TCRAP_Public/141031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, October 31, 2014, Vol. 17, No. 216


                            Headlines


A U S T R A L I A

ADELAIDE FISH: High Court Appoints Clifton Hall as Liquidator
DIGMOSASH PTY: In Administration; First Meeting Set Nov. 7
DIRTY ROTTEN: Second Creditors Meeting Set For November 4
LENARTOWSKI INVESTMENTS: Creditors Meeting Set for Nov. 6
NCS BUILDING: First Creditors Meeting Slated For November 7

SUMO VISUAL: Major Client Losses Force Firm Into Administration


C H I N A

AGILE PROPERTY: Moody's Confirms B3 Corporate Family Rating


I N D I A

A.N.R. COTTON: ICRA Assigns B+ Rating to INR12cr LT FB Limit
AB GRAIN: ICRA Suspends B+ Rating on INR407.59cr LT FB Loan
ANAND ENTERPRISE: ICRA Reaffirms B Rating on INR10cr Cash Credit
ARPIT INT'L: CARE Reaffirms B+/A4 Rating on INR6.25cr Loan
BENTEN CERAMICS: ICRA Suspends B- Rating on INR4.95cr Term Loan

CASVA TILES: CRISIL Assigns 'B' Rating to INR68MM Term Loan
CHURIWAL TECHNOPACK: CRISIL Reaffirms B- Rating on INR60MM Loan
ENVISION LANDMARKS: CRISIL Assigns B Rating to INR60MM Term Loan
GANPAT LAL: CARE Lowers Rating on INR12cr Bank Loan to 'D'
GBA STEELS: CARE Reaffirms 'B' Rating on INR9.96cr LT Bank Loan

GEE PEE: CARE Revises Rating on INR32cr LT Bank Loan to 'D'
GOKUL MAMRA: CARE Revises Rating on INR8.58cr Bank Loan
GOLCONDA TEXTILES: CRISIL Reaffirms 'D' Rating on INR110MM Loan
INFRA MOVES: CRISIL Reaffirms B+ Rating on INR100MM Funding Loan
M.M.G. HOLDINGS: CRISIL Cuts INR178.2M LT Term Loan Rating to B

M.P. AGRO: CRISIL Ups Rating on INR50MM Cash Credit to 'B+'
MADHUR MILAN: CRISIL Puts 'B' Rating on INR80MM Term Loan
NARAYAN SPINNING: CARE Reaffirms 'B' Rating on INR28.80cr Loan
PADMA SRI: ICRA Suspends B Rating on INR21cr Working Capital Loan
PRAGATIPATH REAL: CRISIL Assigns B+ Rating to INR80MM Term Loan

PROGRESS TRADERS: CRISIL Puts B+ Rating on INR50MM Cash Credit
PROMAS ENGINEERS: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
RAJRAJESHWAR COTEX: CARE Reaffirms B Rating on INR7.36cr Loan
RUBY MICA: CRISIL Ups Rating on INR20.6MM Bank Loan to 'B+'
S. K. INDUSTRIES: CARE Reaffirms B+ Rating on INR7.9cr Bank Loan

S.K. MEDICAL: CRISIL Rates INR100MM Term Loan at B+
SEBACIC INDIA: ICRA Reaffirms 'D' Rating on INR36.41cr Term Loan
SHREE VALI: CRISIL Assigns 'B' Rating to INR48MM Cash Credit
SHRI LAXMAN: CARE Ups Rating on INR5.50cr LT Bank Loan to 'C'
SONA RICE: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit

SUCHITRA EDUCATION: CRISIL Reaffirms B- Rating on INR36MM Loan
SURYA SRI: ICRA Suspends B+ Rating on INR20cr Capital Limits
TAJ LEATHER: CRISIL Reaffirms D Rating on INR30MM Working Capital
TEJAS ENERGY: ICRA Suspends B+ Rating on INR9.50cr FB Limit
TENTY MARKETING: CRISIL Raises Rating on INR80M Cash Credit to B+

UDAY KRISHNA: ICRA Suspends B+ Rating on INR32.45cr Bank Loan
V S METACAST: CRISIL Reaffirms B Rating on INR120MM Cash Credit
WALZEN STRIPS: CARE Reaffirms B+ Rating on INR14.5cr LT Bank Loan
ZARINA LEATHER: CRISIL Reaffirms B+ Rating on INR60MM Cash Credit


I N D O N E S I A

KAWASAN INDUSTRI: Fitch Puts Final 'B+' Rating to USD190MM Notes


M A L A Y S I A

MALAYSIAN AIRLINE: Owner to Invite Restructuring Adviser Pitches


N E W  Z E A L A N D

HANOVER FINANCE: Hotchin Wins Leave to Appeal Trustee Case
LIBERTY FINANCIAL: S&P Raises ICR From 'BB+/B'; Outlook Stable


S I N G A P O R E

GLOBAL A&T: Fitch Assigns 'B-' IDRs; Outlook Stable


T A I W A N

TAIWAN: More Businesses Suffer Losses in China


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ADELAIDE FISH: High Court Appoints Clifton Hall as Liquidator
-------------------------------------------------------------
Simon Miller of Clifton Hall was appointed Official Liquidator of
Adelaide Fish Processors Pty Ltd on Oct. 28, 2014, by the Supreme
Court of South Australia.


DIGMOSASH PTY: In Administration; First Meeting Set Nov. 7
----------------------------------------------------------
Mitchell Warren Ball -- mitchellb@bpsrecovery.com.au -- of BPS
Recovery was appointed as administrator of Digmosash Pty Ltd,
trading as Kununurra Security Services, on Oct. 28, 2014.

A first meeting of the creditors of the Company will be held at
Level 18, 201 Kent Street, in Sydney on Nov. 7, 2014, at
9:30 a.m.


DIRTY ROTTEN: Second Creditors Meeting Set For November 4
---------------------------------------------------------
Cara Waters at SmartCompany reports that Dirty Rotten Scoundrels
won best musical and best actor awards at last year's Sydney
Theatre awards and garnered glowing reviews but the musical has
collapsed into administration.

Less than budgeted ticket sales meant the musical had to close
early and creditors have been left owing AUD2.4 million, says
SmartCompany.

Christopher Darin, partner at Worrells, was appointed as an
administrator last year, the report discloses.

Mr. Darin told SmartCompany of the money owing, AUD2.1 million is
owed to Dirty Rotten Scoundrel's director and producer of the
show, George Youakim.

According to the report, Mr. Darin said the 31-year-old and his
family "poured a substantial amount" into the unsuccessful
production.

"The company was a sole purpose company, established for the sole
purpose of producing this theatre production at the Theatre Royal
in Sydney," the report quotes Mr. Darin as saying.

SmartCompany relates that Mr. Darin said show business is a "very
risky" industry.

"The director appears to have done significant research into
putting together a budget for ticket sales and it just didn't pay
off," Mr. Darin, as cited by SmartCompany, said.  "We've had other
administrations where people budget on the back of an envelope but
this doesn't appear to be one of these cases."

SmartCompany says Mr. Youakim has proposed the company enter into
a Deed of Company arrangement, which will mean priority creditors
will get a return of around 49 cent in the dollar.

"If creditors resolve to approve the deed of company arrangement,
the company gets handed back to the director," SmartCompany quotes
Mr. Darin as saying.  "But he hasn't indicated he will commence
the operation of the company again."

A second creditors meeting will be held on November 4, the report
adds.


LENARTOWSKI INVESTMENTS: Creditors Meeting Set for Nov. 6
---------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of Lenartowski Investments Pty Ltd on Oct.
27, 2014.

A meeting of creditors will be held at 10:00 a.m. on Nov. 6, 2014,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


NCS BUILDING: First Creditors Meeting Slated For November 7
-----------------------------------------------------------
Chad Rapsey -- chadr@rapseygriffiths.com.au -- of Rapsey Griffiths
was appointed as administrator of NCS Building Products Pty
Limited, trading as Capri Building Selection Centre, on Oct. 28,
2014.

A first meeting of the creditors of the Company will be held at
Suite 33, Level 8, 19 Bolton Street, in Newcastle, on Nov. 7,
2:30 p.m.


SUMO VISUAL: Major Client Losses Force Firm Into Administration
---------------------------------------------------------------
Nic White at ProPrint reports that multiple major client losses
have forced Sumo Visual Group into administration, only six months
after making a big kit investment.

The company entered voluntary administration under PPB Advisory,
which will try to sell the business, according to ProPrint.

The report notes that administrator Craig Crosbie said all 80
staff were terminated late after it 'quickly became apparent that
Sumo Group had insufficient funds to pay employees'.

ProPrint relates that sources close to the company said a big
retail client recently jumped ship to a competitor while another
switched out the vast majority of its work, and resulting cashflow
issues led to the printer's predicament.

The report notes that Sumo Visual boasted some of the biggest
retail contracts in Australia with clients including Target, Dan
Murphy's, Masters, McDonald's, and Red Rooster.  Retail was 70 per
cent of its business.

The sources said Sumo was struggling to find enough work for the
HP Scitex FB10000 flatbed printer it installed only in March, the
report relates.  This is despite the company claiming at the time
that it had been so swamped with demand that it had to turn away
jobs because its machines could not accommodate the volume of work
without a major upgrade, the report relays.

ProPrint discloses that other sources close to the company said
Sumo Visual's woes began much earlier than the recent client
losses, starting 18 months ago when the major shareholder, private
equity firm Harbert Management Corporation, replaced founder Matt
Huber with interim chief executive Robert Read after Huber had a
heart attack.

The sources said the new executives underpriced jobs and spent too
much -- including AU$800,000 on new software earlier this year,
the report notes.  Sumo Visual is said to owe creditors more than
AU$5 million plus tax liabilities and employee entitlements, the
report relays.

The report relays that Sumo Visual has seen major staff turnover
this year with Read stepping down in March and replaced as chief
executive by Ken Swan, and numerous sales staff leaving in the
past few months who sources say saw the writing on the wall.

ProPrint notes that other senior figures who have recently fled
the sinking ship include sales director Gary Fawcett who left for
Fusion Entertainment earlier this month, and several account
managers.  This is in addition to head of design and innovation
Robert Grosso who left about seven months ago and eventually
joined Carlton and United Breweries earlier this month, the report
relates.

The sources said trading is continuing for the time being but
nothing has come in or out of the facility as suppliers will need
to strike deals with the administrator, the report relays.

Sumo Visual Group is one of Australia's biggest retail signage
printers.



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


AGILE PROPERTY: Moody's Confirms B3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has confirmed Agile Property Holdings
Limited's Ba3 corporate family rating and B1 senior unsecured bond
rating.

The ratings outlook is negative.

This concludes the rating review which was initiated on
Oct. 10, 2014.

Ratings Rationale

"Agile's proposed rights issue for loan repayment and extension of
loan maturity substantially lower its near-term refinancing risk,
if completed," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

In addition, Moody's notes the following positive developments in
regard to the company's liquidity management:

(1) Agile and its banks have agreed in principle that the banks
will commit to extend a principal amount for 12 months of up to
USD265 million of the USD475 million due in December 2014. The
remaining USD210 million of the loans outstanding will be repaid
from the net proceeds of the proposed rights issue, as announced
on 15 October 2014.

(2) Trading of Agile's shares has resumed, thereby allowing it
access to the equity market. It has indicated that its major
shareholders have made arrangements to fund the rights issue for
around HKD1.65 billion. Completion is targeted during November
2014.

Agile's Ba3 corporate family rating reflects the strengths of its
established brand in the economically strong Pearl River Delta,
competitive land costs, and disciplined approach to financial
management.

On the other hand, its rating is constrained by its high debt
leverage and concentration in Guangdong Province.

The negative outlook reflects the potential negative financial
impact arising from the investigation of its Chairman and an
executive director in relation to a project in Yunnan Province and
the challenges faced by the company in a weak property market.

Moody's would consider downgrading Agile's ratings if (1) its
liquidity position is impaired due to an inability to complete the
proposed rights issue and extension of the maturity of its bank
debt; (2) it exhibits a weaker performance due to the detention of
the chairman; (3) there is a material increase in liability,
arising from the investigation of the Chairman and an executive
director; or (4) sales fall materially below budget.

Indicators of downgrade pressure would include EBITDA/interest
below 2x-2.5x or cash holdings below 1.0x-1.5x of short-term debt.

Given its negative outlook, the rating is unlikely to be upgraded.

However, the outlook would return to stable if Agile: (1)
stabilizes its management team to meet its targets for presales
and revenue budget, and maintains its current financial profile;
and (2) demonstrates the ability to absorb losses arising from an
investigation of its project in Yunnan.

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

Agile Property Holdings Limited is one of China's major property
developers, operating in the mid-to-high-end segment. The company
listed on the Hong Kong Stock Exchange in 2005.

At Aug. 26, 2014, its founding family -- the Chen family -- owned
a 63.75% interest in Agile.



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


A.N.R. COTTON: ICRA Assigns B+ Rating to INR12cr LT FB Limit
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to INR12.00 Crore fund based
limits of A.N.R. Cotton Traders.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund        12.00        [ICRA]B+ assigned
   based limits

The assigned rating is constrained by the modest financial profile
of the firm characterised by low profitability & high gearing. The
rating is also constrained by highly competitive & fragmented
nature of the industry which limits the ability of the firm to
pass on increase in procurement costs as reflected during FY14
wherein increased power costs had resulted in drop in operating
margins from 3.62% in FY13 to 3.05% in FY14. ICRA notes that the
fortune of the industry is dependent on the availability of kapas
which depends on the agro climatic conditions.

The rating, however, favourably factors in the presence of the
firm in the proximity of the cotton growing regions and the
ginning mills which makes it easier to procure the traded goods as
well as the long standing experience of the promoters in the
industry.

Going forward, the ability of the firm to maintain its revenue
growth and improve its profitability while maintaining its working
capital intensity would be the key rating sensitivities.

A.N.R. Cotton Traders was setup in 2001 as a partnership firm and
managed by Mr. A. Gopalakrishna. The firm is involved in the
trading of cotton lint, seeds & kapas.

According to provisional FY 2013-14 results, the firm has recorded
an operating income of INR57.10 crores with an operating profit of
INR1.74 crore.


AB GRAIN: ICRA Suspends B+ Rating on INR407.59cr LT FB Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR407.59 crore
long term fund based limits and [ICRA]A4 rating assigned to
INR21.00 crore non fund based limits of AB Grain Spirits Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


ANAND ENTERPRISE: ICRA Reaffirms B Rating on INR10cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR10.00 crore (enhanced from INR8.00 crore) cash credit facility
of Anand Enterprise.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          10.00         [ICRA]B reaffirmed

Rating Rationale

The reaffirmation of the rating factors in AE's modest scale of
operations and weak financial profile as reflected from the thin
profit margins, stretched capital structure and poor debt coverage
indicators. The rating is further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers; and the vulnerability of the firm's profitability to raw
material (i.e. cotton) prices, which are subject to seasonality,
crop harvest and regulatory risks. ICRA also notes that as AE is a
partnership firm; any significant withdrawals from the capital
account by the partners would adversely affect its net worth and
thereby its capital structure; this remains a key rating
sensitivity.

The assigned rating, however, favourably factors in the long track
record of the firm in the cotton ginning business, favourable
location of the firm's manufacturing facility in Veraval (Shapar),
Rajkot in Gujarat, giving it an easy access to quality raw
material and healthy growth in AE's operating income in FY 2014.

Anand Enterprise (AE) was established as a partnership firm in
September 2005 and is engaged in the business of ginning and
pressing of raw cotton. The firm's manufacturing facility is
located at Veraval (Shapar), Rajkot in Gujarat and is equipped
with twenty four ginning machines and one pressing machine. The
firm is currently promoted by Mr. Ramesh Changela and Mr. Ramesh
Kaneriya who have long-standing experience in the cotton industry.

Recent Results
During FY 2014, AE reported an operating income of INR54.79 crore
and profit after tax of INR0.05 crore as against an operating
income of INR38.09 crore and profit after tax of INR0.06 crore
during FY 2013.


ARPIT INT'L: CARE Reaffirms B+/A4 Rating on INR6.25cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
ARPIT International Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term/Short-term          6.25       CARE B+/CARE A4
    Bank Facilities                         Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Arpit International
Private Limited continue to remain constrained on account its
modest scale of operations, thin profitability, moderately
leveraged capital structure and weak debt coverage indicators. The
ratings remained constrained on account of its presence in the
highly fragmented industry, susceptibility of profit margins to
fluctuation in metal prices and foreign exchange rates.  The
ratings also factor in the decline in the turnover and
deterioration in the working capital cycle during FY14 (refers to
the period April 1 to March 31). The ratings, however, continues
to derive benefit from the experience of the promoters, its
presence of manufacturing facility in the brass cluster of
Jamnagar with ease of availability of raw material and stable
liquidity profile.

The ability of AIPL to increase its scale of operations along with
improvement in profitability and capital structure through
efficient working capital management are the key rating
sensitivities.

Incorporated in the year 2002, Ahmedabad-based (Gujarat) AIPL is a
private limited company promoted by Mr Naresh Jhawar and Mr Anoop
Jhawar. The company is primarily engaged in the trading of ferrous
and non-ferrous metals.  AIPL also manufactures brass products
like fasteners, anchors, plumbing fittings, hardware and
electrical accessories which find application in construction,
real estate and other industries. AIPL has installed capacity of
720 Metric Tonnes per Annum (MTPA) at its sole manufacturing
establishment situated at Jamnagar. It sells its products both
domestically and internationally.

During FY14, AIPL reported a TOI of INR46.76 crore and PAT of
INR0.20 crore as against a TOI of INR50.06 crore and PAT of
INR0.23 crore during FY13. As per the provisional results for
H1FY15 (refers to the period April 1, 2014 to September 30,
2014), AIPL registered a TOI of INR39.50 crore.


BENTEN CERAMICS: ICRA Suspends B- Rating on INR4.95cr Term Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR3.00
crore cash credit facility and INR4.95 crore term loans of Benten
Ceramics Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Benten Ceramics Private Limited was incorporated as a private
limited company in 2011 with the business operations comprising of
manufacturing of ceramic wall tiles with an installed capacity of
manufacturing ~11,900 Metric Tonne Per annum (MTPA). The company
is promoted by Mr. Suresh Malviya and Mr. Ramesh Surani both of
whom have been involved in the business of trading of ceramic
tiles for last 20 years. At present BCPL manufactures tiles having
dimensions of 18' x 12' with its manufacturing premises in Morbi
district.


CASVA TILES: CRISIL Assigns 'B' Rating to INR68MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Casva Tiles Pvt Ltd (CTPL).

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                 68          CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility        25.7        CRISIL B/Stable

   Bank Guarantee             1.3        CRISIL A4

   Cash Credit               30          CRISIL B/Stable

The ratings reflect CSPL's modest scale of operations in the
highly fragmented ceramic tiles industry and working-capital-
intensive operations. These rating weaknesses are partially offset
by the promoters' extensive industry experience and the proximity
of its manufacturing facilities to raw material and labour
sources.

Outlook: Stable

CRISIL believes that CTPL will maintain its business risk profile
backed by the promoters' extensive experience in the ceramic
industry. The outlook may be revised to 'Positive' if the company
improves its working capital management and reports high growth in
its revenue and profitability leading to better accruals.
Conversely, the outlook may be revised to 'Negative' if CTPL's
operating margin is low or if the company undertakes more-than-
anticipated debt-funded expansion plan or if its working capital
management deteriorates, thereby weakening its financial risk
profile significantly.

Incorporated in 2013, CTPL is promoted by Morbi (Gujarat)-based
Mr. Arvind Aghara and Mr. Chamanlal Aghara. The company produces
digital wall tiles and started commercial operations in July 2014.


CHURIWAL TECHNOPACK: CRISIL Reaffirms B- Rating on INR60MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Churiwal Technopack Pvt
Ltd (CTPL; formerly, known as Abhisek Projects Pvt Ltd) continues
to reflect CTPL's below-average financial risk profile, marked by
a leveraged capital structure and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             60       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term      16.5     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan               51       CRISIL B-/Stable (Reaffirmed)

The ratings also reflect the company's small scale of operations,
coupled with working capital intensity in the highly fragmented
polypropylene (PP) woven sacks industry. These rating weaknesses
are partially offset by the benefits CTPL derives from its
promoters' extensive experience in the industry, and financial
support it receives from them.

Outlook: Stable

CRISIL believes that CTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of larger-than-
expected infusion of funds by promoters, or if the company reports
sizeable revenue and profitability, resulting in improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case it undertakes any large debt-funded capital
expenditure leading to deterioration in capital structure. The
outlook may also be revised to 'Negative' in case of further
decrease in cash accruals, because of deterioration in revenues or
profitability, or increase in working capital requirements,
leading to pressure on liquidity.

Update
For 2013-14 (refers to financial year, April 1 to March 31),
CTPL's revenue declined by 30 per cent to INR184 million on
account of slowdown in demand from the end-user industries
(primarily sugar and fertilizer), and intense competition in the
PP sacks industry. CTPL is operating at a modest capacity of ~275
tonnes per month (tpm) and caters to cyclical industries in East
India, which renders its sales susceptible to variations in demand
cycles of the end-user industries.

Despite the decline in revenue, operating margin was supported by
the price-variation clauses in 70 to 75 per cent of the PP bags
contracts. Margin in 2013-14 was also supported by higher
proportion of biaxially oriented polypropylene (BOPP) coated bag
sales in the year, which fetch better profitability. CRISIL
expects that the presence of price-variation clauses with
customers will support CTPL's operating margin at around 9 to 9.5
per cent over the medium term.

The decline in sales in 2013-14 also led to a buildup in
inventory, which stood at 161 days as on March 31, 2014. Gross
current asset days (GCA days) increased to 264 for the period,
compared to 134 days in 2012-13. CRISIL notes that the stretched
liquidity is reflected in the high average utilization of fund-
based working capital limits at 97.9 per cent for the 12 months
ended August 31, 2014. The company has sizeable dependence on
fund-based limits, as it gets limited credit from its suppliers of
PP granules, Haldia Petrochemicals Ltd and Reliance Petrochemicals
Ltd.

CTPL's modest net worth of INR57.7 million (excluding  unsecured
loan)has led to highly levered capital structure in the past,
reflected in gearing of 1.55 times  (including unsecured loan).as
on March 31, 2014  The promoters have infused unsecured loans of
INR325 million in 2013-14 (treated as neither debt nor equity by
CRISIL), which has provided support to its capital structure. The
company's debt protection metrics are, however, weak, impacted by
the modest profits and high debt levels.

CTPL's liquidity is weak, as is also reflected from low cash
accruals of INR4.7 million generated in 2013-14, against debt
repayment obligations of INR14 million. Unsecured loans from
promoters have supported the company's debt repayments in the
past, and CRISIL expects that reliance on funding from promoters
will continue to remain in the current year, and over the near-
term.

CTPL was acquired by its current promoter, Mr. Vishnu Kumar
Churiwal, in 2006. The company began manufacturing PP bags in
December 2008. Its manufacturing facility in Kolkata  has capacity
of 275 tpm.


ENVISION LANDMARKS: CRISIL Assigns B Rating to INR60MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Envision Landmarks LLP (ELL).

                          Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Term Loan                60           CRISIL B/Stable

The rating reflects ELL's exposure to project implementation risks
given its nascent stage of project execution and low initial
customer bookings. The rating also factors in the firm's exposure
to intense competition and to risks and cyclicality inherent in
the Indian real estate industry. These rating weaknesses are
partially offset by the partners' extensive experience and track
record in the real estate sector in Pune (Maharashtra) and
surrounding areas.

Outlook: Stable

CRISIL believes that ELL will benefit from its partners' extensive
experience and its established track record in the real estate
industry in Pune. The outlook may be revised to 'Positive' in case
of better-than-expected bookings of units and receipt of customer
advances leading to high cash inflows for the firm. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in ELL's financial risk profile, particularly its liquidity,
either because of low bookings or delays in receipt of customer
advances, or simultaneous execution of other projects by the firm.

ELL is a partnership firm started by Mr. Tejas Ghadge, Mr. Kedar
Ranade, Mr. Hemant Shinde, Mr. Vikrant Indulkar, and Mr. Amit
Shinde in 2012-13 (refers to financial year, April 1 to
March 31). The firm is engaged in real estate development in Pune.
Currently the firm is undertaking a residential project,
Girisparsh, in Khed Shivapur, 20 km from Pune.


GANPAT LAL: CARE Lowers Rating on INR12cr Bank Loan to 'D'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ganpat Lal Pawan Kumar Traders Pvt Ltd.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term Bank           12.00       CARE D Revised from
   Facilities                           CARE BB
   (Fund Based)

Rating Rationale
The aforesaid revision in rating takes into account the ongoing
delays in debt servicing due to stressed liquidity position of
Ganpat Lal Pawan Kumar Traders Pvt. Ltd.

GPTPL was established in 1981 by Mr. Ganpatlal Agarwal as a
partnership firm to trade in different kinds of cotton yarn. It
was successively reconstituted as a private limited company in
2007. Presently, the company is engaged in trading of
various kind of yarns like cotton yarn, hosiery yarn, viscose
yarn, synthetic yarn, polyester yarn, m‚lange yarn, hank yarn,
etc. GPTPL procures yarn from Tamil Nadu, Karnataka, Punjab, and
Himachal Pradesh and sells mainly in West Bengal. The operations
of the company are managed by Mr. Pawan Kumar Agarwal and Mr.
Vijay Agarwal, sons of Mr. Ganpatlal Agarwal.


GBA STEELS: CARE Reaffirms 'B' Rating on INR9.96cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
GBA Steels and Metals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.96       CARE B Reaffirmed
   Long-term/ Short-term Bank    0.05       CARE B/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of GBA Steels and
Metals Private Limited continue to be constrained by its short
track record of operations with limited experience of its
promoters, low profitability margins, leveraged capital structure
and weak coverage indicators. The ratings further continue to be
constrained by its presence in a highly competitive and fragmented
industry, exposure to raw material price volatility and
susceptibility of margins to cyclicality of the steel industry.

The ratings, however, draw strength from moderate operating cycle
and liquidity position of the company.  Going forward, GBA's
ability to profitably scale up its operations, improvement in
capital structure and manage raw material price volatility shall
be the key rating sensitivities.

GBA Steels & Metals Private Limited (GBA), a closely-held family-
managed company, was incorporated in March 2010 by Mr Amit
Agarwal, Mr Praveen Agarwal and Mr Rajesh Agarwal. The commercial
operations of the unit started in November 2012 and FY14 (refers
to the period April 01 to March 31) was the first full year of
operations. The company is engaged in manufacturing of Mild Steel
(MS) ingots which find application in manufacturing of TMT bars
(Thermo mechanically treated bars), open die steel forging, forged
rings, forged rolls, etc. The company has its manufacturing
capacity located in Mathura, Uttar Pradesh with installed capacity
of 25,200 TPA (tonnes per annum) as on
March 31, 2014.

The main raw materials are sponge iron and mild steel scrap, which
are mainly procured from the domestic market. The company sells
its products directly to steel rolling mills mainly located in
western Uttar Pradesh.

The company reported a total operating income (TOI) of around
INR54.48 crore with a PAT of INR0.25 crore for FY14 as against TOI
of around INR20.68 crore with a PAT of INR0.25 crore in FY13.


GEE PEE: CARE Revises Rating on INR32cr LT Bank Loan to 'D'
-----------------------------------------------------------
CARE revises rating assigned to the bank facilities of Gee Pee
Infotech Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      32        CARE D Revised from
                                            CARE BB

Rating Rationale

The aforesaid revision in rating takes into account the ongoing
delays in debt servicing due to stressed liquidity position of
Gee Pee Infotech Pvt Ltd.

GPIPL was incorporated in February 1994 by Mr. Bijay Kumar Agarwal
and Mrs. Kalpana Agarwal based out of Kolkata. The company is
engaged in the trading of third party manufactured mobile handsets
& accessories under its own brand Gee Pee. Presently, GPIPL has
sales presence through its distributors/dealers' etc. across
India, with major focus being in rural parts. This apart, the
company sells through its retail mobile chain "Mobile Bazaar" and
e-commerce portal "Zaplist" to cater to the rising e-commerce
market.


GOKUL MAMRA: CARE Revises Rating on INR8.58cr Bank Loan
-------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Gokul Mamra Private Limited (erstwhile known as Gokul Mamra
Factory).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.58       CARE B+ Revised from
                                            CARE B
                                            Suspension Revoked

Rating Rationale

The revision in the rating assigned to the bank facilities of
Gokul Mamra Private Limited (GMPL) was primarily on account
of the increased scale of operations during FY14 (refers to the
period April 1 to March 31) along with change in its constitution
from a partnership firm to a private limited company.

The rating continues to remain constrained on account of its thin
profitability, leveraged capital structure and weak debt coverage
indicators. The rating also remains constrained on account of its
working capital intensive nature of operations and susceptibility
of the operations to fluctuation in the raw material prices and
government policies.

The rating, however, continues to derive strength from the vast
experience of the promoters in this line of business, well
established operational setup of GMPL and its proximity to the
paddy producing region.

The ability of GMPL to increase its scale of operations,
improvement in operating margins by way of more value addition
in its products and capital structure along with better working
capital management are the key rating sensitivities.

GMPL was initially established in the year 2004 as a partnership
firm. Recently in March 2014, it was converted to a private
limited company. GMPL is managed by two promoter directors Mr
Viramdevsinh Sarvaiya and Mr Jayosan Hirani.

The company is engaged in the manufacturing of rice flakes
(flattened rice) like mamra and poha. The manufacturing unit
of the firm is located near Bavla, Ahmedabad. The company sells
its products mainly to the wholesale/ retail traders in
Gujarat, Maharashtra, Delhi and Haryana. Paddy is the main raw
material which is procured from the local mandis of the
district.

During FY14, GMPL reported a net profit of INR0.15 crore on a
Total Operating Income (TOI) of INR72.87 crore as against a
net profit of INR0.08 crore on a TOI of INR37.55 crore in FY13.


GOLCONDA TEXTILES: CRISIL Reaffirms 'D' Rating on INR110MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Golconda Textiles Pvt
Ltd continue to reflect instances of delay by GTPL in servicing
its debt repayment; the delays have been caused by the company's
weak liquidity.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee          5.5         CRISIL D (Reaffirmed)
   Cash Credit           110           CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      4.5         CRISIL D (Reaffirmed)
   Term Loan              40           CRISIL D (Reaffirmed)

GTPL also has a below-average financial risk profile, marked by a
highly leveraged capital structure; it has large working capital
requirements. Moreover, the company's profitability is susceptible
to volatility in raw material prices. However, GTPL benefits from
its promoter's extensive experience in the cotton spinning
industry.

Update
GTPL's turnover for 2013-14 (refers to financial year, April 1 to
March 31) is estimated at INR386 million as against INR304.3
million reported for the previous year. The increase was due to
high cotton yarn demand in the domestic markets coupled with
higher realisation on sales of cotton.

GTPL has large working capital requirements, reflected in its high
gross current assets of 160 to 170 days, mainly driven by large
inventory of 150 to 160 days. It gives credit of four or five days
to its customers. It procures raw cotton (kapas) from farmers,
wherein it receives similar credit.

GTPL's financial risk profile is below average, marked by a weak
capital structure, with a gearing of around 6.5 times on
March 31, 2014. Its debt protection metrics remain average, with
net cash accruals to total debt and interest coverage ratios
estimated at 14 per cent and 2.2 times, respectively, for 2013-14.
Furthermore, it has a small net worth, estimated at INR35.2
million as on March 31, 2014.

GTPL's liquidity remains weak, with large working capital
requirements leading to over-utilised bank limits. Its cash
accruals are expected to remain tightly matched over the medium
term. However, the company gets support from its promoters in the
form of interest-free unsecured loans, the balance of which stood
at around INR78 million as on March 31, 2014. CRISIL believes that
GTPL's liquidity will remain weak over the medium term.
About the Company

GTPL was set up by Mr. Mahmood Alam Khan in 1995. The company
manufactures combed and carded cotton yarn. Its manufacturing
facility is in Vikarabad (Andhra Pradesh).


INFRA MOVES: CRISIL Reaffirms B+ Rating on INR100MM Funding Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Infra Moves Pvt Ltd
(IMPL) continue to reflect IMPL's below-average financial risk
profile, marked by weak total outside liabilities to tangible net
worth (TOLTNW) and interest coverage ratios.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Corporate Loan         16        CRISIL B+/Stable (Reaffirmed)
   Inventory Funding
   Facility              100        CRISIL A4 (Reaffirmed)
   Term Loan              44        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's exposure to risks related
to the nascent stage of its operations, to intense competition in
the automobile dealership industry, and to volatility in demand
from end-user segments. These rating weaknesses are partially
offset by the extensive experience of IMPL's promoters in the
automobile dealership industry.

Outlook: Stable

CRISIL believes that IMPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's sales
volumes and operating margin improve substantially, most likely
due to higher profitability from its Volvo spare parts business,
or in case of large equity infusion. Conversely, the outlook may
be revised to 'Negative' if IMPL's revenue is low or if it
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

Established in July 2010, IMPL is an authorised dealer for VE
Commercial Vehicles Ltd's Eicher brand of trucks. The company also
operates a Volvo spare parts dealership. Its day-to-day operations
are managed by its promoter, Mr. Rajiv Sabhlok.

For 2012-13 (refers to financial year, April 1 to March 31), IMPL
reported a profit after tax (PAT) of INR1.7 million on net sales
of INR298 million, against a PAT of INR0.7 million on net sales of
INR316 million for 2011-12.


M.M.G. HOLDINGS: CRISIL Cuts INR178.2M LT Term Loan Rating to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of M.M.G. Holdings Pvt Ltd (MMG) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          178.2      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that MMG's liquidity
will weaken over the medium term with the company's cash accruals
likely to be inadequate to meet its debt obligations and expenses;
the weak liquidity is on account of delay of around nine months in
its ongoing commercial complex project. The company is, however,
likely to meet its debt obligations in time with unsecured loans
from group companies and rental income from its existing
warehouse.

The rating reflects MMG's exposure to risks associated with the
commercialisation of its commercial complex project, and its
below-average financial risk profile, marked by high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the benefits that the company derives from the
prime location of its warehouse and the support that it receives
from its group companies.

Outlook: Stable

CRISIL believes that MMG will continue to benefit over the medium
term from funding support from its group companies. The outlook
may be revised to 'Positive' if the company generates large cash
accruals, most likely driven by early finalisation of tenants for
its commercial complex and healthy occupancy rate. Conversely, the
outlook may be revised to 'Negative' if MMG faces a time overrun
in its project or delay in finalising tenants, or undertakes any
large debt-funded capital expenditure programme, resulting in a
weak financial risk profile.

MMG, incorporated in 2004, leases warehouse space in Chennai. The
company currently has a warehouse leased out in Madhavaram, and is
building a commercial complex at Mount Road, both in Chennai. MMG
is part of the Chennai-based Gupta group of companies.


M.P. AGRO: CRISIL Ups Rating on INR50MM Cash Credit to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
M.P. Agro BRK Energy Foods Ltd (MPBRK) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.


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

   Term Loan                31.2      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that MPBRK will
maintain its improved credit risk profile over the medium term,
supported by its scaled-up operations, stable profitability, and
equity infusions by the promoters. The company reported a growth
of 10 per cent in revenue to around INR448 million in 2013-14
(refers to financial year, April 1 to March 31) over the previous
year; the revenue is expected to increase further by 5 to 10 per
cent over the medium term, backed by addition of new customers,
and growing demand for processed rice, especially during festive
seasons. MPBRK also maintained its operating profitability margin
at 5.9 per cent in 2013-14, backed by higher volumes and stable
realisation. The operating profitability is expected to remain
stable over the medium term. The promoters infused equity of INR23
million in 2013-14, primarily to fund capital expenditure (capex).
This has led to substantial improvement in its financial profile,
with gearing reducing to 1.65 times as on March 31, 2014, from
more than 2 times a year earlier. Steady accretion to reserves and
the absence of sizeable capex are expected to help the company
maintain its improved financial risk profile over the medium term.

MPBRK's scale of operations, however, continues to be small
despite the recent ramp up. Its revenue growth stems from a small
base, and its operations continue to be working capital intensive.
Moreover, it's financial risk profile remains below average, and
it's net worth low, despite the recent equity infusion. These
credit weaknesses are partially offset by the extensive industry
experience of MPBRK's promoters.

Outlook: Stable

CRISIL believes that MPBRK will maintain its improved credit risk
profile over the medium term, backed by steady demand, improving
cash accruals, and the absence of fresh capex. The outlook may be
revised to 'Positive' in case of improvement in the company's
working capital cycle, infusion of long-term funds, or sizeable
accretion to reserves, leading to an enhancement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if a decline
in revenue and margins or a stretch in working capital cycle
weakens MPBRK's financial risk profile, particularly its
liquidity.

Incorporated in 1991, MPBRK is a closely held public limited
company that primarily processes wheat and manufactures wheat-
based products such as wheat flour (atta), refined wheat flour
(maida), bran, and wheat semolina (suji). Its products also
include weaning and energy foods, corn flour, and soya flour. The
company, currently managed by Mr. Rahul Kumavat, has its
manufacturing facility at Dewas (Madhya Pradesh).


MADHUR MILAN: CRISIL Puts 'B' Rating on INR80MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Madhur Milan Food Products Pvt Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                80         CRISIL B/Stable
   Bank Guarantee            7.5       CRISIL A4
   Cash Credit              12.5       CRISIL B/Stable

The ratings reflect MMFPPL's exposure to risks related to timely
completion of its ongoing food-processing project, and the
subsequent ramp up from the unit, and its expected small scale of
operations during the initial phase. The ratings also factor in
the company's below-average financial risk profile, with weak
liquidity, due to its debt-funded capital expenditure and low
expected cash accruals. These rating weaknesses are partially
offset by the extensive experience of MMFPPL's promoters in the
food-processing industry, and their committed, timely, and need-
based funding support.

For arriving at the ratings, CRISIL has treated the interest-free
unsecured loans of INR27 million from MMFPPL's promoters as
neither debt nor equity as these loans have been subordinated to
bank debt.

Outlook: Stable

CRISIL believes that MMFPPL will continue to benefit over the
medium term from its promoters' extensive industry experience;
however, its credit risk profile is expected to remain constrained
over this period on account of the debt-funding for its project
and its low expected cash accruals. The outlook may be revised to
'Positive' if the company's revenue increases significantly,
driven by successful ramp up of production at its new unit,
leading to better cash accruals. Conversely, the outlook may be
revised to 'Negative' if MMFPPL's financial risk profile,
particularly its liquidity, weakens considerably, most likely due
to delayed implementation of its ongoing project, and very low
cash accruals.

MMFPPL was incorporated in 2012 for setting up a food-processing
unit to manufacture chips and namkeen (salted snacks) at
Aurangabad (Maharashtra). The unit is expected to commence
operations from January 2015. The company plans to sell the
products under the brands Great and Madhur Milan.


NARAYAN SPINNING: CARE Reaffirms 'B' Rating on INR28.80cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Narayan Spinning Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     28.80      CARE B Reaffirmed
   Long-term/Short-term Bank      1.25      CARE B/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Narayan Spinning
Mills Private Limited continue to remain constrained on account of
stabilization risk associated with the debt-funded capex, its
presence in the highly fragmented and working capital intensive
cotton yarn industry, susceptibility of its operating margins to
raw-material price fluctuation and financial risk profile marked
by moderate scale of operations, leveraged capital structure and
debt coverage indicators.

The ratings, however, continue to favorably take into account wide
experience of over three decades of promoters in the cotton
industry and operational linkages with associate concerns along
with government support/incentives to the textile industry. The
ratings also factor in timely completion of its project and
commencement of operations during FY14 (refers to the period
April 1 to March 31).

The ability of NSMPL to achieve the envisaged level of sales and
profitability from its new plant amidst presence in the highly
competitive cotton yarn industry are the key rating sensitivities.

NSMPL was incorporated as a private limited company in September,
2012 by Mr Jayantilal Patel, Mr Kuldeep Patel and Mr Anil Patel.
NSMPL has implemented a green field project of setting up a
spinning mill with an installed capacity of 17,280 spindles or
3,476 metric tonnes per annum (MTPA) for manufacturing of cotton
yarn having a counts range of 20 and 30 at Mangvapal region in
Amreli district of Gujarat.

The total cost of the project was INR38.25 crore which was funded
with equity contribution of INR8.80 crore, unsecured loans from
the promoters of INR5.65 crore and term loan of INR23.80 crore.
The project was commissioned in December, 2013.

NSMPL has four associate concerns namely Narayan Cotgin
Corporation (NCC: CARE B+/A4 reaffirmed in October, 2014),
Narayan Solvex (NRS: CARE B+ reaffirmed in March 2014), Narayan
Oil Mill and Shakti Oil Mill. The associate concerns are
in the business of cotton ginning, spinning, pressing and crushing
of cotton seed with main products as cotton bales, cotton seeds
and cotton seed oil.

As per the audited results for FY14, NSMPL reported a total
operating income of INR9.13 crore and a net loss of INR1.26
crore.


PADMA SRI: ICRA Suspends B Rating on INR21cr Working Capital Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR21.00 crore fund based working capital limits, INR3.33 crore
term loans and INR0.64 crore unallocated limits. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to INR0.03
crore non fund based limits of M/s Padma Sri Rice Mill The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PRAGATIPATH REAL: CRISIL Assigns B+ Rating to INR80MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Pragatipath Real Estates Pvt. Ltd (PPR).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Proposed Long Term       40          CRISIL B+/Stable
   Bank Loan Facility

   Proposed Term Loan       80          CRISIL B+/Stable

The rating reflects PPR's exposure to project-related risks and to
risks related to cyclicality in the Indian real estate industry.
These rating weaknesses are partially offset by promoters'
extensive experience in real estate business.

Outlook: Stable

CRISIL believes PPR will maintain a stable business risk profile
over the medium term on the back of the promoters' extensive
experience in real estate industry. The outlook may be revised to
'Positive' in case the company successfully completes the project
before the stipulated timeline and has higher than expected
realisations leading to improvement in profitability. Conversely,
the outlook may be revised to 'Negative' in case of substantial
debt-funded expansions or any time or cost overruns that delay the
successful completion of projects resulting in weakening of
financial risk profile.

PPR, incorporated in 2007 by Mr. Vikas Trivedi, Surya Kumar
Trivedi and Sameer Trivedi, is a Lucknow (Uttar Pradesh) based
company engaged in real estate broking and liasoning business.
Company is also developing one residential real estate project in
Aishbagh, Lucknow.

PPR reported profit after tax (PAT) of INR5.5 million on net sales
of INR103.7 million for 2013-14 (refers to financial year, April 1
to March 31), against a PAT of INR10.9 million on net sales of
INR133.2 million for 2012-13.



PROGRESS TRADERS: CRISIL Puts B+ Rating on INR50MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Progress Traders (PT).

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

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

The rating reflects PT's below-average financial risk profile
marked by modest net worth and weak debt protection metrics, its
working capital intensive operations and susceptibility to intense
competition in the steel scrap trading business. These rating
weaknesses are partially offset by the benefits that the firm
derive from its promoter's extensive industry experience and its
established relationship with its customers.

Outlook: Stable

CRISIL believes that PT will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its cash
accruals, most likely driven by significant improvement in its
scale of operations, or the promoters infuse substantial capital,
leading to better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if PT's financial risk profile
weakens owing to a decline in its cash accruals or poor working
capital management, or the company undertakes any large, debt-
funded, capital expenditure programme, resulting in weak
liquidity.

PT, based in Cuddalore (Tamil Nadu), trades in steel scrap, steel
billets and thermo-mechanically treated bars. The firm's day-to-
day operations are managed by the proprietor, Mr. Habibur Rahman.

PT, provisionally, reported a profit after tax (PAT) of INR1.8
million on net sales of INR308 million for 2012-13 (refers to
financial year, April 1 to March 31) as against a PAT of INR1
million on net sales of INR541 million in 2011-12.


PROMAS ENGINEERS: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Promas Engineers Pvt
Ltd continue to reflect PEPL's modest scale of operations in the
fragmented and competitive equipment manufacturing industry,
average financial risk profile marked by high gearing and moderate
debt-protection metrics, and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              60      CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee      10      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that PEPL will continue to benefit over the medium
term from the extensive experience of its promoters and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if there is significant
improvement in the company's scale of operations while it
maintains its profitability. Conversely, the outlook may be
revised to 'Negative' if PEPL reports lower-than-expected cash
accruals, or its working capital cycle is stretched, leading to
pressure on its liquidity.

Update
In 2013-14, PEPL's operating income although modest has increased
significantly by around 70 per cent to INR167.6 million as against
INR98.6 million in 2012-13. The increase in revenue is due to
execution of a few large orders from its existing customers and
continuous orders from its large customer base. However, PEPL's
operating profitability declined to 13 per cent during 2013-14
from 16 per cent in 2012-13; decline in margin is on account of
competitive bidding by the company to secure new orders and
presence in highly competitive and fragmented industry.

The company's business is working-capital-intensive, as reflected
in its gross current assets (GCAs) of 272 days as on March 31,
2014 as against 318 days at the year ending March 31, 2013. The
high GCA is on account of high inventory and debtor levels. The
company funds these high working capital requirements by stretch
in creditors which was around 202 days as on March 31, 2014 and
the balance through external borrowings. CRISIL believes that the
operations of the company will remain working capital intensive
over the medium term.

PEPL has a modest financial risk profile, marked by modest
networth of INR31.7 million and high gearing of 2.87 times as on
March 31, 2014. The debt protection metrics of the company
continue to remain average with interest coverage of 2.31 times
and NCATD of 10 per cent at the year ending March 31, 2014.

The liquidity of the company continue to remain stretched with
high bank limit utilisation of around 90 per cent and low cash
accruals from operations of INR8.9 million against maturing debt
obligation of INR5.5 million. However liquidity of the company
gets cushion from funding support from promoters in the form of
unsecured loan of INR11.6 million and no major debt funded capex
plan over the medium term.

PEPL's estimated net profit after tax (PAT) and net sales remained
at INR8.3 million and INR166.0 million, respectively, for 2013-14
as against PAT of INR7.4 million on net sales of INR95.5 million
for 2012-13.

PEPL, based in Navi Mumbai (Maharashtra), was established in 2003.
It manufactures industrial equipment used in the pharmaceutical,
chemical, and food-processing industries. PEPL's operations are
managed by Mr. B B Gatkal and Mr. James Pereira.


RAJRAJESHWAR COTEX: CARE Reaffirms B Rating on INR7.36cr Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Rajrajeshwar Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.36       CARE B Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of Rajrajeshwar Cotex
Private Limited continue to remain constrained on account of weak
financial risk profile marked by leveraged capital structure and
weak debt coverage indicators. The rating also continue to be
constrained by short track record of operations coupled with low
profit margins, its presence in lowest segment of textile value
chain in highly fragmented industry with low entry barriers and
seasonality associated with the procurement of raw material
resulting into working-capital intensive nature of operations.

The ratings, however, continue to draw strength from the wide
experience of the promoters in the cotton industry and
location advantage in terms of proximity to the cotton seed
growing regions in Maharashtra. The rating also factors in
stable total operating income (TOI) and modest profit margins
during FY14 (refers to the period April 1 to March 31).
The ability of RCPL to increase its scale of operations and move
up in the value chain and diversification of its product
portfolio, thereby improving its profit margins and capital
structure along with better working capital management are
the key rating sensitivities.

RCPL was incorporated in May 2011 by Mr. Kedar Mittal and Mr.
Pawan Mittal as a private limited company with an objective for
setting up of new ginning and pressing unit. RCPL deals in 'NCH BT
Cotton' type of cotton which is being sourced through local
farmers from Maharashtra. RCPL operates from its sole
manufacturing plant located at Parbhani (Maharashtra) with an
installed capacity to process 250 cotton bales per day and 650
quintal of cotton seeds per day as on March 31, 2014. RCPL sells
cotton cake in the brand names of "Surbhi" and "Rajmalai".

During FY14, RCPL reported a TOI of INR32.47 crore and PAT of
INR0.07 crore as against TOI of INR31.72 crore and PAT of
INR0.10 crore during FY13.


RUBY MICA: CRISIL Ups Rating on INR20.6MM Bank Loan to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ruby Mica Company Ltd (RMCL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'; while reaffirming its rating on the company's short-
term bank facilities at 'CRISIL A4'.


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

   Cash Credit- Book Debt    8         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Cash Credit-Stock        12         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Export Packing Credit    19         CRISIL A4 (Reaffirmed)

   Letter of Credit          5         CRISIL A4 (Reaffirmed)

   Post Shipment Credit      6         CRISIL A4 (Reaffirmed)

   Proposed Long Term       20.6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

   Standby Line of Credit    9         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that RMCL will
maintain its improved liquidity over the medium term, supported by
its low incremental working capital requirements. The company's
gross current assets improved to 225 days as on March 31, 2014,
from 313 days in the preceding year. This improvement was driven
by lower inventory holding, supported by ease in sourcing of raw
materials. The low incremental working capital requirements have
led to improvement in RMCL's capital structure and debt protection
metrics. The upgrade also factors in CRISIL's belief that RMCL's
liquidity will remain ably supported by the absence of debt
obligations and debt-funded capital expenditure plans over the
medium term.

The ratings reflect RMCL's modest scale of operations in the
intensely competitive mica industry, and its working-capital-
intensive operations. These rating weakness are partially offset
by the company's moderate financial risk profile, marked by low
gearing and moderate debt protection metrics, and the extensive
industry experience of its promoters.
Outlook: Stable

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

RMCL, based in Giridh (Jharkhand), was originally established in
1968 as a partnership firm; which was reconstituted as a closely
held public limited company in 2009-10 (refers to financial year,
April 1 to March 31). The company is promoted and managed by the
Bagaria family; it processes and exports synthetic mica paper and
other products.


S. K. INDUSTRIES: CARE Reaffirms B+ Rating on INR7.9cr Bank Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
S. K. Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.90       CARE B+ Re-affirmed

Rating Rationale

The rating assigned to the bank facilities of S. K. Industries
(SKI) continues to remain constrained on account of its financial
risk profile marked by thin profit margins, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position. The rating further continues to be constrained by its
dependence on the agro-climatic condition, seasonality associated
with the availability of raw material and susceptibility of
operating margins to volatility in the raw material prices. The
rating also factors in decline in the total operating income and
deterioration in the capital structure and debt coverage
indicators during FY14 (refers to the period April 1 to March 31).

The rating, however, continues to draw strength from the wide
experience of the partners in the edible oil industry, location
advantage through proximity to raw material sources and
diversified clientele base.

The ability of SKI to improve its overall financial profile with
an improvement in profit margins and capital structure along
with prudent working capital management remains the key rating
sensitivity.

Established in 1979, SKI is a partnership firm managed by Mr
Bipinchandra Patel and Mr Vinodbhai Patel with skewed profit and
loss sharing ratio in addition to four other partners viz.
Thakarshibhai Patel (HUF), Ms Lilaben Patel, Mr Mukeshbhai Patel
and Mr D.H. Bhadja. SKI is engaged in the business of oil
extraction from groundnut and castor cake by solvent extraction
method, refining crude cotton oil and manufacturing of de-oiled
cakes (DOC) at its sole manufacturing facility located in Junagadh
(Gujarat). SKI derived around 74.20% revenue from refining of
cotton seed oil, 8.36% from Castor Oil and the rest from groundnut
oil extraction and its by products such as DOC during FY14. SKI
has a combined crushing capacity of 150 metric tonnes per day
(MTPD), refining capacity of 70 MTPD and solvent extraction
capacity of 250 MTPD as on March 31, 2014. SKI markets its
products under the brand name 'Nirmal' in the states of Gujarat,
Rajasthan, Delhi, Kolkata, etc.

During FY14, SKI reported a TOI of INR74.31 crore and nil PAT as
against TOI of INR80.38 crore and nil PAT during FY13.
Furthermore during H1FY15, SKI has reported a TOI of INR40 crore.


S.K. MEDICAL: CRISIL Rates INR100MM Term Loan at B+
---------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of S.K. Medical Foundation Pvt Ltd (SKMFPL).

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

The rating reflects SKMFPL's exposure to risks related to
implementation and off-take of its ongoing hospital project. These
rating weaknesses are partially offset by the extensive experience
of SKMFPL's promoters in the healthcare industry and its
comfortable project gearing.

Outlook: Stable

CRISIL believes that SKMFPL will benefit from its promoters'
extensive industry experience and funding support. The outlook may
be revised to 'Positive' in case of timely completion of SKMFPL's
project within the budgeted cost, and significant ramp-up in its
revenue and cash accruals. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overrun in the project or
delay in ramp-up of revenue and cash accruals leading to stretched
liquidity.

SKMFPL, based in Erode (Tamil Nadu), is promoted by Dr. S.
Karupannan and his family. The company is setting up a 100-bed
multi-speciality hospital with a total capital outlay of INR181
million at Erode, Tamil Nadu. The hospital is expected to commence
operations in November 2014.


SEBACIC INDIA: ICRA Reaffirms 'D' Rating on INR36.41cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR41.87
crore (reduced from INR43.20 crore) term loans and the INR16.00
crore cash credit facility of Sebacic India Limited at [ICRA]D.
ICRA has also reaffirmed the short term rating) assigned to the
INR0.81 crore (reduced from INR1.45 crore) short term non-fund
based limits of SIL at [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           36.41       Reaffirmed at [ICRA]D
   Funded Interest       5.46       Reaffirmed at [ICRA]D
   Term Loan
   Cash Credit          16.00       Reaffirmed at [ICRA]D
   Forward Contract      0.81       Reaffirmed at [ICRA]D
   Limit

The rating action takes into account the delays in servicing of
debt obligations to the bank due to its strained liquidity
position. The same is due to the significant delays in project
execution and stabilization of operations which has severely
impacted the financial profile of the company and subsequently led
to debt restructuring of the bank loans availed by the company.
The delay in project execution has been mainly on account of the
company undertaking installation of an alternate effluent
treatment system (Multiple Evaporator Equipment-MEE) in order to
comply with the changed norms of the effluent disposal channel.
This along with product quality issues surfaced during last fiscal
owing to usage of recycled water generated from MEE resulted in
minimal scale of operations during last fiscal. The ratings
continue to remain constrained by sensitivity of project metrics
and future cash flows to the establishment of the company's
products and its pricing power in both international and domestic
market and dependence of the company on exports with limited local
market.

The ratings continue to take into account the long experience of
SIL's promoters in the chemical industry in general and in
manufacturing of Sebacic acid in particular, the easy availability
of castor seeds with India being the major producer and Gujarat
being the major contributor, limited threat of substitution with
major substitutes being crude oil based which are viable only at
low crude prices.

Incorporated in 2007, Sebacic India Limited (SIL) is promoted by
Pankaj Natwarlal Pandya, Tushar Raojibhai Patel, Ashwin B. Patel
and Rajiv Parikh. The company was originally incorporated in the
name of Sebacic Manufacturing & Export India Limited and its name
was subsequently changed to Sebacic Acid Limited (SIL) w.e.f.
January 2008. The company has been set up to manufacture Sebacic
Acid (manufactured from castor oil) with an installed capacity of
10,000 MTPA. Apart from this, it also proposes to market 2-Octonal
(Installed Capacity 6,000 MTPA), Glycerine (Installed Capacity
1,500 MTPA), Mixed Fatty Acids (Installed Capacity 3,500 MTPA),
and Sodium Sulphate (Installed Capacity 5,500MTPA) which are
produced during the manufacturing process of Sebacic acid. SIL's
manufacturing facility is located at Village Umraya, Taluka Padra,
near Vadodara. SIL commenced commercial production in November
2012.


SHREE VALI: CRISIL Assigns 'B' Rating to INR48MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank loan facilities of Shree Vali Metals Pvt Ltd.

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

   Cash Credit             48            CRISIL B/Stable

   Proposed Cash
   Credit Limit            12            CRISIL B/Stable

The rating reflects the company's weak financial risk profile,
marked by low profitability, weak debt-protection metrics and
capital structure. The rating also factors SVMPL's modest scale of
operations in the fragmented and competitive steel industry. These
rating weaknesses are partially offset by the promoters' extensive
experience in the steel industry.

Outlook: Stable

CRISIL believes that SVMPL will continue to benefit from its
promoters' extensive experience in the steel industry. The outlook
may be revised to 'Positive' in case of improvement in the
company's profitability or capital structure, leading to better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SVMPL's financial risk profile, particularly
liquidity, weakens because of a stretch in its working capital
cycle, low cash accruals, or if the company undertakes any debt-
funded capex programme.

Set up in 1995 as a proprietorship firm and reconstituted as a
private limited company in 2005, SVMPL processes steel coils and
plates and is based in Bokaro, Jharkhand. SVMPL caters to the
requirements of the automobile, household and other industries.
Mr. Sidharth Parakh along with his father Mr. Kamal Singh Parakh
manages the company's daily operations. SVMPL benefits from the
extensive experience of around two decades of the promoters in the
steel industry.


SHRI LAXMAN: CARE Ups Rating on INR5.50cr LT Bank Loan to 'C'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Shri
Laxman Education Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.50      CARE C Revised from
                                            CARE D

Rating Rationale

The revision in the rating assigned to the bank facilities of Shri
Laxman Education Trust primarily factors in the clear track record
in debt servicing during the period July, 2014 to September, 2014.
The rating, however, continues to remain constrained on account of
its modest scale of operations, low enrollment ratio and weak
liquidity indicators.

Above mentioned constrains far outweigh the benefits derived from
improvement in the surplus margins coupled with modest improvement
in the capital structure and debt coverage indicators during FY14
(refers to the period April 1 to March 31).

Improvement in liquidity position with increase in the total
operating income through better enrolment along with
improvement in the capital structure is the key rating
sensitivity.

Gwalior-based (Madhya Pradesh), SLET was incorporated in 2009 as
trust under the Madhya Pradesh Sarvajanik Nyas Adhiniyam Act, 1951
by Mr Sanjay Garg and Mrs Anjali Garg with the object of setting
up educational institution. At the time of incorporation, SLET
entered into a JV with Delhi Public School Society (DPSS) which is
running more than 130 DPSs (K-12 schools) all over the country.
Later on in April, 2012, SLET discontinued its JV with DPS and
entered into JV with G D Goenka Public School (GDGP), New Delhi.
As per the agreement, GDGP would run the school and offer
education from Nursery to 12th grade in affiliation with the
Central Board of Secondary Education (CBSE). Presently it offers
the education from Nursery to 10th grade.

As per the audited results for FY14, SLET reported a surplus of
INR0.24 crore on a Total Operating Income (TOI) of INR2.29
crore as against TOI of INR2.30 crore and surplus of INR0.02 crore
during FY13. During 6MFY15, SLET achieved the total operating
income of INR1.30 crore.


SONA RICE: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sona Rice Industries (SRI).

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

The rating reflects SRI's below-average financial risk profile,
marked by a modest net worth, a high gearing and weak debt
protection metrics, and modest scale of operations in the
fragmented rice industry. These rating weaknesses are partially
offset by its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that SRI will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook maybe revised to 'Positive' if SRI reports significantly
better-than-expected cash accruals or receives substantial capital
infusion, along with efficient working capital management.
Conversely, the outlook maybe revised to 'Negative' in case the
firm generates low cash accruals, its working capital requirements
increase or it undertakes any large debt-funded capital
expenditure, exerting pressure on its liquidity.

Established in 2000 as a partnership firm, SRI is engaged in the
milling and processing of paddy into rice, rice bran, broken rice,
palam and husk at its manufacturing unit situated in Nagpur
(Maharashtra). The firm is owned and managed by Mr. Sachin Zamtani
and Mr. Shanker Zamtani.


SUCHITRA EDUCATION: CRISIL Reaffirms B- Rating on INR36MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Suchitra Education
Trust (SET) continue to reflect SET's stretched liquidity with its
cash accruals expected to tightly match its term debt obligations,
and the trust's weak financial risk profile marked by its negative
net worth and weak debt protection metrics.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       15      CRISIL A4 (Reassigned)
   Proposed Long Term
   Bank Loan Facility        9      CRISIL B-/Stable (Reaffirmed)
   Term Loan                36      CRISIL B-/Stable (Reaffirmed)

The ratings of the trust are also constrained on account of its
exposure to risks arising from the intense competition and the
regulated nature of the education industry. These rating
weaknesses are partially offset by the benefit that the trust
derives from the extensive entrepreneurial experience of
promoters, and the healthy demand prospects for the education
sector.

Outlook: Stable

CRISIL believes that the SET will continue to benefit over the
medium term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' if the trust
scales up its operations, while it maintains its profitability
margins, or there is an improvement in the trust's net-worth on
the back of sizeable equity infusion by its promoters. Conversely,
the outlook may be revised to 'Negative' if there are any
regulatory changes adversely affecting the operations of the
trust, or if there is a weakening in the trust's capital structure
on account of any large debt-funded capital expenditure programme.

SET, set up in 2010, runs a school - Suchitra Academy ' in
Hyderabad. The school is affiliated to the Central Board of
Secondary Education, and 2011-12 was the first academic year for
the school.


SURYA SRI: ICRA Suspends B+ Rating on INR20cr Capital Limits
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR20.00 crore fund based working capital limits, INR0.78 crore
term loans and INR4.22 crore unallocated limits of M/s Surya Sri
Rice Mill. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


TAJ LEATHER: CRISIL Reaffirms D Rating on INR30MM Working Capital
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Taj Leather Works (TLW)
continue to reflect instances of delay by TLW in servicing its
debt; the delays have been caused by the firm's weak liquidity.

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Cash Credit               4          CRISIL D (Reaffirmed)
   Packing Credit           18          CRISIL D (Reaffirmed)
   Post Shipment Credit     10          CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       30          CRISIL D (Reaffirmed)
   Working Capital
   Term Loan                21          CRISIL D (Reaffirmed)

TLW also has a modest scale of operations and large working
capital requirements. The firm, however, benefits from the
extensive experience of its promoters in the leather goods
industry.

TLW is a partnership concern formed in 1974 in Kolkata. It has
four partners: Mr. Shafique Abedin, Mr. Javed Abedin, Mr. Md.
Masroor Alam, and Mr. Md. Nezamuddin. The firm is engaged in
manufacturing and export of industrial leather gloves. It also
sells finished leather in the domestic market.


TEJAS ENERGY: ICRA Suspends B+ Rating on INR9.50cr FB Limit
-----------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ to INR9.50 crore
fund based limits of Tejas Energy and projects Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Tejas Energy and Projects Private Limited (TEPL), was incorporated
in 2nd July 2010 to engage in commercial layer poultry farming.
The poultry farming is to be done on a unit which has been taken
over by TEPL in FY2012. The company is managed by Mr. Narender
Goud and there is an experienced management team in place to
oversee affairs of the business.


TENTY MARKETING: CRISIL Raises Rating on INR80M Cash Credit to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Tenty Marketing Co Private Limited to 'CRISIL B+/Stable' from
'CRISIL B-/Stable', and has reaffirmed its 'CRISIL A4' rating to
the company's short-term facilities.

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

   Letter of Credit         25        CRISIL A4 (Reaffirmed)

The rating upgrade reflects the improvement in TMCPL's business
risk profile, with gross revenues of the company increasing to
INR593 million in 2013-14 (refers to financial year, April 1 to
March 31) from  INR407 million in 2012-13. The increase was on
account of stabilization and optimization of operations in its
manufacturing unit at Polypark, Howrah. The company also commenced
manufacture of pen refills from fourth quarter of 2013-14, which
contributed INR 34 million to revenues for the year. The company's
operating margins also improved, from 14.8 per cent in 2012-13 to
17.7 per cent in 2013-14, due to optimization of production
process in its new unit. However, its working capital management
deteriorated, with gross current asset days increasing from 107
days in 2012-13 to 124 days in 2013-14.  This was primarily on
account of increase in receivables from 59 days in 2012-13 to 83
days in 2013-14 and increase in inventory days to 45 days in 2013-
14 to 13 days in 2012-13. The company's liquidity profile is
moderate, marked by bank limit utilization of 87 per cent for the
twelve months through August 2014. Also, the company's net cash
accruals increased significantly, to INR 63.6 million in 2013-14
(against INR 38.8 million in 2012-13) and are expected to be
sufficient to repay its maturing term debt obligations over the
medium term.

The ratings continue to reflect TMCPL's moderate scale of
operations in fragmented industry and below-average financial risk
profile, marked by high gearing and moderate debt protection
metrics. These rating weaknesses are partially offset by TMCPL's
promoters' extensive experience in the injection molding plastic
business and established relationship with its customers.
Outlook: Stable

CRISIL believes that TMCPL will continue to benefit over the
medium term from its promoters' extensive experience in the
injection molding plastic business along with its strong
relationship with its customers and suppliers. The outlook may be
revised to 'Positive' if the company successfully scales up its
operations while sustaining its profitability and generates higher
cash accruals leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the company's revenues or profitability,
leading to lower-than-expected cash accruals, higher-than-expected
increase in working capital requirements or debt-funded capital
expenditure.

Established in 1997, TMCPL manufactures pen parts, refills,
plastic fan parts, other plastic packaging products for cosmetics
and food items. It has two manufacturing units in West Bengal - in
Kasba and Polypark, Howrah. The firm is promoted by Mr. Anil
Kamboj, Mr. Ashok Goyal, and Mr. Giriraj Ratan Kothari, who have
more than three decades of experience in the injection-moulded
plastics industry.


UDAY KRISHNA: ICRA Suspends B+ Rating on INR32.45cr Bank Loan
-------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to
INR32.45 crore bank facilities of Uday Krishna Steel Rolling Mill
private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


V S METACAST: CRISIL Reaffirms B Rating on INR120MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of V S Metacast Pvt Ltd
continue to reflect VSMPL's start-up nature, and small scale, of
operations in a fragmented and highly competitive steel industry,
weak financial risk profile marked by high gearing and weak debt
protection metrics and high working capital requirements. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the steel industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          7.5       CRISIL A4 (Reaffirmed)
   Cash Credit           120         CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan        60         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VSMPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
steel industry. The outlook may be revised to 'Positive' if the
company significantly improves its financial risk profile,
particularly its liquidity, backed by equity infusion or a
sizeable increase in profitability, leading to larger-than-
expected accretion to reserves. Conversely, the outlook may be
revised to 'Negative' in case VSMPL records a lower-than-expected
operating margin or sub-optimum capacity utilization, resulting in
insufficient cash accruals to service its term debt on time; or if
its working capital cycle increases; or if it undertakes a large
debt-funded capital expenditure (capex) programme, thereby
weakening its financial risk profile.

Update
The performance of the company was lower than CRISIL expectations.
The company is estimated to have achieved a revenue of INR 687
million in the first year of its operations viz. 2013-14 (refers
to financial year, April 1 to March 31). The company's operating
profitability is estimated to be at 3.2% in 2013-14 which was
lower than the CRISIL expectation of 6.5% owing to lower than
expected capacity utilization in the initial year of its
operations; its overall accruals are also estimated to be low at
INR 0.51 crores in 2013-14 against CRISIL expectation of INR 2.4
crores. CRISIL expects the company to increase its revenue by
around 10-15% over the medium term and improve its profitability
to around 5% on the back of higher capacity utilization.

The company's working capital requirements are large with GCA of
about 149 days as on 31st March 2014. This has resulted in full
utilization of its bank limits. CRISIL expects the company to have
high working capital requirements, marked by a GCA of around 160
days over the medium term.

The company's capital structure is estimated to have remained
leveraged with a gearing of 2.52 times as on 31st March 2014. It
debt protection indicators are estimated to have remained weak
with interest coverage and net cash accruals to total debt at 1.3
times and 0.03 times respectively in 2013-14. The networth of the
company is estimated to be low at INR 73 million as on 31st March
2014. Despite, absence of any capex plans, CRISIL expects the
gearing of the company to remain high at above 3 times over the
medium term due to increase in working capital debt coupled with
low accretion to reserves in the initial few year of operations.

VSMPL was incorporated in 2011 and is promoted by the Gujarat
based Agarwal group. The Agarwal group is into manufacturing of
various steel products since 1972. VSMPL is engaged in
manufacturing mild steel (MS) billets/ingots and rounds and has
its manufacturing facility at Ahmedabad (Gujarat) having a
capacity of 30,000 tonnes per annum. The directors of VSMPL are
Mr. Vivek Agarwal and his uncle, Mr. Anil Agarwal. The company
reported, on a provisional basis, a net profit of INR 2.7 million
on net revenues of INR 686 million in 2013-14.


WALZEN STRIPS: CARE Reaffirms B+ Rating on INR14.5cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Walzen Strips Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.5       CARE B+ Reaffirmed
   Short-term Bank Facilities     4.5       CARE A4 Reaffirmed

Rating Rationale

The ratings for the bank facilities of Walzen Strips Pvt Ltd
continue to remain constrained by its relatively small size of
operation with low profit margins, low capacity utilization, lack
of backward integration vis-…-vis volatility in the input prices
and the working capital intensive nature of operations. The
ratings, however, derive strength from its experienced promoter
and established customer base.

Going forward, the ability of the company to improve its scale of
operation and profit margins along with the ability to manage its
working capital effectively would be the key rating sensitivities.

Walzen Strips Pvt Ltd (WSPL) was incorporated in December, 1989 by
MrTejomoyRoychowdhury of Kolkata to manufacture high-tensile steel
strips (HTSS) and hardened and tempered steel strips (HATSS). The
company has an installed capacity of 15,500 MTPA at Howrah, West
Bengal. The plant commenced commercial operation since December
1989. The manufacturing facility of the company is ISO 9001:2008
certified.

The application of its products is widely spread across various
industries primarily in steel industries and automobile
industries. WSPL sells its products under the brand name of
"Walzen". In addition to manufacturing cold roll steel strips
(CRSS), WSPL is also engaged in job work related to packaging of
steel strips which is 11.5% of total operating income in
FY14refers. The company has its operation in eight states across
the country with major sales in Andhra Pradesh, Maharashtra and
West Bengal. Furthermore, the company also exports (7.98% of total
sale) to countries like Bangladesh, Brazil, etc.

WSPL is a part of the "Lyka" Group promoted by Mr Tejomay Roy
Chowdhury. The other companies belonging to the group are Lyka
Engineering Works, Jawakusum Comotrade Pvt Ltd.and ITI Pack Walzen
Steel Strapping System Pvt Ltd.

During FY14, the company reported a total operating income of
INR69.6 crore (FY13: INR57.5 crore) and a PAT of INR0.1
crore (FY13: INR0.1 crore).


ZARINA LEATHER: CRISIL Reaffirms B+ Rating on INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4 'ratings on
the bank facilities of Zarina Leather Exports.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Discounting        10       CRISIL A4 (Reaffirmed)
   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)
   Packing Credit           9       CRISIL A4 (Reaffirmed)
   Proposed Cash
   Credit Limit            50       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      21       CRISIL B+/Stable (Reaffirmed)

The ratings reflect ZLE's modest scale of operations in the
intensely competitive leather industry, and its below-average
financial risk profile marked by a small net worth. These rating
weaknesses are partially offset by the experience of the firm's
promoter in the leather industry.

Outlook: Stable

CRISIL believes that ZLE will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if the firm substantially improves its scale
of operations and operating profitability, resulting in
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case ZLE's revenues decline
significantly or if its working capital management deteriorates,
thereby negatively impacting its liquidity, or in case of larger-
than-expected capital withdrawals from the firm by its promoter,
resulting in deterioration in its financial risk profile.

ZLE, set up in 1993, derives its revenues from the manufacture of
semi-finished leather. The firm's day-to-day operations are
managed by Mr. Abdul Rahim.

ZLE's profit after tax (PAT) and net sales were INR2.1 million and
INR316.7 million respectively for 2013-14 (refers to financial
year, April 1 to March 31) as against a PAT of INR2.0 million on
net sales of INR429.7 million for 2012-13.



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


KAWASAN INDUSTRI: Fitch Puts Final 'B+' Rating to USD190MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based industrial estate
developer PT Kawasan Industri Jababeka Tbk's (Jababeka; B+/Stable)
USD190m 7.5% notes due 2019 a final 'B+' rating, with a Recovery
Rating of 'RR4'.  The notes are issued by wholly owned subsidiary
Jababeka International B.V., and guaranteed by Jababeka and
certain subsidiaries.

The rating action follows the receipt of documents conforming to
information already received.  The final rating is in line with
the expected rating assigned on Sept. 1, 2014.

On Oct. 7, 2014 Jababeka announced that the holders of 76.4% of
its USD175m 11.75% 2017 notes have agreed to exchange their notes
for the 2019 notes.  New funds raised following the issue of the
2019 notes and the debt exchange will be used to for general
corporate purposes.

The notes are rated at the same level as Jababeka's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

KEY RATING DRIVERS

Solid Interest Coverage: Jababeka's rating reflects strong
interest coverage from the recurring income that comes from its
130MW power plant.  The plant is critical to Jababeka's overall
profile because its long-term power purchase agreement (PPA) with
state electricity company PT Perusahaan Listrik Negara (PLN; BBB-
/Stable) provides good earnings visibility and the US dollar-
denominated cashflows are a natural hedge for its US dollar
borrowings.  As of end-2013, the recurring coverage ratio
(recurring EBITDA/ interest expense) stood at about 1.3x, even
though the plant utilisation rate was only 89% in 2013 due to
several periods when the plant was not in operation.  Fitch
expects the recurring coverage ratio to improve towards end-2015
in line with better efficiency at the power plant, the
implementation of an electricity buyback scheme with PLN, and a
proportionate increase in recurring income in Jababeka's other
infrastructure services.

Limited Capex, Improved Liquidity: Jababeka has decided to
postpone investment in a second power plant and will instead
prioritize improving the efficiency and ensuring smooth operations
at its first plant before starting work on the second.  With the
postponement, Jababeka is left with minimal capex, mainly for
additional dry port equipment.  Capex of about USD10m each in 2015
and 2016 is scalable, depending on the dry port's productivity.
The deferment of the investment in the second power plant, the
discretionary nature of the company's land acquisitions and its
well-distributed debt maturity will allow Jababeka to accumulate
cash and strengthen its liquidity profile.

Offsetting the Cyclicality of Industrial Sales: The development of
industrial estates is more cyclical than that of residential
estates, with foreign direct investments (FDI) into Indonesia in
2011-12 hitting a record high before shrinking from mid-2013 due
to weaker sentiment.  As the growth in demand for industrial space
in Indonesia slows and Jababeka's flagship Cikarang industrial
estate matures, Fitch expects the sales of residential and
commercial space to start to contribute meaningfully to Jababeka's
total marketing sales and compensate for lower industrial sales.
Fitch has observed growing demand for shophouses and middle-class
housing in Jababeka's Cikarang estate since last year, and expects
demand to remain strong, aided by a new exit for a toll road close
by and various commercial projects underway.

Long-Term Diversification Benefits: Jababeka and Singapore's
Sembcorp will develop a new industrial complex in Kendal, Central
Java, which is modelled after Cikarang.  The relocation of labour-
intensive production out of Cikarang will allow tenants to take
advantage of the much lower minimum wage in Central Java.  Upon
successful execution, Kendal will provide Jababeka with
diversification benefits and a new base for future growth.  Fitch
believes execution risk for this project is manageable because
Jababeka typically will use proceeds from presales to develop new
estate in stages.  The initial investment to acquire 300 hectares
of land in Kendal was paid in 2013, and Jababeka plans to add
another 350 hectares of land there in 2014.  The company has no
commitments for significant land acquisitions after 2014.

Large, Low Cost Land Bank: Jababeka's credit profile is supported
by a sizeable, mature land bank in Cikarang of about 700 hectares,
equivalent to another 23 years of development.  Cikarang is
currently Jababeka's most mature development with established
infrastructure and a captive industrial market.  The expansion in
Kendal will add 650 hectares of land by end-2014, or about 26
years of development.  With low acquisition costs, Fitch expects
Jababeka will be able to maintain its gross margin of about 50%
from development sales over the medium term.

Project Concentration and Cyclicality: Jababeka's rating is
primarily constrained by concentration risk and high exposure to
the industrial estate development business.  Cikarang will
continue to contribute over 80% in marketing sales in the next 24
months, with industrial space in the estate accounting for more
than 60% of marketing sales.

RATING SENSITIVITIES

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

  -- Decline in recurring EBITDA/ interest expense to below 1x
     on a sustained basis (2014 forecast: 1.1x)
  -- Decline in presales/ gross debt to below 0.4x on a sustained
     basis (2014 forecast: 0.3x).  This trigger provides Fitch
     with a way to monitor Jababeka's development sales, which
     are an important support for its 'B+' rating.  While Fitch
     expects this ratio to be below the trigger at end-2014,
     presales are likely to improve from 2015 as the investment
     climate recovers and the Kendal estate starts to contribute
     presales.

No positive rating action is expected in the next 24 months due to
project concentration and high dependence on sales of industrial
space.



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


MALAYSIAN AIRLINE: Owner to Invite Restructuring Adviser Pitches
----------------------------------------------------------------
Elffie Chew and Joyce Koh at Bloomberg News report that Malaysian
Airline System Bhd. (MAS)'s majority owner, sovereign fund
Khazanah Nasional Bhd., has invited investment banks to pitch for
a role overseeing the airline's restructuring, people familiar
with the matter said.

Khazanah has asked select banks to submit proposals by
October 30, the people said, asking not to be identified as the
matter is private, Bloomberg relays. The fund, which controls 69.4
percent of Malaysia Airlines, has offered to buy the shares it
doesn't already own for MYR1.38 billion ($422 million) and delist
the company by the end of the year, the report relates.

Bloomberg notes that the bank picked will help oversee what Prime
Minister Najib Razak said Aug. 9 will be "painful steps" needed to
overhaul the nation's flag carrier, which lost two jetliners in
disasters this year and racked up MYR4.9 billion in losses since
the start of 2011.  Khazanah plans to cut 6,000 jobs and invest 6
billion ringgit to help Malaysia Airlines return to profit within
three years, the report relays.

The state-owned fund aims to set up a new entity to take over
Malaysia Airlines' operations and then relist the company in an
initial public offering within three to five years, it said
Aug. 29, Bloomberg relays. The investment bank picked to manage
the restructuring will be in a strong position to also win a role
on the IPO, one of the people said, Bloomberg relates.

                      *     *     *

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

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

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

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

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



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


HANOVER FINANCE: Hotchin Wins Leave to Appeal Trustee Case
----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that
Mark Hotchin is heading to the Supreme Court in his attempt to
join Hanover trustees into the Financial Market Authority's civil
action against him.

The former Hanover Finance director is continuing to challenge the
High Court throwing out his bid to join the trustees into the
case, the report says.

According to the report, Mr. Hotchin on October 30 won leave to
appeal to the Supreme Court in a decision from Justices John
McGrath, William Young and Susan Glazebrook.

The NZ Herald says Mr. Hotchin and five others associated with
Hanover companies are being sued by the Financial Markets
Authority for allegedly misleading or untrue statements in finance
company prospectuses.

The case is due to go to trial in July next year and is expected
to take up 12 weeks in the High Court at Auckland, the report
notes.

The NZ Herald relates that the FMA is seeking compensation for
investors who put NZ$35 million into Hanover Finance, Hanover
Capital and United Finance between December 2007 and July 22,
2008.

Mr. Hotchin last year attempted to join two trustee companies --
New Zealand Guardian Trust Company and Perpetual Trust -- into the
FMA's civil case against him, the report recalls.

The Herald says Mr. Hotchin argued the trustees held a duty of
care to investors and that they should contribute to any damages
payable if the FMA's case succeeds. But the trustees fought the
attempt and the Chief High Court Judge Helen Winkelmann struck out
Mr. Hotchin's application to join them in the civil action, the
report relates.

Mr. Hotchin then challenged the decision in the Court of Appeal,
but it was dismissed in August. The Court of Appeal's Justice Rhys
Harrison said Mr. Hotchin's claim for equitable contribution was
"unarguable," according to the NZ Herald.

The NZ Herald adds Justice Harrison said Hotchin and trustees owed
investors different duties.

"Mr Hotchin owed the investors a duty to make accurate statements
in prospectuses and certificates. The damage suffered by the
Hanover investors as a result of Mr Hotchin's alleged breach of
duty was the loss of their deposits made in reliance on those
statements or the excessive prices paid," the report quotes
Justice Harrison as saying.

Mr. Hotchin on October 30 was granted leave to appeal that ruling
to the Supreme Court, the report relays.

The approved question is: "Whether the Court of Appeal was right
to uphold the striking out of Mr Hotchin's third party claims
against the respondents [Guardian and Perpetual]," the report
relays.

                       About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.


LIBERTY FINANCIAL: S&P Raises ICR From 'BB+/B'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
issuer credit ratings on Liberty Financial Ltd. (LFL) to 'BBB-/A-
3' from 'BB+/B'.  At the same time S&P revised the outlook on LFL
to stable from positive.

The issuer credit ratings on LFL, a small New Zealand-based
finance company, primarily reflect S&P's opinion of the
unconditional, irrevocable and timely guarantee provided to the
company by its parent, Australian-based Liberty Financial Pty Ltd.
(Liberty; not rated).  S&P views LFL's stand-alone credit profile
(SACP) as materially below that of the issuer credit ratings
assigned, reflecting LFL being a recent start up and thus having a
young business profile, plus LFL's very small balance sheet and
immaterial profit contribution to the group.  S&P expects LFL's
SACP to gradually improve over time as the company establishes its
business position.  S&P believes such growth could be assisted
through increased collaboration with MPMH Ltd., a sister company
of LFL that specializes in mortgage and insurance brokerage.

S&P's rating on LFL is heavily dependent on S&P's view of the
guarantee provided by Liberty and Liberty's coverage of LFL's
funding base.

The short-term rating on LFL is 'A-3', reflecting the timeliness
of Liberty's guarantee should it be needed.  LFL itself held
around NZ$4 million in cash at June 30, 2014, which is a sizeable
amount relative to the NZ$9.4 million total secured deposits
outstanding.

The stable outlook on LFL reflects the guarantee provided by
Liberty and Liberty's coverage of LFL's funding base.  The outlook
and rating on LFL is most likely to change in line with any action
on Liberty, the provider of the guarantee.  If the guarantee
provided by Liberty were withdrawn, or if the coverage provided by
the guarantee was to weaken, then it is highly likely that S&P
would lower its rating on LFL.



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


GLOBAL A&T: Fitch Assigns 'B-' IDRs; Outlook Stable
---------------------------------------------------
Fitch Ratings has assigned Singapore-based Global A&T Electronics
Ltd.'s (GATE) Long-Term Foreign-Currency and Local-Currency Issuer
Default Ratings (IDR) of 'B-'.  The Outlook is Stable.

KEY RATING DRIVERS

Relatively Weak Market Position: GATE's ratings reflect its weak
position in the highly fragmented semiconductor outsourced
assembly and test (OSAT) industry with only a 3% market share by
revenue.  It is the eighth-largest OSAT industry participant and
competes with five other companies that also have between 2% and
5% of the market.  The USD25bn OSAT market is a small and low-
value part of the USD300bn semiconductor value chain and it is
characterised by intense competition with the top ten competitors
sharing around 66% of the market, of which the top four have
around 47%.  The market leader, Advanced Semiconductor
Engineering, Inc. (BBB/Stable), has only a 19% market share.

Minimal Switching Cost: Competition barriers are low and customers
can switch to other OSAT providers with similar technology
expertise at low cost.  GATE has a narrower technology capability
compared with some of its peers as it lacks some technologies to
be a full turn-key assembly and testing service provider.  It also
has less service diversification than some peers because it
focuses on testing, supported by its large pool of testing
engineers.

Leverage, Liquidity Drive IDR: GATE's ratings factor in its
limited ability to access additional debt due to its weak
financial position and restrictions due to the incurrence
covenants in its bond and banking documents.  High leverage and
stretched liquidity drives GATE's IDR as it spends around 65%-70%
of its EBITDA on interest and taxes.

At end-June 2014, the company had unrestricted cash of USD180m and
annual EBITDA of USD180m-190m to cover interest of USD113m, taxes
of USD15m and capex of USD115m-120m.  Fitch expects negative free
cash flow (FCF) will reduce the unrestricted cash balance over the
next few years.  Excluding the USD125m undrawn revolving credit
facility due 2018, GATE's only debt is the USD1,125m senior
secured notes due 2019.

Bond Dispute: The outcome of the company's dispute with a group of
holders of the first tranche of its first-lien bond is uncertain.
Although we consider it more likely that the dispute will be
settled by a payment of damages, any judgment or settlement that
requires significant funds or new capital would significantly
increase the likelihood of default and lead to a downgrade, which
may not be limited to one notch.

Negative FCF: Fitch forecasts that GATE's credit profile will
remain weak with high 2014-15 funds flow from operations (FFO)-
adjusted net leverage of around 5.5x-6.0x (2013: 5.4x) given that
cash generation will be insufficient to fund interest, tax and
capex.  FCF will be negative for the next few years, restricting
the company's ability to deleverage.

Fitch thinks that 2015 revenue will rise by a mid-single digit
rate as it expects GATE to add new customers and win orders from
existing customers given its exposure to the growing communication
devices segment, which includes smartphones and tablets.  2015
operating EBITDAR margin is likely to improve slightly to 26%
(2013: 25%), in line with the increase in revenue.  GATE has high
operating leverage given its largely fixed-cost base and currently
operates at a facility utilization rate of around 80%-85%.

RATING SENSITIVITIES

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

   -- Any resolution of the bond dispute process that leads to
      significant requirement for funds

   -- A fall in the liquidity metric (cash+EBITDA/ {interest +
     taxes + maintenance capex, assumed to be USD30m}) to below
     2.0x

Positive: GATE is unlikely to be upgraded before the bond dispute
is resolved.  Future developments that may, individually or
collectively, lead to positive rating action include, improvement
in the company's business position such that:

   -- FFO-adjusted leverage falls below 5.0x;
   -- Liquidity metric (as defined above) is greater than 3.0x,
      both on a sustained basis.


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


TAIWAN: More Businesses Suffer Losses in China
----------------------------------------------
China Post reports that an increasing number of Taiwanese
businesses operating in China, known as Taishang in Chinese, have
suffered operating losses over the past years, according to a
study conducted by the Taiwan Electrical and Electronic
Manufacturers' Association (TEEMA).

The percentage of losses-hit Taishang grew to 25.6 percent from 18
percent in 2008, while investors earning profits dropped to just
5.3 percent from 11.6 percent, China Post citing to the survey of
businesses conducted this year.

China Post relates that the project manager of the survey,
business administration professor Leu Horng-der of Chung Yuan
Christian University, said the figures indicate that Taiwanese
investors are faced with increasingly tougher environment in
maintaining their operations in China.

According to the report, Mr. Leu sad China's economy has been
undergoing structural adjustment since President Xi Jinping and
Premier Li Keqiang consolidated leadership of the rising world
power in 2013.

The Chinese yuan has since devalued and the expansion of financial
services into cyberspace has opened the finance sector to
increasing security threats, he said, calling those situations
disadvantageous for Taishang, China Post relays.

Data in the TEEMA report also showed that challenges facing
Taiwanese investors and businesspeople include a slowdown in
China's economic growth, rising manpower costs, competition from
maturing Chinese enterprises, grey areas in laws and regulations
and administrative inefficiency at the local government level, the
report adds.



===============
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.



                 *** End of Transmission ***