going forward, the ability of the company to scale up its
operations while diversifying its customer base, along
improvement in the capital structure while managing its working
capital would be the key rating sensitivities.

Punjab Metal Works Private Limited incorporated in 1975 and is
promoted by Mr Amar Chand Jindal, Mr Atul Jindal and Mr Amit
Jindal, having an experience of more than two decades in the
processing and trading of timber logs.  PMW is engaged in the
business of processing and trading of timber (Hardwood) logs and
production of veneer, plywood, solid wood doors and frames,
decking and floorings, solid core flush and moulded doors and
other wood products. Jindal Wood Products Private Limited ('CARE
B+/CARE A4') and AK Lumbers Limited are the group associates and
engaged in the similar business.

PMW has reported a net profit of INR0.08 crore on a total
operating income of INR11.62 crore during FY14 (refers to the
period April 1 to March 31) based on the unaudited results.


RAMNANDI AUTOMOBILES: ICRA Cuts Rating on INR38cr FB Loan to 'D'
-----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR2 crore term loan and INR38 crore fund based bank limits of
Ramnandi Automobiles Pvt Ltd from [ICRA]BB- rating to [ICRA]D. The
rating suspension done in August 2014 has been revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan               2         Downgraded to [ICRA]D
   Fund Based Limits      38         Downgraded to [ICRA]D

The revision in the rating takes into account the delays by the
company in meeting its debt servicing obligations. The delays have
been on account of stretched liquidity position arising from high
working capital intensity and ongoing weakness in the commercial
vehicle industry. The rating also takes into account RAPL's
limited geographical presence with operations limited in Bihar,
its exposure to the cyclical nature of the automobile industry,
and limited financial flexibility due to the leveraged capital
structure and weak debt coverage indicators. The rating takes note
of the experience of RAPL's promoters in commercial vehicle
dealership and healthy revenue mix from goods carriers and
passenger transportation, which protects RAPL, to an extent, from
the susceptibility of slowdown in any particular sub-segment of
commercial vehicle sector. In ICRA's opinion the ability of the
company to service its debt obligations in a timely manner and
efficiently manage its inventory requirement would be a critical
determinant of its credit profile going forward.

Incorporated in 1999, RAPL is an authorised commercial vehicle
dealer of Tata Motors Limited. The company has authorised sales
cum service centre in Gaya, Bihar and two showrooms at Sasaram and
Nawada. The company has also opened customer contact points at
Aurangabad, Jahanabad and at 25 other locations, all in the State
of Bihar.

Recent Results
During FY14, RAPL reported a profit after tax (PAT) of INR1.56
crore on the back of an operating income (OI) of INR204.73 crore
as against a PAT of INR1.90 crore on the back of an OI of
INR203.53 crore during FY13.


RENUKA CONSTRUCTIONS: CRISIL Rates INR100MM Project Loan at 'B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Renuka Constructions - Pune (RC).

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Project Loan             100        CRISIL B/Stable

The rating reflects RC's exposure to risks associated with
implementation of its ongoing projects given their initial stage
of execution and low customer bookings. The rating also factors in
the firm's susceptibility to risks and cyclicality inherent in the
Indian real estate industry. These rating weaknesses are partially
offset by the extensive experience and established track record of
RC's promoter in the real estate sector and his funding support to
the firm.

Outlook: Stable

CRISIL believes that RC will benefit over the medium term from its
promoter's extensive industry experience and funding support. The
outlook may be revised to 'Positive' if the firm improves its cash
inflows with timely project completion and enhanced customer
bookings. Conversely, the outlook may be revised to 'Negative' if
RC's liquidity is constrained by project time or cost overruns, or
significantly low customer advances resulting in lower cash
inflows, or if the firm simultaneously undertakes large debt-
funded projects.

RC is a proprietorship firm set up by Mr. Babu Mhehtre in 1993-94
(refers to financial year, April 1 to March 31). The firm is
engaged in real estate development in Pune. Currently the firm is
undertaking three projects: Renuka Gulmarg Phase II, Renuka Tulsi,
and Sai Moulsi. It is likely to launch a new project in April
2015.


SHREE NAKODA: ICRA Reaffirms 'B' Rating on INR1cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR1.00 crore fund-based bank facilities of Shree Nakoda
Global Ltd. Also, ICRA has reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR14.00 crore non-fund based bank
facilities of SNGL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-Based Limits      1.00       [ICRA]B (reaffirmed)
   (Cash Credit)

   Non-Fund Based        14.00       [ICRA]A4 (reaffirmed)
   Limits

The ratings take into consideration the long track record of
SNGL's promoters in the steel sector, which helps secure business
for the company. However, the ratings are constrained by SNGL's
weak financial risk profile as reflected by a high gearing and
depressed levels of debt coverage indicators, SNGL's relatively
small size of operations at present and the cyclicality associated
with the steel industry, which is likely to keep its profitability
and cash flows volatile in future.

The company was incorporated in January 1993 by the Raipur,
Chattisgarh based Shree Nakoda Group, promoted by Mr. Virendra
Goel. The operations of the company are being managed by his
younger brother, Mr. Surendra Goel and Mr. R. K. Agarwal. The
company is involved in trading of various steel products such as
plates, sheets etc. and minerals.

Recent Results
In 2013-14, as per the provisional financial statements, SNGL
reported an operating income of INR127.46 crore and net profits of
INR0.25 crore, as against an operating income of INR111.42 crore
and a net profit of INR0.22 crore in 2012-13.


SHREE RAMKRISHNA: CARE Reaffirms B+ Rating on INR10.36cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shree Ramkrishna Oil Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.36      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shree Ramkrishna Oil
Industries continues to remain constrained on account of its
stagnant turnover with low profitability, modest liquidity
position, leveraged capital structure and moderate debt coverage
indicators which has further deteriorated as on March 31, 2014.
The rating is further constrained on account of volatility
associated with the raw material prices, susceptibility to the
change in the government policies, seasonal and fragmented nature
of the cotton industry and partnership nature of constitution with
inherent risk of capital withdrawal by the partners.

The rating, however, continues to derive benefit from completion
of the project, vast experience of the promoters and locational
advantage in terms of proximity to the cotton-growing region in
Gujarat.

The ability of SROI to improve its capital structure, increase its
scale of operations and margins along with overall improvement in
financial risk profile are the key rating sensitivities.

SROI was established in the year 1986 as a partnership firm by 11
partners with Mr Bharatbhai Bhudarbhai Patel, Mr Manjibhai
Narshibhai Patel, Mr Bhudarbhai Shankarbhai Patel and Mr Laljibhai
Chaturdas Patel being the key partners who are actively involved
in business operations. SROI is engaged in cotton ginning &
pressing and seed crushing with a manufacturing facility located
at Kadi, Gujarat. SROI has installed capacity to manufacture 52.48
MT of cotton bales per day, 49.5 MT of oil cake per day and 7.00
MT of cotton seed wash oil per day. The firm sells the products
under the registered brand name 'Shree Rama'.

During FY14 (refers to the period April 1 to March 31), SROI
reported a TOI of INR71.09 crore and PAT of INR0.12 crore as
against a TOI of INR71.65 crore and PAT of INR0.12 crore during
FY13. As per the provisional results for H1FY15, SROI
registered a TOI of INR26.06 crore.


SHREE VISHNU: CRISIL Assigns 'D' Rating to INR139MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Shree Vishnu Vishal Paper Mills Pvt Ltd.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                139         CRISIL D
   Cash Credit               26         CRISIL D
   Proposed Long Term
   Bank Loan Facility        30         CRISIL D

The rating reflects delay by SVVPMPL in repaying its term loan
obligations on account of weak liquidity.

The company has small scale of operations in fragmented kraft
paper manufacturing business, and is also exposed to risk related
to fluctuation in raw material prices. These rating weaknesses are
partially offset by the company's improving business profile
through gradual stabilisation of operations.

SVVPMPL is engaged in manufacturing of Kraft paper and also
operates a captive husk based power plant. The paper mill along
with captive power plant was established by its erstwhile
promoter-director, Bihar based Modi and Bagaria family. The mill
commenced commercial operations in Sep 2012. However, within two
months the mill was closed down owing to several issues. Later,
the company was acquired by its current owner-director Mr. Amit
Prakash Kejriwal and Mr. Ashok Goenka in March 2013. The paper
mill along with captive power plant recommenced operations in May
2013. The mill is located at Aara district of state of Bihar.


SIDDHIVINAYAK COTTON: CARE Puts B+ Rating on INR9.5cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Siddhivinayak Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Siddhivinayak Cotton
Industries is primarily constrained due to its modest scale of
operation, high working capital intensity, seasonality associated
with raw material availability and exposure to adverse changes in
government regulations. The rating is further constrained on
account of its weak financial risk profile marked by thin
profitability owing to limited value addition nature of business,
modest liquidity position and moderate solvency position.

The aforementioned constraints far outweigh the benefits derived
from the vast experience of the partners in the cotton ginning &
pressing business and SVCI's presence in the cotton-producing belt
of Gujarat.

Increase in the scale of operations, improvement in the overall
financial risk profile with better working capital management are
the key rating sensitivities.

Amreli-based Siddhi Vinayak Cotton Industries is a partnership
firm engaged in the business of cotton ginning & pressing and
cotton seed crushing. Established in the year 2007, by six
partners led by Mr Jitendra Patel SVCI is operating from its plant
located at Amreli-Gujarat. SVCI has an installed capacity of 9,612
metric ton of cotton and 12,096 metric ton of cotton seed as on
March 31, 2014.

As per the provisional results for FY14 (refers to the period
April 1 to March 31), SVCI registered the profit after tax (PAT)
of INR0.16 crore on a total operating income (TOI) of INR84.91
crore as against the PAT of INR0.19 crore on a TOI of INR95
crore. As per the provisional results of 6MFY15, SVCI registered a
TOI of INR40 crore.


SOLAS FIRE: CRISIL Upgrades Rating on INR45MM Cash Credit to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Solas Fire Safety Equipment Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and reaffirmed the rating on the company's
short-term bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee            25        CRISIL A4 (Reaffirmed)
   Cash Credit               45        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects sustained improvement in SFSEPL's
liquidity backed by enhanced cash accruals and improved working
capital cycle. Though the company's operations remain working
capital intensive, its working capital management is improving, as
indicated by decline in its gross current assets (GCAs) to around
270 days as on March 31, 2014, from around 300 days as on March
31, 2013a year ago. Consequently, SFSEPL has been able to generate
positive cash flows from operations. Backed by Steady sales and
profitability, the company is expected to generate cash accruals
of close to INR15 million in 2014-15 (refers to financial year,
April 1 to March 31), adequately covering its repayment
obligations of INR2.1 million during the year. CRISIL believes
that timely and commensurate enhancement in its bank lines and
adequate financial support from promoter amid increasing scale of
operations will continue to remain a key rating sensitive
parameter over the medium term

The ratings reflect SFSEPL's small scale and tender-based
operations, and its large working capital requirements. These
rating weaknesses are partially offset by the company's
established regional market position in the supply and
installation of fire protection and security systems. The ratings
also factor in SFSEPL's healthy relationship with key customers
and suppliers, and its moderate financial risk profile, marked by
moderate gearing and adequate debt protection metrics, though
constrained by modest net worth.

Outlook: Stable

CRISIL believes that SFSEPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of sizeable cash
accruals with increase in scale of operations or profitability.
Conversely, the outlook may be revised to 'Negative' if SFSEPL's
financial risk profile weakens because of stretched working
capital cycle or large debt-funded capital expenditure, or decline
in profitability or revenue.

Set up in 1999, SFSEPL supplies and installs fire hydrant systems,
automatic fire sprinklers, and access control systems, primarily
in South India. The promoter, Mr. Shenoy, manages the company's
daily operations.

SFSEPL reported a profit after tax (PAT) of INR8 million on net
sales of INR257 million for 2013-14, compared with a PAT of INR4
million on net sales of INR188 million for 2012-13.


SYMTRONICS AUTOMATION: CRISIL Reaffirms B- Rating on INR25MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Symtronics Automation
Private Limited continue to reflect SAPL's average financial risk
profile, marked by a modest net worth and subdued debt protection
metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Reaffirmed)
   Cash Credit            20        CRISIL B-/Stable (Reaffirmed)
   Term Loan              25        CRISIL B-/Stable (Reaffirmed)

The ratings also factor in SAPL's modest scale and working capital
intensive operations. These rating weaknesses are partially offset
by the extensive experience of SAPL's promoters in the control
panel manufacturing industry, and the established presence in the
niche segment of control systems for defense applications.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from its promoters extensive industry experience. The outlook
may be revised to 'Positive' if SAPL reports higher-than-expected
cash accruals, driven by improvement in scale of operations, or
there is improvement in SAPL's working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the company's financial risk profile, particularly its
liquidity, driven by lower-than-expected cash accruals, or further
elongation in the working capital cycle, caused by stretch in
receivables.

Update
SAPL's liquidity is weak, primarily emanating from its large
working capital requirements and its depressed cash accruals. Its
large working capital requirements are primarily driven by stretch
in its receivables, reflected in debtors of 182 days as on March
31, 2014. The stretch in receivables, coupled with large inventory
holding for its projects, has led to large working capital
requirements, depicted in its gross current assets of 531 days as
on March 31, 2014. These working capital requirements are funded
through high reliance on external borrowings, resulting in near-
full utilisation of the bank lines. This coupled with depressed
cash accruals, driven by its modest scale of operations, further
impinges the liquidity of SAPL. Furthermore, SAPL has an upcoming
repayment obligation in March 2015, and with depressed cash
accruals and working-capital-intensive operations, its liquidity
is expected to remain weak over the medium term.

The large working capital requirements have led to high reliance
on external borrowings, leading to its moderate gearing of 1.3
times as on March 31, 2014. With modest net worth and subdued debt
protection metrics, marked by its depressed cash accruals, SAPL's
financial risk profile is expected to remain average over the
medium term.

SAPL, on a provisional basis, reported net sales of INR48.2
million during 2013-14 (refers to financial year, April 1 to March
31), which is in line with CRISIL's expectations. However, the
company's operating profitability improved to around 28 per cent
during 2013-14, backed by increase in the annual maintenance
contracts undertaken by SAPL. With present order book of around
INR45 million, SAPL is expected to register a moderate growth over
the medium term, further supported by its moderate operating
profitability.

SAPL, initially established as a partnership concern, was
reconstituted as a private limited company in1986. The company,
promoted by Mr. Ravindra Bhagwat, designs and manufactures
electronic control systems and caters to naval applications. SAPL
is registered with the Directorate General of Quality Assurance
(DGQA) of the Ministry of Defence of the Government of India along
with other relevant departments of the Indian Navy with a status
PAC (Proprietary Article Certification).


UJJWAL AUTOWHEELS: CRISIL Reaffirms B+ Rating on INR80M Cash Loan
-----------------------------------------------------------------
CRISIL's rating on long-term bank facility of Ujjwal Autowheels
Pvt Ltd continues to reflect UAPL's exposure to intense
competition in the automobile dealership industry, low
profitability margins, and moderate financial risk profile, marked
by a modest net worth and a highly geared capital structure. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the automobile dealership industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             80      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's cash
generation from the business increases significantly while it
maintains its working capital cycle, resulting in a substantial
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a decline in UAPL's revenue or
further deterioration in its capital structure, leading to
weakening of its financial risk profile.

UAPL, established in 2006 by the Nashik-based Choudhary family, is
an authorised dealer of Hyundai Motor India Ltd (rated 'CRISIL
A1+'). The company also deals in spare parts and car accessories,
and provides car-servicing facilities.

UAPL reported a profit after tax (PAT) of INR2 million on net
sales of INR744 million for 2013-14 (refers to financial year,
April 1 to March 31), as against a PAT of INR2 million on net
sales of INR663 million for 2012-13.


VAIDYANATH SAHAKARI: CRISIL Reaffirms D Rating on INR819.6MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vaidyanath Sahakari
Sakhar Karkhana Ltd continue to reflect instances of delay by
VSSKL in servicing its term debt. The delays have been caused by
the society's weak liquidity, driven by large incremental working
capital requirements, mainly due to increased inventory levels,
and sizeable capital expenditure (capex) over the past few years.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Bank Guarantee           17.3        CRISIL D (Reaffirmed)
   Cash Credit             819.6        CRISIL D (Reaffirmed)
   Short Term Loan          283.7       CRISIL D (Reaffirmed)
   Term Loan                336         CRISIL D (Reaffirmed)

VSSKL also has a below-average financial risk profile, marked by
high gearing and weak debt protection metrics, and is exposed to
risks relating to changes in regulations in the sugar industry.
However, the society has a healthy operating efficiency, reflected
in high operating margins achieved by the company,

Update
For 2013-14 (refers to financial year, April 1 to March 31), VSSKL
registered revenue of around INR2.0 billion, a year-on-year
decline of 17 per cent on account of lower sugar prices and a
decline in recovery rates. The society has started operations of a
new distillery and co-generation facilities from 2013-14, which
led to an improvement in its operating surplus margin to around
16.4 per cent in the year. The revenue growth is expected to
increase while its profitability is expected to remain stable over
the medium term with the expected increase in utilisation of the
distillery and co-generation plant.

VSSKL continues to have large working capital requirements as
reflected in its high gross current assets of 432 days as on March
31, 2014, mainly on account of large inventory. Its working
capital requirements are funded mainly through bank debt,
impacting its financial risk profile. The society had a high
gearing of around 5.5 times as on March 31, 2014, and below-
average debt protection metrics with interest coverage and net
cash accruals to total debt ratios of 1.5 times and 0.04 times,
respectively, for 2013-14. Its liquidity is stretched, marked by
large repayment obligations and high utilisation on its working
capital limits. It had a weak current ratio of less than 1.0 time
as on March 31, 2014.

VSSKL reported a net surplus of INR30.1 million on net sales of
INR2.0 billion for 2013-14, as against a net surplus of INR51.9
million on net sales of INR2.4 billion for 2012-13.

VSSKL, set up as a co-operative society in 1996, undertakes
crushing of sugarcane. It functions as a non-profit organisation
and distributes most of its surplus to the members (sugarcane
farmers) after meeting its maturing debt obligations. The
society's plant is at Beed (Maharashtra). VSSKL also has a
distillery and co-generation facilities.


VINAYKUMAR & CO: CARE Assigns B+/A4 Rating to INR11cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vinaykumar & Co.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term/ Short term      11        CARE B+/CARE A4 Assigned
   Bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Vinaykumar & Co.
are primarily constrained due to its modest scale of operations,
constitution as a proprietorship firm, low profit margins, highly
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained due to VKC's presence in the
highly competitive agro processing industry and susceptibility of
profitability to raw material price fluctuation.

The aforementioned constraints far outweigh the benefits derived
from the rich experience of the promoters and long track record of
VKC in sesame seeds processing coupled with geographical
diversification.

Increase in the scale of operations through leveraging the
existing marketing network, improvement in profit margins and
capital structure while managing raw material price volatility are
the key rating sensitivities.

VKC was incorporated in 1992 as a proprietorship concern by Mr
Prahladbhai Patel. It is engaged in processing and trading of
various types of sesame seeds at its processing facility located
at Unjha, Gujarat wherein it has sorting plant for grading of agro
commodities. It also undertakes trading of other agro commodities
like Jeera seeds, Kalonji Seeds etc. VKC caters to both export as
well as domestic markets.

It is a part of Unjha-based Vinay Kumar group which also includes
another proprietorship entity namely Dhairya International (DHI;
rated CARE B+/CARE A4) which was set-up by MrVinay Kumar Patel
(Son of Mr Prahladbhai Patel).  Both these entities are engaged in
processing and trading of sesame seeds.

As per the provisional result for FY14 (refers to the period
April 1 to March 31), VKC reported a total operating income
(TOI) of INR121.15 crore (FY13 Audited: INR34.41 crore) with PAT
of INR0.39 crore (FY13 Audited: INR0.35 crore).


YOGESHWAR COTTON: CARE Reaffirms B+ Rating on INR5cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Yogeshwar Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE B+ Re-affirmed

Rating Rationale

The rating continues to remain constrained on account of the weak
financial risk profile of Yogeshwar Cotton Industries (YCI) marked
by a decline in the total operating income and cash accruals
during FY14 (refers to the period April 1 to March 31), thin
profit margin, moderately leveraged capital structure and weak
debt coverage indicators and stressed liquidity position. The
rating further continues to be constrained by its presence in the
lowest segment of textile value chain with limited value addition
in the cotton ginning business and seasonality associated with the
procurement of raw material resulting into working-capital
intensive nature of operations.

The rating, however, continues to draw strength from the wide
experience of the partners in the cotton industry and
location advantage in terms of proximity to the cotton seed
growing regions in Gujarat.

The ability of YCI to increase its scale of operations, improving
its profit margins, capital structure and better working
capital management in light of the competitive nature of the
industry remain the key rating sensitivities.

Vijapur (Gujarat) based Yogeswar Cotton Industries (YCI) is a
partnership firm formed in April 2006. YCI currently has 11
partners with an unequal profit and loss sharing agreement among
them. The firm is engaged in cotton ginning, pressing
& oil extraction activity with an installed capacity of 6,000
Metric Tonnes Per Annum (MTPA) for cotton bales and 12,775
MTPA of cotton seeds as on March 31, 2014 at its sole
manufacturing facility located at Vijapur in Mehsana district
(Gujarat).

During FY14, YCI reported a TOI of INR34.78 crore and PAT of
INR0.14 crore as against TOI of INR44.82 crore and profit of
INR0.12 crore during FY13. Furthermore during H1FY15, YCI has
reported a TOI of INR14.92 crore.



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


PYNE GOULD: Sells Entire Shares in EPIC for NZD25.4 Million
------------------------------------------------------------
Pyne Gould Corporation Limited announced on Oct. 22, 2014, it has
sold its entire 41.89 million shares in Equity Partners
Infrastructure Company No.1 Limited for GBP0.30 per share or
GBP12.6 million. This is approximately equivalent to 60 cents a
share or NZD25.4 million.

The price of 60 cents is ahead of PGC's carrying value and the
gain on sale will be reflected in the results to June 30 2014.
PGC Managing Director George Kerr said that following the recent
takeover of EPIC by United Kingdom interests, PGC no longer has
the opportunity to control EPIC and, therefore, made a pragmatic
decision to would sell its stake to those interests associated
with EPIC Investor LLP.

PGC has also agreed a settlement deed with EPIC to create a clean
break between the companies and put to an end the litigation
between the two firms. The key terms of the Deed are that PGC has
been repaid the GBP525,000 advance previously made to EPIC, and
EPIC has waived its claim for NZD2.6m. In addition, PGC has paid
NZD380,000 to EPIC, which is the amount PGC had previously accrued
for legal costs in litigation. These terms are consistent with
provisions made in PGC's preliminary annual accounts.

PGC plans to update the market regarding its audited annual
results by the end of this week.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 10, 2014, Stuff.co.nz said the stock exchange has
suspended trading in the shares of investment company Pyne Gould
Corporation (PGC) after the company failed to file its annual
report.  The company's audited accounts for the year to June 30
were required to be filed by September 30 under NZX listing rules,
the report said.

Pyne Gould Corporation Limited, together with its subsidiaries,
provides financial, trustee, and asset management services
primarily in New Zealand.



===========
T A I W A N
===========


TAIWAN HIGH: Plans to Restructure Finances, Cut Debts
-----------------------------------------------------
The China Post reports that Taiwan High Speed Rail Corp. plans to
restructure its finances and reduce its debt burden built up from
years of losses, the company said on Oct. 21.

Under the financial restructuring plan, THSRC will first undertake
a capital reduction of NT$39 billion by retiring
60 percent of its NT$65.13 billion in common shares outstanding,
and then raise NT$30 billion in new capital, the report relates.

At the end of 2013, THSRC had accumulated losses of NT$52.2
billion (US$1.72 billion) even though the company has reported
annual profits since 2011, according to The China Post.

The report notes that restructuring the company's finances was a
condition set by the Ministry of Transportation and Communications
for an extension of THSRC's concession period to 40 years from the
current 35 years.

The current concession period will end in 2033, the report says.

According to the financial restructuring plan, after the capital
reduction, THSRC will reserve NT$6 billion of the planned
NT$30 billion capital increase for subscription by existing
shareholders and NT$1 billion for subscription by employees, the
report says.

The China Post adds that the company will reserve an additional
NT$13 billion to holders of the company's preferred stock.

If the NT$20 billion in new shares are not fully subscribed to by
the designated buyers, the high speed rail operator will consider
the possibility of selling the shares to life insurance companies,
The China Post reports.

                           About THSRC

Taiwan High Speed Rail Corporation is principally engaged in the
construction, development and operation of the high-speed railway
system in Taiwan.  The Company is also involved in other high-
speed railway transportation-related businesses and the
development and usage of train station sites.  The Company's high-
speed railway transportation-related businesses include shopping
malls, special stores located in travel agencies, car leasing and
parking lots, among others.  The Company developed train station
sites for hotel, restaurant, entertainment, department store,
financial service, tourism service, communication service and
other uses.



===============
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

360 CAPITAL OFFI          TOF            88.94        -33.19
AAT CORP LTD              AAT            32.50        -13.46
AAT CORP LTD              AAT            32.50        -13.46
ATLANTIC LTD              ATI            64.03       -517.87
AUSTRALIAN ZI-PP        AZCCA            14.89        -65.04
AUSTRALIAN ZIRC           AZC            14.89        -65.04
BESRA GOLD -CDI           BEZ            67.38        -22.27
BIRON APPAREL LT          BIC            19.71         -2.22
BLUESTONE GLOBAL          BUE            46.32         -2.40
CLARITY OSS LTD           CYO            13.99        -15.57
KASBAH RESOURCES          KAS            18.24         -0.85
KASBAH RESOUR-NS         KASN            18.24         -0.85
LEGEND MINING             LEG            20.24         -0.66
MACQUARIE ATLAS           MQA         1,643.30     -1,018.14
MIRABELA NICKEL           MBN           158.54       -375.82
NATURAL FUEL LTD          NFL            19.38       -121.51
QUICKFLIX LTD             QFX            12.12         -4.38
QUICKFLIX LTD-N          QFXN            12.12         -4.38
RIVERCITY MOTORW          RCY           386.88       -809.13
SAVCOR GRP LTD            SAV            25.90        -10.32
STERLING PLANTAT          SBI            55.20        -11.32
STONE RESOURCES           SHK            21.01         -5.58
STRAITS RESOURCE          SRQ           185.04        -65.47
TZ LTD                    TZL            12.45        -10.10
VDM GROUP LTD             VMG            17.70         -2.10


CHINA

ANHUI GUOTONG-A            600444        75.69         -6.25
BAIOO                        2100        88.34         -3.21
CHANG JIANG-A                 520        85.63       -803.28
HUNAN TIANYI-A                908        56.58         -1.61
JIANGXI CHANG-A            600228       110.07         -9.15
LUOYANG GLASS-A            600876       203.45         -2.05
LUOYANG GLASS-H              1108       203.45         -2.05
NANNING CHEMIC-A           600301       344.15         -9.59
SHAANXI QINLIN-A           600217       349.25        -14.52
SHANG BROAD-A              600608        35.87         -0.22
SHANGHAI CHAOR-A             2506       577.79       -465.36
TIANGE                       1980       139.51        -13.82
WUHAN BOILER-B             200770       203.68       -218.32


HONG KONG

BEIJINGWEST INDU             2339        28.39        -57.06
BIRMINGHAM INTER             2309        59.86        -21.91
C FOOD&BEV GP                8272        50.10         -4.36
CHINA E-LEARNING             8055        13.33         -4.07
CHINA HEALTHCARE              673        27.19        -12.96
CHINA OCEAN SHIP              651       315.16        -76.51
CNC HOLDINGS                 8356        42.92        -52.59
CROWN INTERNATIO              727        64.61         -5.12
EFORCE HLDGS LTD              943        55.72        -17.55
GR PROPERTIES LT              108        17.83        -52.36
GRANDE HLDG                   186       205.00       -295.25
HARMONIC STR                   33        32.93         -2.03
MASCOTTE HLDGS                136        18.90        -12.88
MEGA EXPO HOLDIN             1360        17.00         -0.53
PALADIN LTD                   495       148.01        -14.35
PROVIEW INTL HLD              334       314.87       -294.85
SINO DISTILLERY                39        72.30         -7.54
SINO RESOURCES G              223        30.65        -17.93
SURFACE MOUNT                 SMT        41.44         -9.21
TITAN PETROCHEMI             1192       422.49     -1,073.54


INDONESIA

APAC CITRA CENT          MYTX           172.86        -12.52
ARPENI PRATAMA           APOL           182.55       -333.91
ASIA PACIFIC             POLY           330.86       -853.09
BAKRIE & BROTHER         BNBR           956.98       -156.77
BAKRIE TELECOM           BTEL           748.76       -111.71
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BERLIAN LAJU TAN         BLTA         1,074.01     -1,177.97
BUMI RESOURCES           BUMI         6,764.90       -242.51
ICTSI JASA PRIMA         KARW            54.93         -6.88
JAKARTA KYOEI ST         JKSW            23.75        -35.86
MATAHARI DEPT            LPPF           282.58        -74.21
ONIX CAPITAL TBK         OCAP            11.39         -1.66
PRIMARINDO ASIA          BIMA            11.89        -16.86
RENUKA COALINDO          SQMI            17.04         -0.33
SUMALINDO LESTAR         SULI            77.74        -33.80
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            11.64        -10.64
ASHAPURA MINECHE         ASMN           162.39        -16.64
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
BINANI INDUS LTD          BZL         1,163.38        -38.79
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           462.53        -52.19
DISH TV INDI-SLB       DITV/S           462.53        -52.19
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           314.24        -76.26
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            15.26       -304.68
GUPTA SYNTHETICS        GUSYN            44.18         -6.34
HARYANA STEEL            HYSA            10.83         -5.91
HEALTHFORE TECHN         HTEC            14.74        -46.64
HINDUSTAN ORGAN           HOC            57.24        -51.76
HINDUSTAN PHOTO          HPHT            49.58     -1,832.65
HIRAN ORGOCHEM             HO            14.56         -4.59
HMT LTD                   HMT           106.62       -454.42
ICDS                     ICDS            13.30         -6.17
INDAGE RESTAURAN          IRL            15.11         -2.35
INDOSOLAR LTD            ISLR           193.78         -6.91
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         2,856.84       -697.07
JET AIRWAYS -SLB      JETIN/S         2,856.84       -697.07
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
KM SUGAR MILLS           KMSM            19.14         -0.47
KSL AND INDUSTRI        KSLRI           269.42        -14.19
LML LTD                   LML            43.95        -78.18
MADHUCON PROJECT        MDHPJ         1,226.74        -21.90
MADRAS FERTILIZE          MDF           289.78        -34.43
MAHA RASHTRA APE         MHAC            14.49        -12.96
MALWA COTTON             MCSM            44.14        -24.79
MAWANA SUGAR             MWNS           142.07        -32.88
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           127.72       -153.54
QUINTEGRA SOLUTI          QSL            16.76        -17.45
RAMSARUP INDUSTR         RAMI           433.89        -89.28
RATHI ISPAT LTD          RTIS            44.56         -3.93
RELIANCE MED-SLB        RMW/S           276.99        -88.49
RENOWNED AUTO PR          RAP            14.12         -1.25
RMG ALLOY STEEL           RMG            66.61        -12.99
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            53.12        -30.47
SBEC SUGAR LTD          SBECS            92.44         -5.61
SERVALAK PAP LTD         SLPL            61.57         -7.63
SHAH ALLOYS LTD            SA           168.13        -81.60
SHALIMAR WIRES           SWRI            21.39        -24.28
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
SHREE RENUKA SUG         SHRS         2,162.34        -82.52
SHREE RENUKA-SLB       SHRS/S         2,162.34        -82.52
SIDDHARTHA TUBES          SDT            44.95        -15.37
SIMBHAOLI SUGAR          SBSM           268.76        -54.47
SPICEJET LTD             SJET           489.96       -170.22
SQL STAR INTL             SQL            10.58         -3.28
STATE TRADING CO          STC           556.35       -392.74
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
SUZLON ENERG-SLB       SUEL/S         5,061.62        -53.02
SUZLON ENERGY            SUEL         5,061.62        -53.02
TAMILNADU JAI            TNJB            17.07         -1.00
TATA METALIKS             TML           122.76         -3.30
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
WEBSOL ENERGY SY         WESL           105.10        -23.79


JAPAN

GOYO FOODS INDUS             2230        11.93         -1.86
LCA HOLDINGS COR             4798        19.37         -7.17
OPTROM INC                   7824        17.71         -2.66
PIXELA CORP                  6731        15.08         -1.63


KOREA

HYUNDAI CEMENT               6390       454.92       -262.92
SHINIL ENG CO               14350       199.04         -2.53
STX CORPORATION             11810     1,275.13       -484.08
STX ENGINE CO LT            77970     1,170.67        -62.72
TEC & CO                     8900       139.98        -16.61
TONGYANG INC                 1520     1,068.15       -452.52
TONGYANG INC-2PF             1527     1,068.15       -452.52
TONGYANG INC-3RD             1529     1,068.15       -452.52
TONGYANG INC-PFD             1525     1,068.15       -452.52
VERITAS INVESTME            19660        16.04         -0.09


MALAYSIA

DING HE MINING            705            75.97        -26.38
HAISAN RESOURCES          HRB            39.97        -11.83
HIGH-5 CONGLOMER         HIGH            34.30        -46.85
ML GLOBAL BHD             MLG            17.74         -3.63
PERWAJA HOLDINGS         PERH           632.62         -7.46
PETROL ONE RESOU         PORB            51.39         -4.00


PHILIPPINES

CYBER BAY CORP           CYBR            13.72        -23.36
DFNN INC                 DFNN            13.15         -2.31
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            91.11        -40.80
METRO GLOBAL HOL           FC            40.90        -15.77
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
CHINA GREAT LAND          CGL            16.52        -19.01
HL GLOBAL ENTERP         HLGE            83.11         -4.63
OCEANUS GROUP LT        OCNUS            85.03         -5.53
QT VASCULAR LTD          QTVC            10.21        -25.76
SCIGEN LTD-CUFS           SIE            46.71        -55.42
SINGAPORE EDEVEL          SGE            20.68         -9.36
TERRATECH GROUP          TEGP            13.55         -5.24
TT INTERNATIONAL          TTI           399.33        -11.36
UNITED FIBER SYS          UFS            51.61        -76.05


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
BIG CAMERA COP-F        BIG/F            19.86        -13.03
BIG CAMERA CORP           BIG            19.86        -13.03
BIG CAMERA -NVDR        BIG-R            19.86        -13.03
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
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
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
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
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            34.54         -2.57
BEHAVIOR TECH-EC        2341O            34.54         -2.57
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         1,761.34       -296.10
TAIWAN KOL-E CRT        1606U           507.21       -147.14
TAIWAN KOLIN-EN         1606V           507.21       -147.14
TAIWAN KOLIN-ENT        1606W           507.21       -147.14



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
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 202-362-8552.



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