TCRAP_Public/141104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, November 4, 2014, Vol. 17, No. 218


                            Headlines


A U S T R A L I A

ASTARRA ASSET: AAT Affirms ASIC's Banning of Former Manager
CONCRETE LOGISTICS: In Administration; First Meeting Set Nov. 12
EASTMARK HOLDINGS: Placed in Receivership
REDBANK POWER: Station Closes; 39 Workers Lose Jobs
STELLAR HOMES: In Administration; Creditors Meeting on Nov. 11

TIGER RESOURCES: Moody's Assigns (P)B2 Corporate Family Rating
TIGER RESOURCES: S&P Assigns 'B-' CCR; Outlook Stable
TILLEY PARK: First Creditors' Meeting Slated For November 12


C H I N A

CHINA HONGQIAO: Fitch Assigns 'BB' Rating to USD300MM Sr. Notes
GREENTOWN CHINA: S&P Affirms 'BB-' CCR; Outlook Negative
GUANGZHOU R&F: Fitch Releases Corrected Version on Rating
* CHINA: Courts, Banks to Share Defaulters Information


I N D I A

ACE FOODS: ICRA Assigns B+ Rating to INR5.56cr LT Fund Based Loan
ANUP MALLEABLES: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
ASHAPURA STONE: ICRA Suspends B- Rating on INR5.15cr LT Loan
AURANGABAD GYMKHANA: CRISIL Rates INR95MM Overdraft Loan at B+
BAIT LOGITECH: CRISIL Reaffirms B+ Rating on INR55MM Cash Credit

CREATIVE STYLO: CRISIL Ups Rating on INR210MM External Loan to B+
DURGA RICE: CRISIL Assigns B- Rating to INR70MM Cash Credit
EXTOL INDUSTRIES: CRISIL Rates INR125MM Working Capital Loan at C
HITECH EXTRUSION: ICRA Reaffirms B Rating on INR7.5cr Cash Credit
INDIABULLS REAL: Moody's Assigns (P)B1 Corp. Family Rating

JSW STEEL: Fitch Assigns 'BB+' LT FC IDR; Outlook Stable
JSW STEEL: Moody's Assigns Ba1 Corporate Family Rating
JSW STEEL: Moody's Assigns (P)Ba1 Rating to New Unsecured Notes
KRISHNA CONSTRUCTION: ICRA Puts B+ Rating on INR4.5cr Cash Loan
KRUPANIDHI CONSTRUCTION: CRISIL Assigns B Rating to INR40MM Loan

LAHARI HOLIDAY: ICRA Cuts, Suspends D Rating on INR16.38cr Loan
MASANIYAMMAN THUNAI: CRISIL Reaffirms B Rating on INR108.4MM Loan
MONGIA STEEL: CRISIL Ups Rating on INR260MM Cash Credit to B+
NANDAN COTEX: CRISIL Reaffirms B+ Rating on INR144.4MM Cash Loan
NAVEEN RICE: ICRA Assigns B Rating to INR15cr Fund Based Limit

NEW ASIAN: ICRA Downgrades Rating on INR18cr Non-FB Limit to D
NEW ASIAN INFRA: ICRA Lowers Rating on INR29.5cr FB Loan to 'D'
NIRVIN COLD: CARE Upgrades Rating on INR4.21cr Bank Loan to 'B'
PATEL JIVA: CARE Lowers Rating on INR17cr ST Bank Loan From 'D'
POWERWIND LTD: CRISIL Ups Rating on INR580MM Cash Loan to 'B-'

R.K NATURAL: ICRA Suspends B- Rating on INR6cr LT Fund Based Loan
R.L FOODS: ICRA Reaffirms B Rating on INR29cr Fund Based Loan
RING FORGINGS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
ROSELABS LIMITED: CRISIL Cuts Rating on INR80MM Cash Loan to D
ROSHNI JEWELLERS: CARE Reaffirms B Rating on INR9cr LT Bank Loan

SAKAR GLAZED: CRISIL Ups Rating on INR206MM Term Loan to B+
SHARDASHREE ISPAT: CRISIL Assigns B Rating to INR375MM Term Loan
SHINE FLEXIBLE: CRISIL Assigns B+ Rating to INR35.8MM Bank Loan
SHINE PETTRO: CRISIL Assigns 'D' Rating to INR100MM Cash Credit
SHREE AMEYA: CRISIL Reaffirms D Rating on INR99MM Long Term Loan

SHREE RAJMOTI: CRISIL Ups Rating on INR600MM Cash Credit to B+
SRI ADITYA: ICRA Reaffirms B+ Rating on INR18.5cr Unalloc. Loan
SUN HOSPITALITY: ICRA Assigns B Rating to INR13cr Term Loan
VELAVAN STORES: CRISIL Rates INR120MM Cash Credit at 'B'
VIVEK STEELCO: CRISIL Reaffirms B+ Rating on INR150MM Cash Credit


I N D O N E S I A

TOWER BERSAMA: Fitch Affirms 'BB' IDR; Outlook Stable


M O N G O L I A

MONGOLIAN MINING: S&P Revises Outlook to Dev. & Affirms CCC+ CCR
XACBANK LLC: Moody's Cuts Baseline Credit Assessment to b3


N E W  Z E A L A N D

MERCY RENOVATORS: In Liquidation, Jobs Affected Uncertain


S I N G A P O R E

STATS CHIPPAC: Weak 3Q 2014 Results No Impact on Moody's Ba2 CFR


S O U T H  K O R E A

MONEUAL: Collapse Reveals Banks' Inability to Sort Out Faulty Cos


T H A I L A N D

GRUPO EMBOTELLADOR: Fitch Affirms 'BB+' IDR & Revises Outlook


X X X X X X X X

* BOND PRICING: For the Week Oct. 27 to Oct. 31, 2014


                            - - - - -


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


ASTARRA ASSET: AAT Affirms ASIC's Banning of Former Manager
-----------------------------------------------------------
The Administrative Appeals Tribunal (AAT) has affirmed the
Australian Securities and Investment Commission's decision to
permanently ban former Astarra Asset Management Pty Ltd (AAM)
director Eugene Liu from providing financial services.

In affirming ASIC's decision, AAT Senior Member Ms Redfern said,
"There is no evidence to suggest that Mr Liu has reformed or that
he admits and is remorseful about his conduct. He takes no
responsibility for the significant losses of investors in ASF
(Astarra Strategic Fund."

The AAT's decision was handed down on Friday, October 31, 2014.

The AAT upheld ASIC's decision following Mr Liu's request for a
review of his ban. This was heard in April 2014.

ASIC removed Mr Liu from the financial services industry in
March 2013 for his role in the collapse of AAM in December 2009.
Mr Liu was AAM's chief investment strategist.

ASIC's investigation found Mr Liu engaged in dishonest conduct and
conduct that was misleading or likely to mislead.

ASIC Commissioner John Price said, "The AAT's decision confirms
our findings that Mr Liu, through his actions, has no right to
deal with the public.

"Australian investors should be confident and informed, and ASIC
will act against those individuals who attempt to disrupt this in
any way."

AAM was one of the groups caught up in the collapse of Trio
Capital.

ASIC's investigation into the collapse saw more than 11 people
either jailed, banned from providing financial services,
disqualified from managing companies or removed from the financial
services industry for a total of more than 50 years.

The AAT was not satisfied that Mr Liu himself 'carried on a
financial services business' and therefore found that he did not
breach section 1041G of the Corporations Act 2001 (Corporations
Act). The AAT made no determination as to whether Mr Liu may have
been knowingly concerned in the contravention by Shawn Richard or
AAM of section 1041G under section 79 of the Corporations Act
because it was satisfied that there was reason to believe Mr Liu
was not of good fame or character.


CONCRETE LOGISTICS: In Administration; First Meeting Set Nov. 12
----------------------------------------------------------------
George Aubrey Lopez and Evan Robert Verge of Melsom Robson
Chartered Accountants were appointed as administrators of Concrete
Logistics Pty Ltd on Nov. 3, 2014.

A first meeting of the creditors of the Company will be held at
the Offices of Melsom Robson Chartered Accountants, 143 Edward St,
in Perth, on Nov. 12, 2014, at 11:00 a.m.


EASTMARK HOLDINGS: Placed in Receivership
-----------------------------------------
Ryan Eagle and Peter Gothard of Ferrier Hodgson were appointed as
Receivers and Managers to the assets and undertakings of Eastmark
Holdings Pty Limited and 1 Denison Street Holdings Pty Limited on
Oct. 29, 2014.

The Receivers now control the Companies' assets and operations.
The Corporations Act 2001 (the Act) provides that the Receivers
are personally liable for liabilities arising from services
rendered, goods bought or property hired, leased, used or occupied
during the receivership.

Payment of unsecured creditors' accounts as at Oct. 29, 2014, will
rank as an unsecured claim against the Companies.


REDBANK POWER: Station Closes; 39 Workers Lose Jobs
---------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that workers of the
Redbank Power Station had been informed by receivers KordaMentha
about the immediate closure of the plant. The station was put into
receivership in October 2013.

According to the report, KordaMentha partners Janna Robertson and
Marti Madden said most of the 39 employees of the company would
lose their jobs with full entitlements. The power station
currently has no electricity pricing hedge or fuel supply
agreement, the report relates.

Dissolve.com.au relates that the company's remaining assets which
include a generator, turbine as well as equipment and plant are
set to be put up for sale.  A few workers will be retained in
order to help with some tasks including decommissioning. Payment
of trade creditors and suppliers related to the receivership will
be continued by KordaMentha, says Dissolve.com.au.


STELLAR HOMES: In Administration; Creditors Meeting on Nov. 11
--------------------------------------------------------------
Cara Waters at SmartCompany reports that Stellar Homes has
collapsed leaving many South Australian home owners with half-
built homes.

Administrators were appointed to Stellar Homes last week and the
business' 20 staff were advised of the collapse, the report
relates.

Peter Macks of Macks Advisory is the joint administrator of
Stellar Homes and told SmartCompany there is stiff competition for
work in the residential construction sector.

"It's basically the difficult economic climate in South Australia
for builders," SmartCompany quotes Mr. Macks as saying.  "It came
down to a fall in sales which then resulted in a cash flow
crisis."

Stellar Homes was established by Darryn Peter in 2004 and has
built more than 500 homes across Adelaide in the past 10 years.

Around 36 homes are in various stages of construction and 7 News
reports 173 tradies have been left in the lurch by the collapse
and are owed AUD1.5 million, according to SmartCompany.

While Mr. Macks could not confirm these figures, he said over
AUD3.4 million is owed to secured creditors and AUD1.5 million to
unsecured creditors while staff entitlements have not yet been
finalised, SmartCompany relates.

Stellar Homes website has been shut down with just a holding site
in its place but the company said in a statement the
administration is in the best interests of all its creditors, adds
SmartCompany.

Mr. Macks said the first creditors meeting would take place on
November 11 and urged parties interested in acquiring any part of
the Stellar business to contact him urgently, news.com.au reports.


TIGER RESOURCES: Moody's Assigns (P)B2 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a first time provisional
(P)B2 corporate family rating to Tiger Resources Limited (Tiger).
At the same time, Moody's has assigned a provisional (P)B2 senior
secured rating to the potential US$250million senior secured
notes. Outlook on all ratings is stable.

This is the first time that Moody's has assigned ratings to Tiger.

The corporate family rating is provisional on the issuance of the
bonds and the successful refinancing of the existing short term
debt facilities. The assignment of a definitive rating to the
Senior Secured Notes is subject to review of the final
documentation.

Ratings Rationale

"Tiger's ratings reflect the high business risk profile of the
company, essentially due to the significant concentration risk in
terms of geography in the low-rated Democratic Republic of the
Congo (DRC) (B3 Stable)" says Saranga Ranasinghe, a Moody's
Analyst. "Tiger derives 100% of its earnings from its operations
in the DRC," adds Ranasinghe.

"The rating also reflects Tiger's sensitivity to the movement in
volatile copper prices, its focus on a single commodity and its
operational and geographic concentration and limited scale" says
Ranasinghe.

The rating is supported by Tiger's low cost position and improving
track record of production and project execution. "The company is
undergoing a significant capacity expansion that will see
production doubling to 50ktpa in the next 12-18 months,"
Ranasinghe says, adding, "the higher production, if achieved as
planned, will strengthen Tiger's fundamental credit profile, which
is currently consistent with a (P)B2 rating and could support a
higher rating, depending on the operating environment and the
company's business strategy and financial policy at that time."

"However, major missteps in executing on the growth plan could
pressure the rating," Ranasinghe adds.

The rating is also supported by our expectations for robust credit
metrics for the company. "Tiger has historically had very low
leverage and high coverage levels. However, following the notes
issuance, Tiger's leverage is expected to increase significantly
from current levels and to peak at around 5.0x-5.5x in FY14" says
Ranasinghe.

This level of leverage compares with Moody's rating tolerance of
5.5x. With the planned increase in production, Moody's expect a
recovery in FY15 to around 3.0x-3.5x, thereby strengthening the
company's position within the rating.

The stable outlook reflects Moody's expectations that Tiger will
maintain adequate credit metrics for the (P)B2 rating following
the completion of the phase 2 SXEW expansion. Moody's rating is
predicated on the company completing the expansion on time and
within budget. While Moody's expect copper prices to remain range
bound in the next 12-18 months, Moody's expect Tiger to maintain
headroom within the threshold set for the rating at 5.5x
Debt/EBITDA.

A change in outlook and/rating is unlikely in the short term given
the interdependence between Tiger's credit profile and the
sovereign's high risk as represented by the B2 local currency
ceiling, which will continue to be a rating constraint. Tiger's
fundamental credit profile, which is currently consistent with a
(P)B2 rating, will likely strengthen upon completion of the
expansion project and upon reaching name plate production
capacity. However, the corporate family rating will likely be
constrained at the country ceiling given the geographic
concentration risk.

The rating and/or outlook could face negative pressure if copper
prices remain outside Moody's base case expectations or there is a
negative sovereign rating action on the DRC. The ratings could
also face negative pressure if there are any material cost
increases and/or delays to the expansion project delivery, leading
to concerns about the company's production profile, liquidity,
and/or credit metrics. Specifically, an inability to maintain
debt-to EBITDA below 5.5x on a consistent basis could pressure the
outlook and/or rating.

Tiger Resources is a copper miner with operations in the
Democratic Republic of Congo.


TIGER RESOURCES: S&P Assigns 'B-' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B-' long-term corporate credit rating to Australian copper mining
company Tiger Resources Ltd., which operates in the Democratic
Republic of Congo.  The outlook is stable.

S&P also assigned its 'B-' issue-level rating to the company's
proposed five-year, US$250 million, senior secured notes.  S&P
expects the proceeds from these notes will be used to repay the
outstanding debt under the Taurus acquisition bridge facility, the
Gerald Metals SA advance facility, and finance the Phase 2
expansion of the company's solvent extraction and electrowinning
(SXEW) plant.

Tiger Resources is involved in the development, exploration, and
production of copper through its Kipoi mine, located in the
Katanga copper belt of the Democratic Republic of Congo.  As an
operator of a single mine and processing plant in a very high risk
country, Tiger Resources depends on Kipoi project for all of its
output and earnings.  This reliance could lead to significant
shortfalls in production volumes, and therefore, its operating
cash flows, either for operational reasons at the mine site or due
to political instability.  In S&P's view, these risks are the main
constraints on Tiger Resources' business risk profile.

"The stable outlook incorporates our expectation that Tiger
Resources will successfully issue the proposed senior secured
notes," said credit analyst Brenda Wardlaw.  "The outlook further
reflects our view that the company will complete the planned
expansion successfully, resulting in improving credit metrics over
the next 12-15 months; and that it will ramp up the production of
its SXEW plant to full capacity at relatively lower costs, thereby
generating superior margins, albeit temporarily."

S&P could lower the ratings on Tiger Resources if its liquidity
position weakens.  This would most likely happen if the company is
unable to complete its proposed refinance before the end of fiscal
year ending Dec. 31, 2014.  Should the refinance be completed,
downside risk could also occur due to significantly lower
production than S&P's expectations or a sustained decline in
copper prices.

An upgrade in the medium term is unlikely, as this would require a
sustained positive improvement in financial metrics.  All other
things being equal, S&P sees completion of the expansion projects
and production at nameplate capacity and a sustained debt-to-
EBITDA ratio of about 2.0x as critical for a higher rating.  In
addition, S&P would also need to stress test the company for it to
be rated above the sovereign rating on the Democratic Republic of
Congo.


TILLEY PARK: First Creditors' Meeting Slated For November 12
------------------------------------------------------------
Tarquin Koch -- tarquin@matthewsassociates.com.au -- of Anthony
Matthews & Associates was appointed as administrator of Tilley
Park Holdings Pty Ltd, trading as Buses. R. Us & Port Augusta Bus
Service, on Oct. 31, 2014.

A first meeting of the creditors of the Company will be held at
the office of Anthony Matthews & Associates, Ground Floor, 46
Fullarton Road, in Norwood, South Australia, on Nov. 12, 2014, at
12:00 p.m.



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


CHINA HONGQIAO: Fitch Assigns 'BB' Rating to USD300MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned aluminium manufacturer China Hongqiao
Group Limited's (Hongqiao; 'BB'/Stable) USD300m 6.875% senior
unsecured notes due 2018 a final 'BB' rating.  The final rating is
in line with the expected rating assigned on 26 October 2014 and
follows the receipt of final documents conforming to information
already received.

KEY RATING DRIVERS

Strong Cost Competitiveness: Hongqiao remains one of the most
profitable aluminium producers in China - thanks to its integrated
operating model, which enables the company to achieve lower
production costs than its competitors.  Its self-sufficiency ratio
of key production inputs - alumina and electricity - reached 70%
in 2013 and is expected to hit 85%-90% by 2017.

Profit Generation Ability: Despite weak aluminium prices, Hongqiao
was able to record an EBITDAR margin of 34.5% in 2013 (2012:
37.8%), equivalent to EBITDAR/tonne of CNY4,250 (2012: CNY5,140).
Fitch expects a similar EBITDAR margin in 2014 despite weaker 1Q14
aluminium prices, which were offset by the company's higher self-
sufficiency in electricity and lower prices for raw materials,
such as coal.

High Capex: Hongqiao's budgeted capex of CNY17.9bn from 2014 to
2016 is mainly to increase its primary aluminium capacity, and to
further enhance its electricity and alumina self-sufficiency.
Committed capex spending in 2014 is approximately CNY3.3bn.

Sufficient Liquidity: Hongqiao's cash balances (end-2013:
CNY6.4bn) and unutilized bank facilities (end-2013: CNY12.0bn) is
more than enough to cover the repayment of short-term debt (end-
2013: CNY13.6bn).  The company's committed capex of CNY3.3bn in
2014 would be funded from internal cash.

Bauxite Supply Uncertainty: The Indonesian export ban on bauxite -
a key input of alumina - became effective in March 2014 and has
raised uncertainties as Indonesia is a key bauxite supplier to
China.  To mitigate this risk, Hongqiao has secured a three-year
bauxite export quota permit from the Indonesian government and a
three-year contract with Rio Tinto for bauxite supply from
Australia.  In addition, the company is working to secure bauxite
supply beyond 2016 through acquisition opportunities overseas.

High Leverage Ratio Temporary: Hongqiao's funds flow from
operations (FFO)-adjusted net leverage reached 2.77x in 2013
(2012: 0.99x), mostly driven by capex and the effort to increase
bauxite inventory ahead of the Indonesian export ban.  Fitch
expects this to fall in 2014 and beyond as inventory levels revert
back to normal.  Meaningful deleveraging will continue after 2015
as capex tapers off.

Geographical and Customer Concentration: Hongqiao's customer base
is concentrated in Shandong province and its two largest customers
collectively contributed to around 50% of its sales in 2013.  Such
a high concentration is a constraint on its ratings.

RATING SENSITIVITIES

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

   -- Deterioration in Hongqiao's leading market position in
      Zouping and Shandong
   -- FFO adjusted net leverage above 2.5x on a sustained basis
   -- EBITDAR/tonne below CNY3,000 on a sustained basis
   -- Continuous bauxite supply disruption

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- FFO adjusted net leverage below 1.0x on a sustained basis
   -- EBITDAR/tonne above CNY4,500 on a sustained basis
   -- Securing a steady long-term bauxite supply


GREENTOWN CHINA: S&P Affirms 'BB-' CCR; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed the
'BB-' long-term corporate credit rating on Greentown China
Holdings Ltd.  The outlook is negative.  S&P also affirmed the
'B+' issue rating on the Chinese property developer's outstanding
senior unsecured notes.  In view of the negative outlook, S&P
lowered its long-term Greater China regional scale rating on
Greentown to 'cnBB' from 'cnBB+' and that on the notes to 'cnBB-'
from 'cnBB'.  S&P removed all the ratings from CreditWatch, where
it had placed them with negative implications on Aug. 14, 2014.

"The outlook is negative because we expect Greentown's increased
expansion appetite and growing construction needs to keep its cash
flows low and leverage high over the next 12 months," said
Standard & Poor's credit analyst Christopher Yip.

Greentown's total debt is likely to further increase.  S&P
therefore revised the company's financial risk profile to
"aggressive" from "significant."

The rating affirmation reflects S&P's view that Greentown's
contracted sales growth will be healthy and cash sources will be
sufficient to meet its capital expenditure and short-term
refinancing needs, despite the higher debt.  In the first nine
months of 2014, the company's total sales of Chinese renminbi
(RMB) 45.3 billion (RMB21.8 billion on an attributable basis) were
about 70% of its full-year budget of RMB65 billion.

"In our opinion, Greentown's sales performance is better than the
industry average and should be resilient for the rest of the year,
given the company's flexible pricing strategy for inventory
clearance," said Mr. Yip.  "Nevertheless, we expect Greentown's
profit margins to continue to weaken over the next 12 months.  We
expect EBITDA margin to decline to 22% for 2014, from 29% a year
ago, to reflect revenue recognition of lower margin sales during
the industry downturn of 2011-2012.  Going forward, we don't
expect the EBITDA margin to improve, given the company cut prices
on inventory sales this year".  Also, some projects are loss-
making.  S&P continues to assess Greentown's business risk profile
as "fair."

S&P expects Greentown's leverage to remain a key weakness for the
rating.  S&P anticipates that the company will maintain its
increased appetite for debt-funded growth.  In 2013, Greentown
paid RMB13.8 billion for acquiring new projects, compared with a
mere RMB1.5 billion in 2012.  The company's paid and committed
land premiums were about RMB8 billion in the first nine months of
2014, after netting off inflows from several asset disposals.  S&P
treats Greentown's perpetual bonds, financial guarantees to
associate companies, and interest due to related parties as debt.

Greentown has improved its financial flexibility through several
offshore notes issuances and syndicated loan arrangements since
2012.  As a result, its average borrowing costs have improved to
below 8% in the past six months from over 9% two years ago.

The negative outlook reflects S&P's expectation that Greentown's
leverage is likely to remain high over the next 12 months due to
rising debt and falling margins.  In S&P's view, the company's
contracted sales could increase moderately next year.  S&P also
expects Greentown to be able to refinance its short-term debt
maturities.

S&P may lower the rating if: (1) Greentown's attributable property
sales are materially below S&P's expectation of about RMB37
billion in 2015; or (2) the company's debt-funded expansion is
more aggressive than S&P expects without an accompanying growth in
property sales, such that its debt-to-EBITDA ratio further
weakens, or EBITDA interest coverage falls below 2x over the next
12 months.

S&P may revise the outlook to stable if Greentown demonstrates
more consistent financial management, disciplined investment
policy, and willingness to rein in its appetite for financial
leverage, such that its debt-to-EBITDA ratio improves toward 5x.


GUANGZHOU R&F: Fitch Releases Corrected Version on Rating
---------------------------------------------------------
Fitch Ratings has revised Guangzhou R&F Properties Co. Ltd.'s
(R&F) Outlook to Stable from Positive and affirmed the China-based
property developer's Foreign-Currency and Local-Currency Long-Term
Issuer Default Rating (IDR) at 'BB'.  The agency has also affirmed
R&F's senior unsecured rating at 'BB'.

The ratings on notes issued by its subsidiaries Big Will
Investments Limited, Caifu Holdings Limited, and Trillion Chance
Limited have also been affirmed at 'BB'.

The Outlook was revised following the company's substantial land
acquisitions in 2013 for which the company will have to pay land
premiums of as much as CNY43bn.  This raised its leverage at mid-
2014 to above 40%, the previous level at which Fitch would
consider negative rating action.  The Stable Outlook reflects
Fitch's view that the overall financial profile is likely to
stabilise on the back of higher cash collection and less land
banking in 2H2014.

KEY RATING DRIVERS

Substantial Land Acquisition: The company is estimated to have
spent CNY20bn (vs CNY42bn of contracted sales) in 2013 and CNY18bn
(vs CNY26bn of contracted sales) in 1H14 on land acquisitions.
With more than half of its contracted sales used to buy land,
R&F's leverage, the ratio of net debt to adjusted inventory,
climbed to around 58% at mid-2014 from 37% at end-2012.  Fitch
expects leverage to fall below 50% at end-2014, based on the
company's sales target of CNY60bn for the year and conservative
land banking guidance for 2H14.

Diversified Funding but Substantial Perpetuals: The company has
diversified funding channels, including offshore and onshore
bonds, trust loans, offshore bank loans, which provide it with
financial flexibility.  However, this is counterbalanced by the
company's decision to issue more perpetual securities, which
raised the perpetual securities outstanding to CNY15.6bn at mid-
2014 from CNY1bn at end-2013.  Fitch estimates the effective
maturities on these securities at less than five years and treats
them as 100% debt, which raises R&F's total debt substantially
compared with the level reported by the company.  In addition, the
interest on the perpetual securities is higher than the rate the
company pays on its senior unsecured debt.

Superior Margins: Even with the difficult property market and no
major sales of commercial properties recognised in 1H14, R&F
managed to chalk up a gross profit margin for property development
of 36%, which was higher than its peers'.  Its EBITDA margin
narrowed to 20% from 26% a year earlier because only CNY10bn of
revenue was recognized.  Fitch expects the full-year EBTIDA margin
to improve to around 30% in the next 24 months given its large
land bank and recognition of more sales of commercial properties.

National Presence: R&F has a well-balanced nationwide land bank,
of which 39% by sales value is located in first-tier cities and
38% in second-tier cities.  There is no over-concentration in any
one city and even Guangzhou, where R&F first established its
business, accounted for only 12% of sales value in the land bank
at mid-2014.  The diversification helps reduce uncertainties
inherent in local policies and local economies.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Net debt/adjusted inventory below 40% on a sustained basis.
   -- Contracted sales/gross debt above 1.25x (2013: 0.7x) on a
      sustained basis, while maintaining current scale.

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

   -- EBITDA margin below 25% on a sustained basis.
   -- Net debt/adjusted inventory over 50% on a sustained basis.
   -- Contracted sales/gross debt below 0.7x on a sustained basis.
   -- Substantial decrease in business scale.


* CHINA: Courts, Banks to Share Defaulters Information
------------------------------------------------------
Xinhua News reports that Chinese courts and banks will establish
an information sharing system to punish court order defaulters and
facilitate enforcement, the Supreme People's Court (SPC) announced
on November 2.

The news agency relates that the SPC and the China Banking
Regulatory Commission have jointly issued a circular on sharing
such information online, and according to the circular, Chinese
banks will take measures such as restrictions on loans and issuing
credit cards to people who have defaulted on court orders.

According to the report, the circular said the banks will also
help the courts in information inquiry, fund freezing and seizing
regarding such defaulters' cases.  However, the circular also
stressed that such measures must be taken with due procedures and
fund security being guaranteed.



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


ACE FOODS: ICRA Assigns B+ Rating to INR5.56cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR5.56
crore fund based facilities and a short term rating of [ICRA]A4 to
the INR0.06 crore non-fund based facilities of Ace Foods Pvt. Ltd.
ICRA has also assigned [ICRA]B+/A4 ratings to unallocated limits
of Ace Foods Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund        5.56         [ICRA]B+ Assigned
   based Limits

   Short term non-       0.06         [ICRA]A4 Assigned
   fund based Limits

   Unallocated Limits    0.88         [ICRA]B+/A4 Assigned

The rating takes into consideration AFPL's relatively small scale
of operations in the food products industry, low as well as
fluctuating margins over the past. ICRA also considers the
deteriorated coverage indicators in FY14 on account of debt funded
capex and stretched cash flows with negative free cash flows.
Moreover going forward, various debt protection indicators may
stretch on account of proposed capex of INR3 Cr in FY15. Further,
the rating factors in the intensely competitive nature of the
business with presence of large established players having wide
dealer network and large base of un-organized players. In
addition, the rating takes into consideration vulnerability of
AFPL's profitability to volatility in input prices given the
limited ability of the company to pass on the same to its
customers.

However, the rating favorably factors in the consistent growth in
its operating income driven by capacity expansion which resulted
in increased volumes with expansion in customer base. ICRA also
takes note of the favorable demand outlook for food industry.
Further, the rating takes into account of the long experience of
the promoters in the food industry with established trade links
and the diversified client base.

Ace Foods Pvt Ltd was established in the year 1984 by Mr.Kasturi
Umesh Pai and Mr. Annapa Pai as a private limited company in
Mangalore, Karnataka. The management holds an experience of 30
years in the related industry. The company is engaged in
manufacturing of snacks and sweets made of potatoes, banana, rice
flour and cereals. The company has its own distribution network in
Karnataka and sell its product under the brand name "Modern
Kitchen".

Recent Results
The company reported an operating income of INR9.25 Cr and net
profit of INR1.31 Cr for the financial year 2013-2014 as opposed
to an operating income of INR6.92 Cr and net profit of INR0.61 Cr
for the financial year 2012-2013.


ANUP MALLEABLES: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anup Malleables Ltd
continue to reflect AML's below-average financial risk profile,
marked by high gearing and small net worth, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the benefits that the company derives from its promoters'
extensive industry experience and its established relationships
with its customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Term Loan              53.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AML will continue to benefit over the medium
term from its promoters' industry experience and its long-standing
relations with its customers. The outlook may be revised to
'Positive' in case AML's financial risk profile improves
significantly, marked by improvement in capital structure, backed
by substantial increase in the company's scale of operations and
profitability. Conversely, the outlook may be revised to
'Negative' in case AML's financial risk profile weakens, marked by
significant, debt-funded capital expenditure by the company
thereby adversely affecting the financial risk profile.

AML was incorporated as a public limited company (closely held) in
1984-85 (refers to financial year, April 1 to March 31) in Dhanbad
(Jharkhand) to continue the business of the partnership firm, Anup
Malleables, which was established in 1972. The company
manufactures locomotive parts such as co-co bogies, flexi coil
bogies, and flexi coil bogie bolsters. The company is managed by
Mr. Ashok Khaitan and Mr. Ayush Agarwalla.


ASHAPURA STONE: ICRA Suspends B- Rating on INR5.15cr LT Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR5.15
crore long term fund based facilities of Ashapura Stone
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Ashapura Stone Industries is engaged in the business of extracting
stone metal, rubble, grit, semi grit, stone dust etc from its
quarry under license and permission from the Geology and Mining
Department of the Government of Gujarat. ASI is promoted by the
Patel family who set up the entity in August 2012. ASI operates
two stone crushing plants with a total capacity of 1600MT (Metric
Tonne) per day at its quarry measuring ~87,000 square feet located
near Anand city in the Panchmahal district of Gujarat. The firm
supplies crushed stone of varying sizes and specification to real
estate, construction and trading companies largely located in the
state of Gujarat. ASI has permission to mine stone from the quarry
for a period of ten years from 2012 to 2022.


AURANGABAD GYMKHANA: CRISIL Rates INR95MM Overdraft Loan at B+
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Aurangabad Gymkhana Club Pvt Ltd.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft Facility       95         CRISIL B+/Stable

   Proposed Long Term        5         CRISIL B+/Stable
   Bank Loan Facility

The rating reflects AGCPL's small scale of operations and below-
average financial risk profile, marked by average gearing and debt
protection metrics. The rating also factors in the company's
exposure to advances extended to group concern which is in the
real estate business. These rating weaknesses are partially offset
by the extensive experience of AGCPL's promoter in the hospitality
industry and the favourable location of its gymkhana club.

Outlook: Stable

CRISIL believes that AGCPL will continue to benefit over the
medium term from its promoter's extensive experience and
favourable location of its gymkhana club, though its credit risk
profile will remain constrained on account of high funding
exposure to group concerns. The outlook may be revised to
'Positive' if the company's financial risk profile, especially
liquidity, improves after AGCPL reduces funding support to its
group entities, and if it generates significantly higher cash
accruals. Conversely, the outlook may be revised to 'Negative' if
AGCPL's liquidity deteriorates further, most likely due to
sizeable advances to group entities or decline in profitability.

AGCPL, incorporated in 1995, operates a gymkhana club, Aurangabad
Gymkhana, at Jalna Road in Aurangabad (Maharashtra). It is a part
of the Surana group which also operates Surana Constructions
Chembur, Surana Constructions Wadala, Surana Infrastructure Pvt
Ltd, Class Restaurant (rated 'CRISIL B+/Stable'), Surana Housing
Pvt Ltd, and Surana Hotels & Resorts Pvt Ltd.


BAIT LOGITECH: CRISIL Reaffirms B+ Rating on INR55MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bait Logitech Pvt Ltd
(BLPL) continue to reflect BLPL's below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics, and small scale of operations. These rating weaknesses
are partially offset by the extensive experience of BLPL's
management in the logistics and liaison services industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        66         CRISIL A4 (Reaffirmed)
   Cash Credit           55         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BLPL will continue to benefit from its
experienced management team. The outlook may be revised to
'Positive' if the company significantly improves its scale of
operations and operating margin, while it maintains its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of lengthening of BLPL's working capital cycle, or
deterioration in the company's capital structure due to large
debt-funded capital expenditure.

BLPL was incorporated in May 2010 in Bhubaneswar. The company,
promoted by Mr. Brahma Mishra, was set up to provide logistics and
liaison services for the iron ore mining industry. Currently, it
is also involved in heavy steel structure fabrication, and project
and mining consultancy services . BLPL's manufacturing
infrastructure is at Kalinganagar (Odisha).

For 2013-14 (refers to financial year, April 1 to March 31), BLPL
reported a profit after tax (PAT) of INR6.7 million on net revenue
of INR381.1 million as against a PAT of INR6.4 million on net
revenue of INR264.4 million.


CREATIVE STYLO: CRISIL Ups Rating on INR210MM External Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Creative Stylo Packs Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' The company's short-term rating has been reaffirmed at
'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           20         CRISIL A4 (Reaffirmed)

   Cash Credit              40         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   External Commercial     210         CRISIL B+/Stable (Upgraded
   Borrowings                          from 'CRISIL B/Stable')

   Proposed Long Term       82.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B/Stable')

   Term Loan               127.5       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CSPPL's strong business risk profile
owing to continued growth expected in its scale of operations and
improving levels of profitability. CSPPL's revenue in 2013-14
(refers to financial year, April 1 to March 31) grew by about 132
per cent year-on-year to INR255 million supported by increasing
contribution from the tube segment. Supported by validations of
products received by various large-scale customers and expected
increase in its manufacturing capacity over the next few years,
sales are expected to exceed INR500 million over the medium term.
Operating margin of the company is expected to increase to 25 to
30 per cent over the medium term from historical levels of below
20 per cent on account of higher margins earned by sale to large
customers. CSPPL's financial risk profile is weak, marked by high
gearing of about 7 times as on March 31, 2014. Gearing is expected
to reduce to 3 to 4 times over the medium term supported by
increasing net worth on account of higher accretion to reserves.

The ratings continue to reflect CSPPL's working-capital-intensive
operations and weak financial risk profile, marked by moderate net
worth and high gearing. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' extensive experience in the packaging industry and
established relationships with its customers.

Outlook: Stable

CRISIL believes that CSPPL will continue to benefit over the
medium term from its promoters' extensive experience in the
packaging industry and its established relationships with
customers. The outlook may be revised to 'Positive' if the company
continues to increase its sales supported by increasing operating
margin and improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if CSPPL's operating margin
declines substantially or its working capital cycle weakens or if
it undertakes a large debt-funded capital expenditure,
deteriorating its financial risk profile.

CSPPL was set up as a partnership firm Creative Packaging in 2009
by Mr. Bhupendra Shah, Mr. Bhavik Shah, and Mr. Darshan Shah; it
was reconstituted as a private limited company with its current
name in 2011. The company manufactures corrugated boxes and
plastic co-extruded and laminated tubes.

CSPPL reported profit after tax (PAT) of INR0.98 million on net
sales of INR260 million for 2013-14 against net loss of INR41
million on net sales of INR113 million for 2012-13.


DURGA RICE: CRISIL Assigns B- Rating to INR70MM Cash Credit
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Durga Rice Mill and has assigned its 'CRISIL B-
/Stable' rating to these facilities.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           70         CRISIL B-/Stable (Assigned;
                                    Suspension revoked)

   Proposed Long Term     5         CRISIL B-/Stable (Assigned;
   Bank Loan Facility               Suspension revoked)

   Term Loan             18         CRISIL B-/Stable (Assigned;
                                    Suspension revoked)

The rating had been suspended by CRISIL on July 22, 2014, as DRM
had not provided the necessary information for taking a rating
view. The company has now shared the requisite information,
enabling CRISIL to assign ratings to the bank facilities.

The ratings reflect DRM's small scale of operations,
susceptibility of its low operating margin to adverse changes in
government regulations and raw material prices, and its weak
financial risk profile, marked by a weak interest coverage ratio
and a leveraged capital structure. These rating weaknesses are
partially offset by the extensive industry experience of DRM's
partners and their funding support.

Outlook: Stable

CRISIL believes that DRM will continue to benefit over the medium
term from the partner's extensive experience in the rice industry.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile on account of
better than expected accruals or due to capital infusion from
partners. Conversely, the outlook may be revised to 'Negative' if
DRM undertakes aggressive, debt-funded expansions; reports a
substantial decline in revenues and profitability, or a stretch in
its working capital cycle, thereby weakening its financial risk
profile.

DRM, set up in 1982 as a partnership firm by Mr. Lala Ram and his
family members, mills, processes, and sells basmati and non-
basmati rice and its by-products.


EXTOL INDUSTRIES: CRISIL Rates INR125MM Working Capital Loan at C
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facilities of Extol Industries Ltd.

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Working Capital Facility      125       CRISIL C (Assigned)

The rating reflects EIL's limited track record of operations and
its below-average financial risk profile, marked by modest net
worth and high gearing. These rating weaknesses are partially
offset by the extensive industry experience of EIL's promoters and
their funding support.

Incorporated in 1997, EIL is owned and managed by Mr. Gyanendra
Bhatnagar and his family members. EIL operates wind turbine
generator facility in Raisen (Madhya Pradesh). The facility
started operations in September 2014.


HITECH EXTRUSION: ICRA Reaffirms B Rating on INR7.5cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating assigned to the INR9.75 crore
long-term fund-based facilities of Hitech Extrusion LLP. ICRA has
also reaffirmed the [ICRA]A4 rating to the INR7.50 crore short-
term non-fund based facilities (sub limit of long term fund based
facilities) of HEL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             2.25        [ICRA]B reaffirmed
   Cash Credit           7.50        [ICRA]B reaffirmed
   IBN Limit            (7.50)       [ICRA]B reaffirmed
   Channel Credit       (7.50)       [ICRA]B reaffirmed
   EPC/PCFC/FBP/FBN/
   FCBC/FCBN            (7.50)       [ICRA]B reaffirmed
   Buyers Credit/Letter
   of comfort/Foreign
   Guarantee            (7.50)       [ICRA]A4 reaffirmed
   Inland/Foreign LC    (7.50)       [ICRA]A4 reaffirmed
   Exposure of forward
   contract             (1.00)       [ICRA]A4 reaffirmed
   Bank Guarantee       (3.00)       [ICRA]A4 reaffirmed

The reaffirmation of the ratings continue to be constrained by the
relatively modest scale of operations of the firm and its modest
financial risk profile marked by very high gearing, low
profitability due to intense competitive intensity, weak coverage
indicators and high working capital intensity on account of
limited bargaining power with the customers leading to high
receivables days. The ratings further continue to take into
account the vulnerability of profitability to fluctuations in raw
material prices and exposure to forex currency fluctuations, given
that majority of raw material requirement is met through import.

The ratings, however, continue to favorably factor in the past
experience of the promoters in the brass metal industry; their
long standing relationships with raw material suppliers (brass
scrap) on account of dealing in the past through group concerns
and the strong growth in operating income for the past two
fiscals.

Established in 2010 as a limited liability partnership firm,
Hitech Extrusion LLP (HEL) is engaged in manufacturing and export
of brass & bronze extruded products like extrusion rods, wires,
casting, pipes, tubes, hollow rods, ingots, billets, brass
profiles, etc. The firm has an installed capacity of 3000 MTPA.
The firm is promoted by the Kataria & the Shah families who have
been associated with the brass industry for nearly three decades.
The firm's manufacturing facility is located at Jamnagar, Gujarat.
The firm is also a member of Metal Recycling Association of India
(MRAI).

Recent Results
For the year FY2014, the firm reported an operating income of
INR71.77 Cr. (against INR32.70 Cr. in FY 2013) and profit after
tax of INR0.41 Cr. (against INR0.05 Cr. in FY 2013).


INDIABULLS REAL: Moody's Assigns (P)B1 Corp. Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a (P)B1 corporate family
rating (CFR) to Indiabulls Real Estate Limited (Indiabulls), a
large Indian real estate developer.

At the same time, Moody's has also assigned a provisional (P)B1
rating to the proposed USD notes to be issued by Century Limited,
a wholly owned subsidiary of Indiabulls.

The notes will be guaranteed by Indiabulls and all of its material
Indian subsidiaries, that is those generating more than 5% of the
group's consolidated EBITDA.

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

Moody's will remove the provisional status on the ratings upon
successful completion of the bond issue and upon review of final
documentation.

Ratings Rationale

Indiabulls' rating is supported by the good visibility of its cash
flows, as provided by contracted sales, and its large area under
construction, while an improving economic environment in India
will support future sales. The rating is also supported by the
company's strong execution capability, strategically located land
bank -- which is adequate for development over the next 5 years --
and strong margins.

However, the rating is constrained by a relatively short track
record of delivery, high financial leverage, and exposure to the
cyclical and fragmented character of the real estate sector in
India.

"The rating further incorporates Moody's expectation that
liquidity will improve following the proposed bond issuance and
that its credit metrics will strengthen over the next several
years as key projects reach revenue-recognition thresholds," says
Vikas Halan, a Moody's Vice President and Senior Credit Officer.

The company expects to generate contracted sales of 15.8 million
square feet (msf) (INR146 billion) over the next 3 years (between
April 2014 and March 2017) and compared with 8.5 msf (INR60
billion) over the last 3 years.

"However, even if we assume that it sells only 10% of its area
under construction of 37.9 msf (including 8.5 msf to be launched
over the next 6 months) -- which would be a lower rate than that
for even the last 2 years -- it can still sell over 3.5 msf each
year," says Halan.

"Therefore, we expect it to achieve 70-75% of its sales volume and
value targets over the next 3 years," adds Halan.

Moody's says that Indiabulls' track record is relatively short. It
is currently constructing 12 residential projects totaling about
17,514 residential units, but has only completed and delivered
three projects/phases totaling 727 units. At the same time, it has
three other projects on the verge of delivery.

In addition to the residential projects, Indiabulls' associate
Indiabulls Properties Investment Trust (IPIT), a business trust
listed on the Singapore Exchange in which Indiabulls has a 47%
shareholding, has completed two commercial projects (Indiabulls
Finance Centre, Mumbai; and One Indiabulls Centre, Mumbai) with a
Saleable Area of 3.21 msf and is constructing three residential
projects in Mumbai - Indiabulls Sky, Indiabulls Sky Forests, and
Indiabulls Sky Suites. Indiabulls manage the operations and
maintenance of the two commercial properties completed by IPIT.

In July 2014, the company acquired its first property in London,
increasing portfolio diversification, but also exposing it to the
risk of operating in a new market.

"Following the proposed bond issuance, EBITDA/Interest will likely
fall below 2.5x in FY15 from 3.1x in FY14, but will improve to
above 3.0x in FY16. Revenue to debt will stand around 57% in FY15,
but surpass 70% in FY16," says Halan.

Following the proposed bond issuance, secured debt to total assets
will measure 21%-22%. Such a level of secured debt indicates
material subordination risk for bond holders.

"We rate the bonds at par with the corporate family rating as the
subordination risk is mitigated by the fact that the claim of bond
holders on the London asset is not subordinated to the claim of
Indian lenders. And we expect that any recovery for the bond
holders from the London asset alone would be sufficient to avoid
notching down from the (P)B1 corporate family rating," says Halan.

The stable outlook reflects Moody's expectation that the company
will substantially achieve its sales targets, execute its
construction plans without material delays, and will stay
disciplined in acquisitions for its land bank in India over at the
next 2-3 years.

An upgrade over the medium term is unlikely as Moody's expect the
company's credit metrics to remain weakly positioned for its
rating over this period. Upward rating pressure could emerge
beyond FY17, if it establishes a track record of (1) achieving
planned sales and increasing revenue recognition; (2) maintaining
a reasonable cash balance above 150% of debt maturing for the next
12 months; and (3) maintaining strong financial discipline, such
that revenue/debt is above 100% and EBTIDA/interest is above 3x on
a sustained basis.

Downward rating pressure could emerge if (1) the company's
liquidity and operating cash flow generation deteriorate because
of weak contracted sales or aggressive land acquisitions; (2)
there is a decline in prices for its products, slower-than-
expected revenue recognition, or a fall in profit margins,
negatively affecting interest coverage and/or financial
flexibility; or (3) the company engages in material debt-funded
acquisitions.

In such a situation, cash and cash equivalents could fall below
100% of debt maturing over the next 12 months, and/or its credit
metrics could deteriorate, such that EBITDA/interest stays under
2.0x.

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

Indiabulls Real Estate Limited is one of the large real estate
developers in India with a focus on the Mumbai Metropolitan Region
(MMR) and National Capital Region (NCR or Delhi).

Its portfolio consists of: a) 12 (3 completed and 9 ongoing)
projects with a saleable area of 29.5 msf of which 14.0 msf have
already been sold; b) 4 projects to be launched for sale in
FY15/16 with a saleable area of 8.5msf; c) planned future launches
with a saleable area of 13.2 msf for launch over next 2-4 years;
d) a developable land bank of 1,010 acres, excluding 2,588 acres
in the Nashik SEZ; e) a 47% stake in Indiabulls Property
Investment Trust, a business trust listed in Singapore with a
market capitalization of USD380 million; and f) recently acquired
investment properties in London with a purchase price of GBP160
million.


JSW STEEL: Fitch Assigns 'BB+' LT FC IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has assigned India-based JSW Steel Limited (JSW
Steel) a Long-Term Foreign Currency Issuer Default Rating (IDR) of
'BB+'.  The Outlook is Stable.  The agency has also assigned JSW
Steel a senior unsecured rating of 'BB+' and the company's
proposed US dollar denominated notes an expected rating of
'BB+(EXP)'.

KEY RATING DRIVERS

Robust Profitability: JSW Steel benefits from its low cost base
due to its low conversion costs (costs to convert raw materials to
finished products).  The company's efficient operations are
reflected in its strong profitability, with EBITDA margin of 17.9%
in the financial year ended March 31, 2014, (FY14) and 17% in
FY13.  Fitch expects JSW Steel's profitability to remain strong
over the medium term because it will continue initiatives to
reduce costs, with a focus on the Dolvi unit that was acquired
when JSW ISPAT Limited merged with JSW Steel in June 2013.

The increasing share of value-added products in JSW Steel's
revenue (29% as of 1QFY15) enhances its profitability.  The
company benefits from its association with JFE Steel Corporation
(15% shareholder in JSW Steel), which provides access to
technology to produce high value-added products.  Fitch expects
JSW Steel's profitability to improve as value-added products'
share of revenue increases.

Strong Market Position: JSW Steel is the second-largest steel
producer in India, with plants located in southern and western
India, which drive its dominant market share in those regions.  In
addition JSW Steel's steel exports (26% of FY14 revenue) provide
some diversity of end markets.

Financial Profile to Improve: Fitch expects JSW Steel's financial
profile to improve over the near to medium term, supported by
higher production volumes following expanded capacity and better
profitability.  The agency expects the JSW Steel's FFO-adjusted
net leverage to fall to 3.5x by FY16.

JSW Steel's current financial profile is aggressive with FFO-
adjusted net leverage of 4x in FY14 (FY13: 3.3x) and FFO interest
cover of 3.6x (FY13: 3.9x).  This is mainly driven by high debt
levels following its merger with JSW ISPAT and capex for expanding
capacity to 18 million tonnes per annum (mtpa) (FY14: 14.3mtpa)
and improving its product profile.  The large capex has resulted
in negative free cash flows (FCF) over the last five years.

Absence of Vertical Linkages: JSW Steel has minimal vertical
integration for its key raw materials - iron ore and coking coal.
This results in higher costs of purchasing these raw materials for
JSW Steel compared with some its steel peers.  However, Fitch
notes that the company's low conversion costs have mitigated this
to a large extent.  JSW Steel has also diversified its raw
material sourcing to minimize the impact on operations from supply
disruptions.  This followed the challenges in sourcing iron ore
during the last two years when iron ore mining was suspended in
various states in India.

Sound Long-Term Industry Fundamentals: Fitch expects steel demand
in India to increase in the next 12 months as investment in India
picks up.  Steel prices slid and squeezed the margins of steel
producers over 2012-2013, when slower economic growth hurt demand
from the key automobile, construction and engineering sectors.

RATING SENSITIVITIES

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

   -- FFO net leverage exceeding 3.5x on a sustained basis
   -- Weakening profitability resulting in EBITDA/ tonne of below
      USD120 (FY14: USD126)
   -- Free cash flows remaining negative over the cycle.

Positive: Fitch does not expect any positive rating action on JSW
Steel over the medium term given JSW Steel's financial profile and
lack of vertical integration.


JSW STEEL: Moody's Assigns Ba1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service assigned a Ba1 Corporate Family Rating
(CFR) to JSW Steel Limited ("JSW Steel"). The outlook on the
ratings is stable. This is the first time Moody's has assigned
ratings to JSW Steel.

Ratings Rationale

JSW Steel's Ba1 rating reflects its large scale and competitive
conversion costs and its track record of managing growth, both
organic and by acquisition, while at the same time controlling
consolidated leverage to moderate levels relative to its steel
industry peers.

"With a capacity of 14.3 million ton per annum, JSW Steel is
currently India's second largest steel maker. The bulk of the
capacity lies at its Vijayanagar facility in Karnataka which was
the first 10mtpa single site integrated steelworks to be built in
India" says Alan Greene, a Moody's Vice President, Senior Credit
Officer.

Equally important is the wide range of furnace technologies used
by the company at its three plants in India, the range of products
-- predominantly flat products, and its global reach in terms of
customers and raw material sourcing. In addition, it has a
strategic partnership with JFE Steel (unrated, a 15.0%
shareholder) which encompasses a general technology agreement with
a focus on further improving the quality and yield of its flat
products as well as expanding its portfolio of automotive grade
steel products.

"Despite the lack of captive raw materials and the 21-month ban on
iron ore mining in Karnataka, JSW Steel sustained its business,
utilizing other domestic sources and imports of iron ore," notes
Greene, who is Lead Analyst for JSW Steel.

"Furthermore, its ability to handle a wide range of iron ores and
coking coals means that JSW Steel is well-placed to take advantage
of the current global weakness in coal and iron ore prices and
currently over half of its iron ore supply is now imported," he
adds.

JSW Steel has good rail access to ports on both India's East and
West coasts. Its smaller plants at Salem and Dolvi are well-
located to serve industry in Chennai and Mumbai, respectively,
while finishing operations extend its reach into the North of the
country. Nevertheless, as a result of freight costs, JSW Steel's
market position is especially strong in the South and West of
India.

"JSW Steel's strengths are, however, counterbalanced by the
cyclical nature of the steel industry, and compared to SAIL and
Tata Steel (Ba2, rating under review for upgrade), it lacks raw
material integration which increases both supply and price risk,"
adds Greene.

Other challenges faced by JSW include the group's ongoing,
expansion growth strategy, expected to pressure JSW's free cash
flow and limit its ability to deleverage.

Although India's economic growth rate currently remains subdued
and steel consumption is barely growing, JSW Steel will need to
increase its capacity if it is to maintain its market share
(approximately 13%) in India. India's policy target of 300 million
tons of steel per annum by 2025 (13% CAGR) may not be met, but JSW
Steel has plans in place to produce 40mtpa within that timeframe,
if needed.

"We do not expect JSW Steel to embark on building large scale
greenfield steel projects in the foreseeable future, however, we
do anticipate that it will invest in captive raw material sources
and downsteam finishing and distribution operations to strengthen
its core operations," adds Greene.

Further investment in downstream businesses, especially overseas,
is also expected. While these activities, such as its US plate and
pipe works, may be loss-making, they provide market insight and
potential outlets for Indian-produced steel in the long-term.

JSW Steel's liquidity level is viewed as adequate owing to
prearranged funding for its capacity expansions and its sanctioned
but uncommitted working capital facilities.

The issue of senior unsecured notes is to retire existing rupee-
denominated debt and is being undertaken as an external commercial
borrowing (ECB) under the RBI's Approvals process.

The ratio of secured debt to total assets of 27% in the standalone
balance sheet, as at 31st March 2014, declines with the successful
issue of the notes and is expected to reduce further over the next
12 to 18 months.

The outlook is stable and reflects Moody's expectation that the
company will at least maintain its market position in India and an
EBITDA/tonne of USD150/tonne or more over the next two years, at
the same time as executing its expansion plan based on its track
record of successful brownfield project completions. It also
reflects Moody's expectations that JSW Steel will pursue, small,
bolt-on acquisitions, largely debt-funded, but that overall
leverage will be managed to an appropriate level for the rating.

A rating upgrade in the medium term is unlikely as Moody's expect
the company's credit metrics to remain weakly positioned for its
rating over this period. Upward rating pressure could emerge, if
the company achieves its planned expansion plan, reinforces its
own supply of iron ore and coking coal while maintaining a prudent
financial discipline, such that debt/EBITDA is below 3.0x and
EBIT/interest is above 3.5x on a sustained basis.

Downward rating pressure could emerge if 1) the company's
liquidity and operating cash flow generation deteriorate because
of weak sales and there is a decline in profit margins, negatively
affecting interest coverage and/or financial flexibility and 2)
the company engages in material debt-funded acquisitions or large
dividend payments. The financial indicators Moody's would consider
for a downgrade include, adjusted debt/EBITDA exceeding 4.0x or if
EBIT interest coverage falls below 2.0x to 2.5x on a sustained
basis.

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

JSW Steel Limited is part of the JSW Group. It has the largest
installed steel-making capacity in India. JSW Steel is listed in
India with a market capitalization of INR300 billion ($4.9
billion) as of October 2014. The promoter group, led by Mr. Sajjan
Jindal controls 39% of the equity. The company primarily operates
through two business segments, namely steel and power (primarily
for captive consumption).


JSW STEEL: Moody's Assigns (P)Ba1 Rating to New Unsecured Notes
---------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba1 to JSW
Steel Limited's (JSW Steel) proposed unsecured Notes. The outlook
on the rating is stable. The bond rating is the same as JSW
Steel's corporate family rating, which is also Ba1 and was
assigned earlier.

Moody's will remove the provisional stautus of the bond rating
upon review of final documentation and upon successful completion
of the bond issue.

Rating Rationale

JSW Steel's Ba1 corporate family rating reflects its large scale
and competitive conversion costs and its track record of managing
growth, both organic and by acquisition, while at the same time
controlling consolidated leverage to moderate levels relative to
its steel industry peers.

The issue of senior unsecured notes is to retire existing rupee-
denominated debt and is being undertaken as an external commercial
borrowing (ECB) under the RBI's Approvals process. The ratio of
secured debt to total assets of 27% in the standalone balance
sheet, as at 31st March 2014, declines with the successful issue
of the notes and is expected to reduce further over the next 12 to
18 months.

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

JSW Steel Limited is part of the JSW Group. It has the largest
installed steel-making capacity in India. JSW Steel is listed in
India with a market capitalization of INR300 billion ($4.9
billion) as of October 2014. The promoter group, led by Mr. Sajjan
Jindal controls 39% of the equity. The company primarily operates
through two business segments, namely steel and power (primarily
for captive consumption).


KRISHNA CONSTRUCTION: ICRA Puts B+ Rating on INR4.5cr Cash Loan
---------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR4.50 crore fund
based working capital facilities of Krishna Construction. ICRA has
also assigned [ICRA]B+ and [ICRA]A4ratings to the INR3.50 crore
bank guarantee and INR1.50 crore untied non-fund based limit of
KC, which are rated both on long term and short term scale.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-    4.50        [ICRA]B+ assigned
   Cash Credit/ODBD

   Non Fund Based        3.50        [ICRA]B+/[ICRA]A4 assigned
   Limits- Bank
   Guarantee

   Non Fund Based        1.50        [ICRA]B+/[ICRA]A4 assigned
   Limits-Untied Limit

The assigned ratings take into consideration KC's small scale of
current operations and weak financial risk profile characterized
by leveraged capital structure and depressed coverage indicators.
Moreover, high working capital intensity of operations results in
stretched liquidity profile as reflected by high utilization of
working capital limits, restricting financial flexibility.

The ratings also factor in the high competition in the road
construction business due to fragmented industry structure and a
tender based contract awarding system followed by Government
departments, which exerts pressure on profitability, and high
geographical concentration risks, with entire operations being
confined to Jharkhand only. ICRA also takes note of the risks of
capital withdrawal, given KC's legal status as a partnership firm.
The ratings, however, derives comfort from the experience of the
promoters in the road construction business and KC's status as a
Class-1 contractor with the Department of Rural Works, Jharkhand,
which enables KC to bid for large contracts floated by the
department across the state. The ratings also takes into account
the consistent growth in the top-line of the firm witnessed in the
recent years and healthy order book position of INR32.89 crore
(2.17 time of OI of 2013-14) as on end June, 2014, providing
revenue visibility in the near term at least.

Established in 2005 as a partnership firm, KC is engaged in the
construction and maintenance of roads and bridges for various
Government departments in the state of Jharkhand. The firm is
registered as a Class 1 contractor with Department of Rural Works
of Jharkhand.

Recent Results
During the first three months of 2014-15, the firm has reported an
operating income of INR9.61 crore (provisional). During 2013-14,
the firm reported a net profit of INR0.72 crore on an operating
income of INR15.19 crore.


KRUPANIDHI CONSTRUCTION: CRISIL Assigns B Rating to INR40MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Krupanidhi Construction (KC). The ratings
reflect KC's modest scale and working-capital-intensive operations
in the highly competitive construction industry. These rating
weaknesses are partially offset by its promoters' extensive
experience.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Term Loan                5.1        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       8.4        CRISIL B/Stable

   Bank Guarantee          32.5        CRISIL A4

   Cash Credit             40          CRISIL B/Stable

Outlook: Stable

CRISIL believes that KC will maintain its business risk profile
over the medium term backed by its promoters' extensive experience
in the construction industry. The outlook may be revised to
'Positive' in case of significant improvement in scale of
operations and cash accruals. Conversely, the outlook may be
revised to 'Negative', if the firm registers less than expected
revenue or profitability, undertakes any large debt-funded capital
expenditure constraining its financial risk profile, or its
liquidity weakens owing to substantial withdrawal of capital by
the promoters.

KC is managed by its proprietor Mr. Ajay Shah. The firm is based
in Vadodara (Gujarat). It undertakes construction of roads and
canals primarily in Gujarat and Madhya Pradesh.

KC is estimated to report profit after tax (PAT) of INR8.7 million
on net sales of INR23.2 million for 2013-14 (refers to financial
year, April 1 to March 31), against a PAT of INR0.8 million on net
sales of INR24.7 million for 2012-13.


LAHARI HOLIDAY: ICRA Cuts, Suspends D Rating on INR16.38cr Loan
---------------------------------------------------------------
ICRA has downgraded the rating assigned to INR1.50 crore cash
credit facility, INR11.12 crore term loan facilities and INR16.38
crore unallocated facilities of Lahari Holiday Homes Limited from
[ICRA]B to [ICRA]D. The rating downgrade takes into account the
recent delays in debt servicing by the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits    1.50        [ICRA]D (rating downgraded
                                     and suspended)

   Term Loans           11.12        [ICRA]D (rating downgraded
                                     and suspended)

   Unallocated          16.38        [ICRA]D (rating downgraded
                                     and suspended)

ICRA has also suspended the aforesaid [ICRA]D ratings for the bank
facilities of LHHL following ICRA's inability to keep the rating
under surveillance with LHHL not providing the relevant
information as sought by ICRA.

Lahari Holiday Homes Limited was incorporated in 2003 by Mr. G.
Hari Babu. The Company operates a 3 star resort on a 42 acre land
near Patancheru, Hyderabad, the commercial operations for which
started in the year 2006. The resort provides multiple facilities
including convention center, cricket stadium, go-carting and water
rides apart from restaurants and 59 rooms for accommodation. LHHL
is a part of the Lahari Group which has interests in real estate
and construction.


MASANIYAMMAN THUNAI: CRISIL Reaffirms B Rating on INR108.4MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Shri
Masaniyamman Thunai Spinning Mills Pvt Ltd (SMT) at 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         12.2      CRISIL A4 (Reaffirmed)
   Cash Credit            30        CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit            9.4      CRISIL B/Stable (Reaffirmed)
   Term Loan             108.4      CRISIL B/Stable (Reaffirmed)

The ratings continues to reflect SMT's below-average financial
risk profile, marked by a high gearing and weak debt protection
metrics, its modest scale of operations in the highly fragmented
textile industry. These rating weaknesses are partially offset by
the entrepreneurial experience of SMT's promoters.

Outlook: Stable

CRISIL believes that SMT will continue to benefit from
entrepreneurial experience of its promoter over the medium term.
The outlook may be revised to 'Positive' in case of sustainable
increase in the company's cash accruals or significant equity
infusion resulting in an improvement in the financial risk
profile.  Conversely, the outlook may be revised to 'Negative' if
SMT's cash accruals decline, or if it undertakes a large debt-
funded capital expenditure programme, leading to further weakening
of its financial risk profile

Incorporated in 2006 by Mr. K Kalyana Sundaram and family, SMT is
into spinning of cotton yarn.

For 2013-14 (refers to financial year, April 1 to March 31), SMT
reported a profit after tax (PAT) of INR5.2 million on net sales
of INR203.6 million, against a PAT of INR7.0 million on net sales
of INR193.8 million for 2012-13.


MONGIA STEEL: CRISIL Ups Rating on INR260MM Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Mongia
Steel Ltd (part of the Mongia group) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              260       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

   Foreign Currency          56       CRISIL B+/Stable (Upgraded
   Term Loan                          from 'CRISIL D')

   Letter of Credit          25       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Proposed Long Term        76.5     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Rupee Term Loan           87.5     CRISIL B+/Stable (Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects timely repayment of debt by the Mongia
group following improvement in its liquidity. The group's
liquidity has improved because of increase in its net cash
accruals to INR77 million in 2013-14 (refers to financial year,
April 1 to March 31) the group had debt obligations of INR42
million during 2013-14. The accruals increased because of
improvement in the group's operating performance, as reflected in
its operating income of INR2.4 billion in 2013-14 as against
INR2.12 billion during the previous year. The Mongia group's
operating margin increased to 7 per cent in 2013-14 from 3 per
cent in 2012-13. Furthermore, the group's working capital cycle
improved, as reflected in gross current assets of 211 days as on
March 31, 2014, against 222 days as on March 31, 2013.

The ratings reflect the Mongia group's large working capital
requirements. These rating weaknesses are partially offset by the
Mongia group's moderate business risk profile supported by
significant integration of operations and established brand.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MSL and Santpuria Alloys Pvt Ltd
(SAPL). This is because the two companies, together referred to as
the Mongia group, are under a common management, are in similar
lines of business, and have inter-company financial transactions.
Moreover, there are strong operational linkages between the two
companies as SAPL sells all its output to MSL.

Outlook: Stable

CRISIL believes that the Mongia group will 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 group's
operating performance improves with improvement in operating
income and profitability and significant increase in cash
accruals, or in case of substantial equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' if
the group undertakes a sizeable debt-funded capital expenditure
programme, weakening its capital structure, or if its operating
income or operating margin declines sharply.

SAPL, incorporated in 1983, manufactures sponge iron, around 90
per cent of which is sold to MSL. MSL manufactures steel products
such as ingots, thermo-mechanically treated bars, and other long
products.


NANDAN COTEX: CRISIL Reaffirms B+ Rating on INR144.4MM Cash Loan
----------------------------------------------------------------
The rating continues to reflect Nandan Cotex Private Limited's
(NC's) weak financial risk profile, marked by high gearing and
weak debt protection metrics, and its small scale of operations in
the highly fragmented cotton ginning industry. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters and its proximity to cotton
growing belts.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit         144.4       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    2.4       CRISIL B+/Stable (Reaffirmed)

   Term Loan            17.6       CRISIL B+/Stable (Reaffirmed)

CRISIL had upgraded its rating on the long-term bank facilities of
NC to 'CRISIL B+/Stable' from 'CRISIL B/Stable' on August 12,
2014. The ratings were upgraded based on CRISIL's belief that NC's
financial risk profile and liquidity will continue to improve over
the medium term backed by moderate growth in sales and sustained
profitability. The company booked sales of INR940 million in 2013-
14 (refers to financial year, April 1 to March 31), registering a
year-on-year growth of 80 per cent, aided by stabilisation of its
operations. Its operating margin has also improved to 2.7 per cent
in 2013-14 from 1.4 per cent in 2012-13, which has led to higher
cash accruals of around INR6.1 million for the year. NC is
expected to maintain moderate revenue growth and sustain its
profitability over the medium term.

Outlook: Stable

CRISIL believes that NC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's
profitability improves significantly, coupled with higher-than-
expected revenue growth, leading to an increase in its accruals,
or if its capital structure improves through equity infusion.
Conversely, the outlook may be revised to 'Negative' if NC's
financial risk profile deteriorates, most likely due to a stretch
in its working capital cycle or debt-funded capital expenditure.

Formed in 2012, NC is promoted by Rajkot (Gujarat)-based Mr.
Bipinkumar Nathubhai Bodar and Mr. Viralbhai Jaysukhbhai
Parvadiya. The company is engaged in cotton ginning and pressing
and extraction of oil.

NC reported a net profit of INR2.2 million on net sales of INR940
million for 2013-14, as against a net profit of INR1.9 million on
net sales of INR522 million for 2012-13.


NAVEEN RICE: ICRA Assigns B Rating to INR15cr Fund Based Limit
--------------------------------------------------------------
ICRA has assigned [ICRA]B rating to INR15.00 crore (enhanced from
INR8.00 crore) bank lines of Naveen Rice Mills. The short term
rating of [ICRA]A4 for INR0.66 crore non fund based facilities of
the company stands withdrawn.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limits     15.00      [ICRA]B assigned

The rating reaffirmation factors in NRM's weak financial profile
as reflected by stagnant revenues and small scale of operations,
low profitability and its working capital intensive nature of
business as reflected by high working capital borrowings which has
resulted in high gearing level and consequently weak debt
protection indicators. The rating also takes into account the
highly competitive nature of the business, exposure to agro
climatic risks impacting the availability and pricing of raw
material (paddy) and the risks inherent in partnership firm such
as limited ability to raise funds; funds withdrawal and
dissolution. The rating however draws comfort from the experienced
management with established presence in rice milling business,
favorable demand-supply scenario and growth achieved by the firm
in past few years.

Naveen rice mill was incorporated in 1986 and is engaged in
milling of basmati and non basmati rice. The manufacturing unit of
the firm is based in Karnal (Haryana) with a milling capacity of 4
ton/hr.

Recent Results
As per the audited results of FY 2014, the company reported a net
profit after tax (PAT) of INR0.05 crore on an operating income of
INR17.57 crore as against a PAT of INR0.03 crore on an operating
income of INR17.54 crores in FY 2013.


NEW ASIAN: ICRA Downgrades Rating on INR18cr Non-FB Limit to D
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the fund based
bank facility of INR7.00 crore and non-fund based bank facility of
INR18.00 crore of New Asian Construction Company to [ICRA]D from
[ICRA]B+ assigned to the firm.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limit (CC)     7.00       Revised to [ICRA]D
                                        from [ICRA]B+
   Non-Fund Based Limit
   (BG)                     18.00       Revised to [ICRA]D
                                        from [ICRA]B+

The rating revision reflects delays in debt servicing by the
company on account of stretched liquidity position.

New Asian Construction Company is a partnership firm incorporated
in 1967 to undertake construction of dams, power houses, pump
houses, canals and bridges. NACC is registered with Government
authorities in the A-1 category. The firm bids for large scale
irrigation projects through competitive bidding. NACC is managed
by Mr. Syed Abdur Rasheed and his two sons, Mr. Syed Abdur Zubair
and Mr. Syed Abdur Umair. Mr. Rasheed is a civil engineer and has
an extensive experience of 45 years in the construction industry,
particularly in the irrigation and dam segment. The management has
technical expertise, and is involved in the daily operation of the
business. A group company, New Asian Infrastructure Development
Private Limited (NAID), is developing a 7 MW hydro power project
at the foot of the Nilwande Dam on the Pravara River in
Maharashtra, on a Build, Operate and Transfer basis.


NEW ASIAN INFRA: ICRA Lowers Rating on INR29.5cr FB Loan to 'D'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR29.50
crore fund based bank facility of New Asian Infrastructure
Development Private Limited to [ICRA]D from [ICRA]B assigned to
the company.

The revision in rating reflects delays in servicing of bank loan
obligations by the company on account of deferment in achieving
commercial operations of the hydro power project.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit (TL)    29.50      Revised to [ICRA]D
                                       from [ICRA]B

New Asian Infrastructure Development Private Limited is a closely
held company promoted by Mr. Syed Abdur Rasheed and his sons
-- Mr. Syed Abdur Umair and Mr. Syed Abdur Umair -- in 2005. NAID
is developing a 7 MW hydro power project at Nilwande village,
Taluka Akole, Ahmednagar District, Maharashtra, on a Build-
Operate-Transfer basis. The company has signed a Hydro Power
Development Agreement with the Government of Maharashtra Water
Resources Department (GoMWRD) for a term of 30 years in August
2010. The company also undertakes construction activities on a
sub-contract basis from its group concern, New Asian Construction
Company, which undertakes construction of dams, power houses, pump
houses, canals and bridges.


NIRVIN COLD: CARE Upgrades Rating on INR4.21cr Bank Loan to 'B'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Nirvin Cold Storage Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.21      CARE B Revised from
                                            CARE C

Rating Rationale

The revision in the rating of Nirvin Cold Storage Pvt. Ltd takes
into cognizance satisfactory debt servicing track record for
more than a year and improvement in the financial risk profile in
FY14 (refers to the period April 1 to March 31) vis-a-vis
FY13 marked by improvement in net margin, cash accruals, interest
coverage and liquidity position. However, the rating continued to
remain constrained by its small scale of operation, regulated
nature of the cold storage industry, high competition arising from
a large number of cold storage facilities in the adjoining areas,
exposure to the vagaries of nature and risk of delinquency in
loans extended to farmers.

The rating, however, draw comfort from its long track record of
operation, experience of the promoters in the same line
of business and its proximity to major potato-growing areas.
The ability of the company to grow its scale of operations,
improvement in profitability margins & manage its working
capital requirements shall remain the key rating sensitivities.

Nirvin Cold Storage Pvt. Ltd., incorporated in the year 1984, is a
Kolkata (West Bengal) based company, promoted by Mr Niraj Kumar
Bansal and Mrs Jyoti Bansal (wife of Mr Niraj Kumar Bansal). It is
engaged in the business of providing cold storage services to
potato growing farmers and potato traders, having an installed
storage capacity of 19,465 MT (metric ton) in Bankura district of
West Bengal. Besides providing cold storage services, NCSPL also
trades in potatoes, which accounted for around 44.42% of the total
revenue in FY14.

During FY14 (Audited), NCSPL had reported a total operating income
of INR4.31 crore (as against INR4.84 crore in FY13) and a PAT
(after deferred tax) of INR0.14 crore (as against INR0.14 crore in
FY13).


PATEL JIVA: CARE Lowers Rating on INR17cr ST Bank Loan From 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Patel
Jiva Sales Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.85      CARE B- Revised from
                                            CARE D

   Short-term Bank Facilities    17.00      CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings of the bank facilities of PJS factors
in the improvement in the debt servicing track record of the
entity supported by infusion in the form of unsecured loans from
the promoters. The ratings continue to remain constrained by its
weak financial risk profile characterized by the small scale of
operations, thin profitability margins, leveraged capital
structure, weak debt protection metrics and working capital
intensive nature of operations. The ratings are also constrained
by foreign exchange fluctuation risk, intense competition and
dependence on the real estate sector.

The ratings, however, draw comfort from the experienced promoters
of PJS coupled with established relationship with the customers.

Going forward, the ability of the company to scale up its
operations while improving its profitability margins and capital
structure while efficiently managing its working capital
requirements would be the key rating sensitivities.

Patel Jiva Sales Private Limited (PJS) was initially incorporated
as Patel Sales Corporation, a partnership firm in 1969. The
name and constitution of the firm was changed to its present
status in 2010. PJS is promoted by Mr Moolji Patel, his sons
Mr Govind Patel and Mr Jagdish Patel and his daughter-in-law, Ms
Kamla Patel. PJS is engaged into trading and processing of timber
logs (contributing 80% of the total revenue), plywood and
laminates (contributing remaining 20%). Timber logs are imported
from Ivory Coast, Myanmar, Panama and Costa Rica, which are
subsequently sized at its saw mills in Delhi and Gandhidham into
various sizes. Timber logs are sold in the domestic market to the
traders, wholesalers and the construction companies mainly in
northern India. Plywood and laminates are procured from the
domestic market and sold to construction and interior designing
companies in Delhi and NCR region. The units have the combined
capacity to process about 55 cubic meters (cbm) of timber per day.

PJS has reported a net profit of INR0.23 crore on a total
operating income of INR23.58 crore during FY14 (refers to the
period April 1 to March 31). PJS has achieved total operating
income of INR17 crore till October 15, 2014.


POWERWIND LTD: CRISIL Ups Rating on INR580MM Cash Loan to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Powerwind Ltd (Powerwind) to 'CRISIL B-/Stable' from 'CRISIL C'
and reaffirmed its short-term rating at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit              580        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

   Letter of credit &
   Bank Guarantee          1400        CRISIL A4 (Reaffirmed)

   Term Loan                520        CRISIL B-/Stable (Upgraded
                                       from 'CRISIL C')

The rating upgrade reflects improvement in Powerwind's business
risk profile and financial flexibility, as reflected in healthy
scale-up in first full year of operations, near-term revenue
visibility on the back of confirmed order book, and brand presence
in the overseas market leveraging on the acquisition of PowerWind
gmbH. Powerwind's topline grew to INR1398.5 million during 2013-14
(refers to financial year, April 1 to March 31), against topline
of INR23.2 million in the previous year. During 2013-14, the
company's entire sales were generated from the overseas market.
Its operating margin, however, declined during the year to 9.2 per
cent against 21.0 per cent a year earlier due to trading sales
taken up by the company against initial expectations of starting
manufacturing operations.

Powerwind's working capital cycle deteriorated to gross current
assets of 258 days from previous year's 116 days, driven by
increase in inventory. The company's financial risk profile
remained below average, marked by high gearing of 3.28 times as on
March 31, 2014, and weak debt protection metrics; with net cash
accruals to total debt and interest coverage ratios of 0.03 and
1.4 times, respectively, for 2013-14.

Powerwind's liquidity is stretched, as reflected in its bank limit
utilisation of 86 per cent for the five months ended June 2014.
However, the company is expected to generate sufficient net cash
accruals against term debt obligations. CRISIL believes that
Powerwind's gearing is expected to remain high at above 2.5 times
over the medium term, driven by large working capital
requirements; however, comforted by absence of major debt-funded
capex plans.

The ratings reflect Powerwind's weak financial profile, marked by
high gearing and weak debt protection metrics, large working
capital requirements, and risks related to funding of newly
acquired Germany-based wind energy company, PowerWind gmbH. These
rating weaknesses are partially offset by Powerwind's confirmed
order book and technological tie-ups.

Outlook: Stable

CRISIL believes that Powerwind will benefit over the medium term
from its healthy order book and technological tie-ups. The outlook
may be revised to 'Positive' if Powerwind reports a significant
improvement in its topline and profitability, leading to healthy
and sustainable cash accruals, or if the promoters infuse funds
into the company leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected profitability resulting in lower cash
accruals, or if the company undertakes a large, debt-funded
capital expenditure programme.

Powerwind manufactures wind turbine blades, and assembles wind
turbine generators at its plant in Bawal (Haryana). It is a part
of the New Delhi based RS India group, which has diverse business
interests such as real estate, infrastructure, and wind energy;
wind energy is one of the group's key business divisions. The RS
India group is promoted by Mr. Rajkumar Yadav, who also manages
the company along with a team of professionals.
Powerwind was established as Chettinad Energy Pvt Ltd (CEPL), in
2004 and was later renamed as RK Wind Pvt. Ltd in 2008-09. RK Wind
acquired the materials and intellectual property (IP) rights of
PowerWind gmbH in 2012-13, and was subsequently renamed as
Powerwind Ltd.

For 2013-14, Powerwind reported a net loss of INR86.9 million on
net sales of INR1398.5 million, against a profit after tax of
INR3.1 million on net sales of INR23.2 million for 2012-13.


R.K NATURAL: ICRA Suspends B- Rating on INR6cr LT Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR6.00
crore long term fund based facilities of R.K Natural Fibre Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

R.K Natural Fibre Private Limited was incorporated in the year
2010 and is engaged in the business of ginning and pressing of raw
cotton. The company's plant is located near Vadodara with
production capacity of 10,000 MT per annum. The promoters have a
reasonable experience spanning three years in the cotton ginning
and pressing industry.


R.L FOODS: ICRA Reaffirms B Rating on INR29cr Fund Based Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for the
INR29.00 crore fund based facilities of R.L Foods.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based facilities    29.00       [ICRA]B (reaffirmed)

The rating is constrained by RLF's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The ratings further take note of the
risks inherent in proprietorship firm such as limited ability to
raise funds; funds withdrawal and dissolution. The rating however,
favorably takes into account long standing experience of
promoters, expected benefits arising out of established client
relationships of its group companies in rice industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

R.L Foods (RFL) is a proprietorship firm, was set up in 1999 by
Mr. Subhash Chand. RLF is engaged in processing and export of
basmati rice to countries in the Middle East. It has a plant at
Karnal (Haryana) which has a milling capacity of 10 ton/hr and
sortex machinery with a capacity of 4 ton/hr.

Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.32 crore on an operating income of
INR132.17 crore as against PAT of INR0.28 crore on an operating
income of INR107.47 crore in 2012-13.


RING FORGINGS: CRISIL Assigns B+ Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ring Forgings Pvt Ltd (RFPL).

                         Amount
   Facilities           (INR Mln)       Ratings
   ----------           ---------       -------
   Term Loan                10          CRISIL B+/Stable
   Cash Credit              60          CRISIL B+/Stable
   Letter of Credit         30          CRISIL A4

The ratings reflect RFPL's modest scale and working-capital-
intensive operations, and below-average financial risk profile
marked by a modest net worth and high gearing. These rating
weaknesses are partially offset by the benefits that the company
derive from its promoters' extensive experience in the steel-
forging business and established relationship with customers.

Outlook: Stable

CRISIL believes that RFPL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
established relationship with key customers. The outlook may be
revised to 'Positive' if the company generates higher cash
accruals, most likely driven by significant improvement in its
scale of operations, while it maintains its profitability leading
to better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if RFPL's financial risk profile weakens
owing to a decline in its cash accruals or deterioration in its
working capital management, or the company undertakes any large,
debt-funded, capital expenditure programme, resulting in weak
liquidity.

Incorporated in 2005, RFPL manufactures customised products of
open die forgings, jointless ring forgings using carbon steel and
alloy steel. Located in Bengaluru (Karnataka) the company
primarily supplies plain shaft and ring gears that go into heavy
engineering machinery such as valves used in gas pipelines. The
day-to-day activities of the company are managed by Mr. Suresh
Bhandari.

RFPL, reported a profit after tax (PAT) of INR5.7 million on
operating income of INR391 million for 2013-14 (refers to
financial year, April 1 to March 31) as against a PAT of INR3.7
million on operating income of INR302 million in 2012-13.


ROSELABS LIMITED: CRISIL Cuts Rating on INR80MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of Roselabs
Limited (RLL) to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL
A4+'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit               80        CRISIL D (Downgraded from
                                       'CRISIL BB/Stable')
   Inland/Import Letter
   of Credit                 15        CRISIL D (Downgraded from
                                       'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility         5        CRISIL D (Downgraded from
                                       'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by RLL in
servicing its debt because of pressure on liquidity; the company's
cash credit limits are overdrawn by more than 30 days.

RLL is exposed to risk associated with small scale of operations
in dyes and textile industry and its initial stage of operation in
pharmaceutical industry. The rating weakness are partially offset
by promoters' extensive experience in the dyes and textile
industry and its moderate capital structure.

RLL, incorporated in 2008, is promoted by Ahmedabad (Gujarat)-
based Mr. Pawan Agarwal and his family. The company trades in
pharmaceuticals, dyes, chemicals, textile products, and plastic
sheets.

For 2012-13 (refers to financial year, April 1 to March 31), RLL
reported, a net profit of INR3.7 million on sales of INR716.2
million against net profit of INR1.2 million on net sales of
INR500 million for 2011-12.


ROSHNI JEWELLERS: CARE Reaffirms B Rating on INR9cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Roshni
Jewellers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       9        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Roshni Jewellers
Private Limited (RJL) continues to remain constrained by the
limited experience of its promoters, short track record of RJL's
operations and its weak financial risk profile characterized
by the modest scale of operations, low profitability margins,
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained by the competition from the
organized and unorganized players and the risk associated with the
fluctuating gold prices.

The above constraints are partially offset by the positive outlook
of the domestic gems and jewellery industry.

Going forward, the ability of RJL to increase its scale of
operations along with an improvement in the profitability margins
and capital structure shall be the key rating sensitivities.

Delhi-based Roshni Jewellers Private Limited was incorporated in
2011 by Mr Sandeep Gupta and his wife, Ms Anju Gupta. RJL is
engaged in the wholesale trading of gold jewellery, diamond
jewellery and loose cut & polished diamonds and has its office
located in Karol Bagh, Delhi. The company procures jewellery, cut
& polished diamond from wholesalers and jewellery manufacturers
and then sells it to various retail jewellers in Delhi. The
company has also started in-house manufacturing of gold & diamond
jewellery in FY14 (refers to the period April 01 to March 31) and
sells under its own brand name 'Balika Vadhu'. RJL sells hallmark
certified gold and diamond jewellery.

JB Gold Private Limited (rated CARE B) is a group associate of RJL
and is engaged in the same line of business.

As per the provisional results for FY14, RJL reported a total
operating income of INR61.32 crore and a PAT of INR0.27 crore.
During 5MFY15 (provisional), RJL achieved a total operating income
of INR18.93 crore.


SAKAR GLAZED: CRISIL Ups Rating on INR206MM Term Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sakar Glazed Tiles Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable' and reaffirmed its rating on the short term facilities at
'CRISIL A4'.

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

   Cash Credit              70         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

   Letter of Credit         20         CRISIL A4 (Reaffirmed)

   Proposed Long Term       14         CRISIL B+/Stable (Upgraded
   Bank Loan Facility                  from 'CRISIL B-/Stable')

   Term Loan               206         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's expectation that SGT's financial and
business risk profile will continue to improve over the medium
term backed by growth in revenue and moderate level of
profitability. The company's sales have increased to INR611
million for 2013-14 due to stabilisation of third line of
manufacturing vitrified tiles. The company has also improved its
profitability to 9.3 per cent during 2013-14 from 6.3 per cent
during the previous year due to increased proportion of value
added products in its portfolio. This has resulted in higher than
expected accruals of INR48 million for 2013-14. CRISIL believes
that SGT will maintain moderate revenue growth and profitability
backed by production of value added products.

Improvement in profitability and sales has also resulted in higher
accretion to reserves, which, in turn, results in improvement in
net worth (net worth of the company improved to INR204 million as
on March 31, 2014, from INR159 million a year back). Consequently,
gearing reduced to 1.4 times as on March 31, 2014, from 1.8 times
as on March 31, 2013. Gearing is expected to reduce to 1.0-1.2
times with repayment of term loans.

The ratings continue to reflect SGT's modest scale of operations
and large working capital requirements. The company, however,
benefits from its promoters' extensive experience in the ceramics
industry and moderate financial risk profile.

Outlook: Stable

CRISIL believes that SGT will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
substantial growth in its revenue, along with improvement in
profitability and efficient working capital management, leading to
higher-than-expected net cash accruals and, as a result
strengthening its liquidity profile. Conversely, the outlook may
be revised to 'Negative' if SGT's working capital cycle lengthens,
resulting in higher reliance on external debt and consequently
deteriorating its capital structure.

SGT, incorporated in 1998, is managed by Mr. Jayanti Thakkar and
his family. The company manufactures vitrified ceramic tiles at
its facilities in Gandhinagar (Gujarat).

SGT reported a profit after tax (PAT) of INR4.9 million on net
sales of INR611.5 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR290.5 million for 2012-13.


SHARDASHREE ISPAT: CRISIL Assigns B Rating to INR375MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Shardashree Ispat Ltd (SSIL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               375        CRISIL B/Stable
   Bank Guarantee           30        CRISIL A4
   Cash Credit              45        CRISIL B/Stable

The ratings reflect SSIL's below-average financial flexibility,
constrained due to large debt repayments, and customer
concentration in its revenue profile with significant revenue
contribution from Tata Steel Ltd (TSL). These rating weaknesses
are partially offset by the company's healthy operating
profitability, its promoters' extensive experience in the steel
industry, and the funding support it receives from them.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR100 million extended to SSIL by its promoters and associates as
neither debt nor equity. This is because these loans are
subordinated to bank debt, and will be retained in the business
until the bank loans are repaid.

Outlook: Stable

CRISIL believes that SSIL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in the company's cash accruals or diversification in its
customer base. Conversely, the outlook may be revised to
'Negative' if SSIL's liquidity deteriorates, most likely due to
large debt-funded capital expenditure or high working capital
requirements, or lower than expected cash accruals.

SSIL was established in 2006 by the Maheshwari, Sarda, and the
Daga families at Nagpur (Maharashtra). The company manufactures
thermo-mechanically-treated (TMT) bars largely for TSL; it has
recently added Monnet Steel & Energy Ltd to its customer profile;
wherein the raw material is provided by the key principal. The
promoter families have been in the steel manufacturing industry
for over 30 years.


SHINE FLEXIBLE: CRISIL Assigns B+ Rating to INR35.8MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Shine Flexible Print and Packs Pvt Ltd.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             27         CRISIL B+/Stable
   Standby Line of
   Credit                 2.2       CRISIL B+/Stable
   Cash Credit           25         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    35.8       CRISIL B+/Stable

The rating reflects SFPPPL's weak capital structure and debt
protection metrics, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the flexible packaging
industry, and its established customer base.

Outlook: Stable

CRISIL believes that SFPPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves substantially, with better capital structure
and debt protection metrics. Conversely, deterioration in SFPPPL's
financial risk profile, particularly its liquidity, most likely
because of low accruals, or a stretch in its working capital
cycle, or delay in implementation and stabilisation of its ongoing
project, may lead to a revision in outlook to 'Negative'.

SFPPPL, established in 2006, manufactures flexible packaging
materials such as polyester laminated rolls, pouches, and
polyester and poly vinyl chloride (PVC) twist wrap film. The
company has its manufacturing facility in Aluva, Kochi.

SFPPPL, on a provisional basis, reported a profit after tax (PAT)
of INR2.7 million on a total income of INR91.4 million for 2013-14
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR1.2 million on a total income of INR61.8 million for
2012-13.


SHINE PETTRO: CRISIL Assigns 'D' Rating to INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Shine Pettro Chem & Resins India Pvt Ltd (SPRPL).
The rating reflects SPRPL's overdrawn cash credit limits for more
than 30 days; this was driven by the company's weak liquidity.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Proposed Long Term
   Bank Loan Facility       49           CRISIL D

   Cash Credit             100           CRISIL D

   Cash Term Loan            1           CRISIL D

SPRPL also has a below-average financial risk profile, marked by
subdued debt protection metrics, and a modest scale of operations
in the intensely competitive specialty chemicals industry. The
company, however, benefits from its promoters' extensive industry
experience.

Established in 2002 and based at Karur (Tamil Nadu), SPRPL
manufactures thinners and paints.

The company reported a profit after tax (PAT) of INR3.3 million on
sales of INR496 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.9 million on sales
of INR274.5 million for 2011-12.


SHREE AMEYA: CRISIL Reaffirms D Rating on INR99MM Long Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Ameya
Public Charitable Trust continues to reflect instances of delay by
SAPTC in servicing its debt; the delays have been caused by the
trust's weak liquidity.

                         Amount
   Facilities           (INR Mln)        Ratings
   ----------           ---------        -------
   Cash Credit              8.5          CRISIL D (Reaffirmed)
   Long Term Loan          99            CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      15            CRISIL D (Reaffirmed)
   Term Loan               35            CRISIL D (Reaffirmed)

The trust also has a weak financial risk profile marked by a
modest net worth, high gearing, weak debt protection metrics and
modest scale of operations. SAPCT, however, benefits from the
healthy demand prospects in the education sector.

SAPCT was registered in Mumbai (Maharashtra), under the Public
Trust Act in September 2001, to set up educational institutions
offering autonomous and university-affiliated courses in
management. The trust has set up Aditya Institute of Management
Studies and Research for the same at Borivali in Mumbai, spread
over a campus of 0.89 acres. The trust has also recently set up
Aditya College of Architecture which offers interior designing
courses.

The trustees are Mr. Harischandra Mishra (founder of the trust),
his son Mr. Ashish Mishra, and other family members. SAPCT
received approval from All India Council of Technical Development
(AICTE) in July 2011 to start its management programme and has
enrolled students for the 2012-14 batches. The trust has also
received an approval from Council of Architecture, New Delhi, for
offering the interior designing course.


SHREE RAJMOTI: CRISIL Ups Rating on INR600MM Cash Credit to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Rajmoti Industries (SRI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             600         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Pledge Loan             250         CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that SRI will, over
the medium term, maintain the improvement in its financial risk
profile achieved in 2013-14 (refers to financial year, April 1 to
March 31). The firm's net worth increased to INR272 million as on
March 31, 2014, from INR203 million as on March 31, 2013, driven
by better accretion to reserves and infusion of capital by its
partners. Its total outside liabilities to tangible net worth
(TOLTNW) ratio also reduced to around 5 times from around 7.3
times over this period. CRISIL believes that SRI's financial risk
profile will continue to improve over the medium term, with
further improvement in its net worth and TOLTNW ratio. The upgrade
also factors in CRISIL's expectation that SRI will remain free of
term debt and register further improvement in its liquidity,
driven by higher accruals, over this period. The firm's accruals
increased to around INR19 million in 2013-14 from INR10 million in
2012-13.

The rating continues to reflect Rajmoti's below-average financial
risk profile, marked by weak interest coverage ratio; the rating
also factors in Rajmoti's susceptibility to intense competition in
the edible oils industry and exposure to risks related to the
commodity nature of its product. These rating weaknesses are
partially offset by Rajmoti's established position in the edible
oils industry.

Outlook: Stable

CRISIL believes that SRI will continue to benefit over the medium
term from its established position in the edible oil market in
Gujarat. The outlook may be revised to 'Positive' if there is
significant improvement in the company's working capital
management or accruals, leading to better debt protection metrics
and liquidity. Conversely, the outlook may be revised to
'Negative' if SRI's capital structure deteriorates, most likely
because of increased working capital requirements or large capital
withdrawal by its partners, or if it faces inventory price risks.

SRI was set up as a partnership firm in 1962; it manufactures and
trades in double-filtered and refined groundnut oil and other
edible oils. The firm is promoted by Mr. Sameer Shah, Mr. Shyam
Shah, and Mr. Bhavdeep Vajubhai Vala.

For 2013-14, SRI reported book profit of INR16.0 million on net
sales of INR5.3 billion against book profit of INR7.7 million on
net sales of INR5.0 billion for 2012-13.


SRI ADITYA: ICRA Reaffirms B+ Rating on INR18.5cr Unalloc. Loan
---------------------------------------------------------------
ICRA has re-affirmed long term rating assigned to the INR14.00
crore (revised from INR14.50 crore) fund-based limits and INR18.50
crore (revised from INR18.00 crore) unallocated limits of Sri
Aditya Homes Private Limited at [ICRA]B+.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based CC Limits     4.00       [ICRA]B+ re-affirmed
   Term Loans              10.00       [ICRA]B+ re-affirmed
   Unallocated Limits      18.50       [ICRA]B+ re-affirmed

The rating reaffirmation is constrained on account of exposure of
both the ongoing projects, Aditya Landmark and Aditya Royal Palms
to significant market risks due to high ticket size of each unit
coupled with the recent state bifurcation. The company has been
able to sell only 15% of the total saleable area (company's share)
upto June 2014. The projects are also exposed to execution risks
as they are in nascent stages of development; for Landmark only
4.57% of the total cost has been incurred upto June 2014 and for
Royal Palms only 8.5% is incurred which might result in delays in
completion of the project. The rating also factors in the drop in
SAHPL's operating income from INR82 crore in FY13 to INR36 crore
in FY14 as there were very few projects on sale during the year
resulting in lower revenue recognition. The company is also
exposed to geographical concentration risks as all the projects
are based in Hyderabad.

The rating, however, positively factors in the established track
record of the promoters in real estate development in Hyderabad
with completion of 35 projects with a total built-up area of 2.07
mn sft. The company's capital structure remains comfortable as
evidenced by gearing of 0.71x as on 31st March 2014. ICRA also
takes note of the land bank of 26 acres with the company which has
a current market value of INR144 core.

Going forward, ability of the company to improve its sales
velocity coupled with timely completion of the projects would be
the key rating sensitivities.

Sri Aditya Homes Private Limited (SAHPL) was incorporated in the
year 1994 and was promoted by Mr. Kota Reddy. The company is into
the business of real estate development and has completed 35
projects since inception in housing and commercial segments with a
total built up area of 2.07 million sft in Hyderabad. The company
is currently developing two residential projects, Aditya Landmark
and Aditya Royal Palms, both situated in Hyderabad with a total
saleable area of 0.53 million sft.

Recent results
As per the provisional FY14 financials, the company reported
operating profit of INR3.07 crore on an operating income (OI) of
INR36.33 crore as compared to operating profit of INR7.67 crore on
an OI of INR82.01 crore for FY13.


SUN HOSPITALITY: ICRA Assigns B Rating to INR13cr Term Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR13.00
crore term loan facility of Sun Hospitality & Service Apartments
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             13.00        [ICRA]B/Assigned

The assigned rating takes into account the significant experience
of promoter in executing real estate projects for more than three
decades and clear land title for the projects currently under
execution. The rating is however constrained by high execution
risk in terms of time and cost overruns, given than more than 65%
of the total cost is yet to be incurred for the two ongoing
projects. Further, the projects have high market risk with sale
for large part (~67%) yet to be tied up. The rating is also
constrained on account of high funding risks given that large part
of equity is yet to be brought in and part of the funding is to be
met from customer advances, which are contingent on timeliness of
bookings and collections from customers. Further debt, which is
estimated to fund ~41% of the project cost for Sun Emprezza,
remains to be tied up, thus adding to the funding risks. Taking
into consideration that the proposed hotel under Sun Emprezza is
the first hospitality project being undertaken by the promoters,
the ability to achieve the desired occupancies remains crucial for
the profitability of the project.

Going forward, the company's ability to execute the projects as
per schedule, tie up sales at adequate rates in a timely manner as
well as receive adequate and timely support from the promoter
group to meet cash flow mismatches, remain critical from our
credit perspective. Further, the ability of the proposed hotel to
achieve targeted room revenues and occupancies will be crucial for
its timely debt servicing and hence will remain the key rating
sensitivities.

Incorporated in April 2010, Sun Hospitality and Service Apartments
Private Limited (SHSAPL) is a closely held private limited
company, based out of Mumbai, Maharashtra. SHSAPL is promoted by
Mr. Prakash Sheth, and his two sons, Mr. Sanket Sheth and Mr.
Saurabh Sheth. The company is a part of Sun Group, a group of
companies engaged in real estate development in tie II cities such
as Goa, Lonavala, Pune and Virar. SHSAPL is currently executing
two projects in Goa: First project is a residential project while
the second project involves the development of retail, commercial
and hotel space.


VELAVAN STORES: CRISIL Rates INR120MM Cash Credit at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Velavan Stores (part of the Velavan group).

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

The rating reflects the Velavan group's below-average financial
risk profile marked by high gearing, and its exposure to intense
competition in the retail industry. These rating weaknesses are
partially offset by the extensive experience of the Velavan
group's promoters and its established regional presence in the
retail segment.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VS, Velavan Stores Jewellers (VSJ), and
Velavan Hyper Market (VH). This is because the three entities,
collectively referred to as the Velavan group, are in similar
lines of business and under the same management, and have
significant financial fungibility.

Outlook: Stable

CRISIL believes that the Velavan group will continue to benefit
over the medium term from its promoters' extensive experience in
the retail industry. The outlook may be revised to 'Positive' in
case of improvement in the group's financial risk profile through
greater than expected cash accruals or fund infusion by its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of lower than expected cash accruals or stretch in working
capital requirements, resulting in deterioration in the group's
financial risk profile.

VS, established in 1998, is engaged in apparel retail. VSJ was
established in 2007 and is engaged in jewellery retail. VH was
established in 2014 and operates a supermarket in Tuticorin (Tamil
Nadu). The group's day-to-day operations are managed by Mr. T.
Maharajan.


VIVEK STEELCO: CRISIL Reaffirms B+ Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Vivek Steelco
Pvt Ltd (part of the Agarwal group) continues to reflect the
Agarwal group's modest financial risk profile, marked by high
gearing and weak debt protection metrics, and its large working
capital requirements. These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the steel
industry and integrated nature of its operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           5       CRISIL A4 (Reaffirmed)
   Bill Discounting        10       CRISIL A4 (Reaffirmed)
   Cash Credit            150       CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit            60.2     CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan         44.8     CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VSPL, Anjani Re-Rolling Mills Pvt Ltd
(ARPL), Arjun Alloys (AA), Shubhlaxmi Casting Pvt Ltd (SCPL), and
V. S. Multimetal Pvt Ltd (VSMPL). This is because all these
entities, together referred to as the Agarwal group, have the same
promoters and management and significant intra-group transactions.

Outlook: Stable

CRISIL believes that the Agarwal group will continue to benefit
over the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
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' if
the Agarwal group's profitability or scale of operations declines
significantly; 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 Agarwal group is estimated to have achieved a year-on-year
revenue growth of around 21 per cent to INR3,522 million in 2013-
14 (refers to financial year, April 1 to March 31), primarily
driven by launch of new stainless steel products, which
contributed 25 to 30 per cent of its total revenue. The group's
operating profitability is estimated to have declined marginally
by 20 basis points to 5.1 per cent in 2013-14, due to competitive
pricing of the new products; its overall accruals too are
estimated to have declined to INR51.6 million in 2013-14 from
INR59.5 million in 2012-13. CRISIL expects the group's revenue to
increase by around 15 per cent in 2014-15.

The Agarwal group's working capital requirements remain large,
with gross current assets of about 170 days as on March 31, 2014.
This has resulted in full utilization of its bank limits with
instances of overdrawn limits.

The group's capital structure is estimated to have remained
aggressive, with its gearing increasing marginally to 2.5 times as
on March 31, 2014, from around 2.3 times as on March 31, 2013, due
to increase in working capital debt. Its debt protection metrics
are estimated to have remained weak, with interest coverage and
net cash accruals to total debt ratios at 1.4 times and 0.05
times, respectively, in 2013-14. The group's net worth is
estimated at INR436 million as on March 31, 2014. However, CRISIL
believes that the group will sustain its financial risk profile
backed by steady accretion to reserves, low incremental working
capital requirements, and absence of any capex plans.

VSPL was set up as Vivek Steel Industries in 1998; it was
reconstituted as a private limited company in 2008. It
manufactures various alloy steel, stainless steel, and mild steel
rolled products. Its rolling mill unit is at Changodar (Gujarat).
The company is part of the Agarwal group, which has been
manufacturing various steel products since 1972. Mr. Suresh B
Agarwal is the chairman of the group. The other entities in the
Agarwal group VSMPL, SCPL, ARMPL, and AA are also engaged in
similar businesses. While, ARMPL and VSMPL have rolling mills,
SCPL and AA have induction furnace units.

VSPL provisionally reported a net profit of INR10.95 million on
net sales of INR983.3 million in 2013-14 against a net profit of
INR 8.99 million on net sales of INR947 million in 2012-13.

VSMPL provisionally reported a net profit of INR6.28 million on
net sales of INR814.4 million in 2013-14 against a net profit of
INR5.25 million on net sales of INR586.2 million in 2012-13.

ARMPL provisionally reported a net profit of INR2.76 million on
net sales of INR432.1 million in 2013-14 against a net profit of
INR1.56 million on net sales of INR255.5 million in 2012-13.

SCPL provisionally reported a net profit of INR6.62 million on net
sales of INR1014 million in 2013-14 against a net profit of
INR5.60 million on net sales of INR1108.3 million in 2012-13.

AA provisionally reported a net profit of INR4.46 million on net
sales of INR906.4 million in 2013-14 against a net profit of
INR4.18 million on net sales of INR809.7 million in 2012-13.



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


TOWER BERSAMA: Fitch Affirms 'BB' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed PT Tower Bersama Infrastructure Tbk's
(TBI) Long-Term Issuer Default Ratings at 'BB'. At the same time,
Fitch Ratings Indonesia affirmed the National Long-Term Rating at
'AA-(idn)'. The Outlooks for the ratings are Stable.

The affirmation follows TBI's recent agreement with PT
Telekomunikasi Indonesia Tbk (Telkom; BBB-/Stable) to acquire a
stake in the latter's tower business.  Although the deal will
improve TBI's scale and tenancy mix, Fitch believes that TBI's
high leverage limits any positive rating potential.

'AA' National Ratings denote expectations of very low default risk
relative to other issuers or obligations in the same country.  The
default risk inherently differs only slightly from that of the
country's highest rated issuers or obligations.

KEY RATING DRIVERS

Largest Independent Tower Provider: TBI's recent agreement with
Telkom will initially exchange the latter's 49% stake in PT
Dayamitra Telekomunikasi (Mitratel; not rated) for 290 million new
TBI shares.  Mitratel operates 3,928 towers serving 4,363 tenants.

The deal will make TBI Indonesia's largest independent
telecommunication tower provider.  TBI's tower portfolio will grow
by 35% to 15,194, putting it ahead of its closest rival PT
Profesional Telekomunikasi Indonesia (BB/Positive).  The company
expects to complete the deal in early 2015.

Improvement in Leverage: Fitch believes that TBI's leverage will
still be high for its rating despite the deal.  Mitratel had
around IDR3,100bn of debt and IDR400bn of cash at end-June 2014,
which will be consolidated into TBI's financial statements after
the completion of the deal.  Fitch estimates that TBI's FFO-
adjusted net leverage will fall to around 4.0x-4.5x in 2015 (2013:
5.3x).

Solid Tenancy Mix: TBI's tenancy composition will improve with
contribution from investment-grade telcos rising further above its
1H14 level of 82% of total revenue.  This will be driven by
significantly higher contribution from PT Telekomunikasi Selular
(Telkomsel; AAA(idn)/Stable), which is the principal tenant of
Mitratel's towers.

On the other hand, non-payment by weaker telcos, such as PT Bakrie
Telecom Tbk (Restricted Default) and PT Smartfren Telecom Tbk
(Smartfren; CCC(idn)), will have less impact on TBI's leverage as
their contribution to total revenue will fall to less than 5%
(1H14: 5.5%).

Margin Decline: Fitch estimates TBI's post-acquisition EBITDA
margin to decline to around 78%-80% from around 82% at end-2013.
The decline in margin will be driven by Mitratel's business
reselling space on towers it does not own, which is less
profitable than its tower rental business.  Nonetheless, Fitch
expects margin to gradually improve as TBI increases its tenancy
ratio by collocating more tenants.

RATING SENSITIVITIES

Fitch expects no positive rating action as the company's leverage
will remain high in the medium term.

Negative: Future developments that could individually or
collectively lead to negative rating actions include:

   -- A debt-funded acquisition of another tower portfolio or
      lease defaults by weaker telcos leading to FFO-adjusted net
      leverage remaining above 4.0x on a sustained basis.

The full list of rating actions include:

Long-Term Foreign Currency Issuer Default Rating affirmed at 'BB';
Outlook Stable

Long-Term Local Currency Issuer Default Rating affirmed at 'BB';
Outlook Stable

National Long-Term Rating affirmed at 'AA-(idn)'; Outlook Stable

Foreign currency senior unsecured rating affirmed at 'BB'
USD300m guaranteed senior unsecured notes issued by TBG Global Pte
Ltd affirmed at 'BB'

National senior unsecured rating affirmed at 'AA-(idn)'

IDR4trn bond programme affirmed at 'AA-(idn)'

IDR740bn tranche I under the IDR4trn bond programme affirmed at
'AA-(idn)'


===============
M O N G O L I A
===============


MONGOLIAN MINING: S&P Revises Outlook to Dev. & Affirms CCC+ CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Mongolia-based coal miner Mongolian Mining Corp. (MMC) to
developing from negative.  At the same time, S&P affirmed its
'CCC+' long-term corporate credit rating on the company and its
'CCC+' long-term issue rating on the company's senior unsecured
notes maturing 2017.

S&P's outlook revision reflects the possibility of a positive or
negative rating action over the next 12 months, depending on the
completion of a proposed HK$1,556 million (about US$200 million)
in equity issuance and further clarity on use of the proceeds.  A
successful equity issuance will stabilize MMC's liquidity profile
over the next 12 months, in S&P's view.

S&P estimates the proceeds would be sufficient to cover about
US$162 million of debt until the end of 2015.  The rest of the
proceeds, along with S&P's estimate of cash balance of about US$60
million-US$70 million as of Sept. 30, 2014, and inventories, will
likely be sufficient to absorb S&P's current base case
expectations of negative free operating cash flows over the next
12 months.

S&P believes the company continues to work on cost-cutting
initiatives to reduce its use of cash resources--typically called
cash burn when cash flows are negative.  Depending on the outcome
of those initiatives, S&P may revise its liquidity assessment to
"less than adequate," as its criteria define the term, from "weak"
currently.

"Although MMC intends to use the proceeds primarily for liquidity
purpose, we also understand the company could use part of the
funds to bid for a coal concession by the Mongolian government,"
said Standard & Poor's credit analyst Xavier Jean.  "The terms and
conditions of the potential tender have not been released and it
is uncertain whether MMC will participate.  The liquidity benefits
from the equity issuance could therefore be muted."

Downward rating pressure could persist, if the company uses a
substantial portion of the proceeds on a tender or for other
corporate purposes, leaving its debt repayment capacity to rely on
still-thin operating cash flows.  A further deterioration in MMC's
operating cash flows because of a further slide in coal prices or
a higher spending on deferred stripping could also erode the
liquidity buffer despite the equity issuance.

S&P affirmed its 'CCC+' rating on MMC because S&P still considers
the company's capital structure to be unsustainable.  S&P projects
the company's debt-to-EBITDA ratio to remain well above 5.0x
through 2015 even if MMC applies all proceeds from the equity
issuance to debt repayment.  S&P believes it would take further
material positive developments for MMC's capital structure to
become sustainable, including a significant improvement in the
operating outlook for coking or a further decline in costs,
capital spending, or deferred stripping expenses.  At this stage,
S&P believes there is a limited likelihood of any of that
materializing, given persisting oversupplied coking coal markets
and a still weak pricing outlook.  Significant cost reductions
have also already taken place.

S&P believes MMC's obligations are currently vulnerable to
nonpayment.  Therefore, S&P determined the company's stand-alone
credit profile using its "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published Oct. 1, 2012, on
RatingsDirect.

"The developing outlook reflects the uncertain rating direction
depending on the outcome of the equity issuance, the use of the
proceeds, the rate of the company's cash burn, and its ability to
roll over its short-term debt maturities," Mr. Jean said.

S&P could revise the outlook to stable or positive, if the company
completes the equity issuance while maintaining a sizable
liquidity buffer in light of material debt repayments through
2015.  S&P would consider raising the rating if MMC's free
operating cash flow stabilizes and its cash burn reduces
materially because of further cost reductions or a decline in
capital spending and deferred stripping cash outflows, and its
capital structure becomes more sustainable.  An upgrade would be
contingent upon the company maintaining a sufficient liquidity
buffer.

S&P may lower the rating if the equity issuance fails or the
company uses a material portion of the proceeds for purposes other
than improving its liquidity.


XACBANK LLC: Moody's Cuts Baseline Credit Assessment to b3
----------------------------------------------------------
Moody's Investors Service has downgraded XacBank LLC's issuer
rating to B3 from B2 and its foreign currency long-term senior
unsecured MTN rating to (P)B3 from (P)B2.

Moody's has also lowered the bank's baseline credit assessment
(BCA) to b3 from b2.

At the same time, Moody's has affirmed XacBank's local currency
bank deposits rating of B2 and foreign currency bank deposits
rating of B3.

The outlooks on the ratings are negative.

A full list of the downgraded and affirmed ratings can be found at
the end of this press release.

Rating Rationale

"The action on XacBank's ratings reflects the fact that the bank's
asset quality continues to deteriorate against the backdrop of
adverse developments in its operating environment," says Hyun Hee
Park, a Moody's Assistant Vice President and Analyst.

"At a macro-economic level, the ongoing decline in foreign direct
investment inflows (FDI) -- coupled with the contraction evident
in Mongolian exports in 2012 and 2013 -- have contributed to a
rundown in foreign-exchange reserves, a weakening of the local
currency, and a rise in the economy's vulnerability to external
risks," says Park.

To mitigate these risks, Moody's notes that the Bank of Mongolia
(BOM) has implemented pump-priming measures, some of which are
heavily credit driven, including the Price Stabilization Program
and Housing Mortgage Program.

The BOM had provided MNT4.3 trillion ($2.6 billion) in loans to
the banking system as of end-2013, representing about 40% of all
the system's loans.

Mongolian banks then on-lent these loans to targeted industries
and, as a result, their assets grew 74% and loans 54% in 2013. For
XacBank specifically, its own assets and loans grew 68% and 63% in
this same time frame.

However, the BOM began to unwind its Price Stabilization Program
this year, and funding from the BOM for the banks had fallen to
MNT2.9 trillion ($1.6 billion), or 24% of total banking system
loans, as of end-June 2014.

Moody's considers that this development -- against the backdrop of
the deterioration in macro-economic and export conditions -- has
materially increased the risks to the asset quality and liquidity
of Mongolian banks, including XacBank.

Firstly, with asset quality, the banking system's problem loans
ratio -- defined as the past-due and below loans ratio -- and the
non-performing loans (NPL) ratio stood at 8.2% and 4.6% at end-
June 2014, compared to 5.4% and 3.7% a year ago.

Moody's considers that XacBank's asset quality has been impacted
more than that at other rated Mongolian banks because of its
problem loans in the large corporates segment -- disbursed in 2012
and 2013 -- and in the small- and medium-sized enterprises (SMEs)
segment.

Secondly, with liquidity, Moody's notes that such conditions have
tightened as a result of the hike in BOM's policy rate by 150basis
point to 12% and the unwinding of the pump-priming measures. The
system's loan-to-deposit ratio jumped to 101% at end-June 2014
from 85% at end-2012 when the BOM had started its Price
Stabilization Program and Housing Mortgage Program.

In terms of XacBank's strengths, Moody's identifies: (1) its
growing franchise as the fourth-largest commercial bank in
Mongolia and as the leader in retail and SME lending; (2) its
solid and stable capital position, owing to supportive
international shareholders; and (3) its transparent level of
corporate governance, as supported by its international
shareholders, such as the International Finance Corp and European
Bank of Reconstruction and Development.

However, the adverse developments in the operating environment and
the increased level of concentration risk -- because of its rising
share of corporate and SME customers -- challenge these strengths.

Moody's notes that XacBank's share of corporate and SME customers
rose significantly to 67% of all its customers at end-2013 from
58% at end-2011. As a result, its non-performing loans ratio rose
to 3.8% at end-June 2014 from 1.3% a year ago.

In terms of funding, traditionally the bank's reliance on deposit
funding is lower than that of other rated Mongolia banks.
Therefore, its loan-to-deposit ratio is normally higher, standing
at 165% compared with the system average of 101% at end-June 2014.

However, as XacBank's non-deposit funding derives from
international financial institutions and government agencies, such
funds tend to be more stable and show longer tenors than deposits.

Moody's believes that the availability of stable relatively long-
term wholesale funding from its shareholders means that the bank
could be more resilient than its peers in the event of a run on
deposits.

Moody's has not incorporated any systemic support notching uplift
to XacBank's B3 issuer rating, given its assessment of the limited
support capacity of the Mongolia government (B2 negative).

Moody's arrives at this assessment despite the systemic importance
of XacBank -- as the fourth-largest lender in terms of loans -- to
the Mongolian banking system.

However, Moody's has incorporated one notch of systemic support to
its local currency deposit rating of B2, given the proven track
record of the Mongolian government in providing support to the
depositors of failed banks. This was the case with the failures of
Anod Bank (unrated), Zoos Bank (unrated) and Savings Bank
(unrated).

Moody's expects the government to continue to provide support for
deposits at banks considered as of high systemic importance to the
economy.

What Could Change the Rating - Up

Upward pressure on the b3 BCA of XacBank, while unlikely in the
near term, could occur if it improves its asset quality and
establishes a track record of maintaining healthy capital,
liquidity and profitability metrics throughout the economic cycle.

What Could Change the Rating - Down

The following factors could exert negative pressure on the bank's
ratings: (1) a significant deterioration in asset quality; for
example, new NPLs to gross loans exceed 4.0%; (2) a rise in
concentrations, or a rise in exposures to risky sectors, in
particular construction; or (3) the Tier 1 ratio falls below 9%.

The resultant ratings and actions are listed below:

   * Baseline credit assessment lowered to b3 -- which is
     equivalent to a Bank Financial Strength Rating of E+ -- from
     b2;

   * Issuer rating downgraded to B3 from B2; and

   * Foreign currency long-term senior unsecured MTN rating
     downgraded to (P)B3 from (P)B2.

All other ratings were affirmed: Bank Financial Strength Rating of
E+; local currency bank deposits rating of B2; foreign currency
bank deposits rating of B3; local currency/foreign currency short-
term deposit ratings of NP; local currency/foreign currency short-
term issuer ratings of NP; and short-term MTN program rating of
(P)NP.

The principal methodology used in these ratings was Global Banks,
published in July 2014.

XacBank LLC, headquartered in Ulaanbaatar, reported total assets
of MNT1.9 trillion (US$1.0 billion) at end-June 2014.


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


MERCY RENOVATORS: In Liquidation, Jobs Affected Uncertain
---------------------------------------------------------
Hawke's Bay reports that the voluntary liquidation of a Hastings
based renovation company has come as a shock to many especially
customers still waiting for their work to be done.

Mercy Renovators was put into liquidation leaving creditors until
November the 21 to make claims, according to Hawke's Bay.

The report notes that it is unknown how many employees will be
affected and customers who have already made payments towards
future work may be left out of pocket.

The report discloses that rumors that the company was in trouble
began circulating several weeks before it was finally placed into
liquidation with Grant Thornton NZ Ltd.

The Orchard Road based business had been operating for more than
20 years and is owned by Stephen and Paul Petrowski.



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


STATS CHIPPAC: Weak 3Q 2014 Results No Impact on Moody's Ba2 CFR
----------------------------------------------------------------
Moody's Investors Service says that STATS ChipPAC's weak 3Q 2014
operating results are credit negative, but will not have an
immediate impact on its Ba2 corporate family rating and senior
unsecured rating and stable outlook.

STATS ChipPAC reported a 1.5% fall in revenue in 3Q 2014 to $404
million from 2Q 2014, reflecting delays in wafer supply at several
key customers and the ongoing shift in demand towards the low-cost
smartphone segment from high-end handsets.

At the same time, adjusted operating margins remained weak for the
Ba2 ratings, standing at 2%-3% for the 12 months ended 30
September 2014.

"Operating income has been negatively impacted by sluggish demand
in the high-end smart phone segment, combined with the shift in
the business mix to lower-end smartphones, which drives lower
average selling prices for the company," says Annalisa DiChiara, a
Moody's Vice President and Senior Analyst.

As a result, leverage -- as measured by adjusted debt/EBITDA --
rose to around 3.4x for the 12 months ending 30 September 2014, or
towards the higher end of the rating category.

In addition, adjusted EBIT/interest contracted to around 0.7x for
the same period from 0.9x for the 12 months ending 30 June 2014.

Absolute reported debt levels increased by $73 million in 3Q 2014
from 2Q 2014, and Moody's expects debt to rise further in 4Q 2014
to support investments for STATS ChipPAC's new plant in South
Korea.

"Moody's further expects profitability to remain under pressure
through 2015 as the company's business mix shifts to lower-end
products. Additionally, as we expect capex of around $550 million
in 2014 and $400 million range in 2015, negative free cash flow
will likely continue through 2015, although Moody's expect
leverage will remain below 3.5x," adds DiChiara, also Moody's Lead
Analyst for STATS ChipPAC.

At the same time, the company is expected to maintain solid
liquidity. At 30 September, the company had around $178 million
cash on hand and $200 million in available credit lines.

Management's guidance for 4Q 2014 includes a flat to 6% fall in
revenues from 3Q 2014 (or $380 million-$404 million in revenues
for 4Q 2014) and EBITDA margins of 20% to 24%, as compared with
22%in Q3. Capex of $65 million to $85 million is expected for the
quarter, including approximately $20 million to $40 million for
the progressive construction of a new factory in South Korea.

STATS ChipPAC's Ba2 rating continues to reflect its position as
the fourth largest player in the global outsourcing semiconductor
assembly and test (OSAT) industry, with an approximate 6.5% global
market share in terms of revenue. These figures are according to
Gartner, a leading information technology research and advisory
company.

The ratings also consider its solid liquidity profile with cash
and liquid assets on hand of $178 million, adequate undrawn lines
under its revolving credit facilities, and the 2016 date for its
next significant debt maturity.

The ratings also continue to reflect Moody's assumption that its
ultimate holding company, Temasek Holdings (Private) Limited (Aaa,
Stable), is likely to provide support in the event of stress.
STATS ChipPAC's final rating of Ba2 benefits from a one-notch
uplift due to such expected support from Temasek.

The outlook is stable and reflects operating margins in the 5%
range and adjusted debt/EBITDA remaining below 3.5x.

Upward ratings pressure is unlikely over the near term given the
current weak margins and higher leverage levels However, over the
longer term, positive ratings momentum could arise if its
operating margin recovers to the 8% range and debt levels fall
permanently, such that adjusted debt/EBITDA stays in the 2.0x-2.5x
range.

On the other hand, the ratings could come under downward pressure
if: (1) STATS ChipPAC experiences a reduced asset utilization
rate, as well as decreasing profitability and cash flow
generation, such that adjusted debt/EBITDA stays around 3.5x or
higher; (2) a cyclical industry downturn emerges and significantly
impairs the company's ability to service its debt; and/or (3) it
undertakes an aggressive debt-funded acquisition or dividend
policy that pressures its balance-sheet leverage and liquidity.

Negative pressure could also arise over the next 9-12 months if
the company does not implement -- in a timely manner -- effective
measures to refinance the $200 million in bonds maturing in March
2016.

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

STATS ChipPAC is the fourth largest player in the OSAT industry.
It provides full turnkey solutions to semiconductor companies,
among them foundries, integrated device manufacturers, and fabless
companies in the US, Europe, and Asia.

This publication does not announce a credit rating action.



====================
S O U T H  K O R E A
====================


MONEUAL: Collapse Reveals Banks' Inability to Sort Out Faulty Cos
-----------------------------------------------------------------
The Korea Herald reports that the recent unraveling of the once-
promising venture firm Moneual has touched off skepticism that
leading commercial banks lack the ability to pick out qualified
loan recipients.

The state-run Export-Import Bank of Korea, which granted Moneual
up to KRW110 billion ($103 million) in loans and selected it as a
potential export champion, was last week hit with a barrage of
criticism over its support of the company, the report says.

Moneual, a venture firm known for manufacturing robot vacuum
cleaners and baking machines, filed for court receivership on Oct.
20, declaring itself incapable of paying the matured export bonds
worth KRW500 billion to NongHyup Bank and Korea Industrial Bank,
the Korea Herald recalls.

This sent shockwaves through the home appliance industry and local
financial circles, as the company had been deemed a model for
successful startups, reportedly achieving KRW1.27 trillion  in
sales and KRW110 billion in operating profit in 2013.

Now, it turns out that Moneual falsified records of its business
performance to qualify for up to KRW670 billion of loans from the
local banking industry, and also to be chosen as an export
champion, the report relates.

According to the report, the Korea Customs Service said on
November 2 that Moneual CEO Park Hong-sung had overstated the
company's export figures by KRW3.2 trillion over the past six
years.

In order to create the false financial records, he resorted to a
number of fraudulent accounting methods including marking down
outdated dysfunctional computers as inventory to overstate their
actual value, the Korea Herald relates.

After receiving the loans, Mr. Park transferred the money to his
overseas accounts and used it for personal purposes, the report
discloses citing KCS officials.

Besides the loan fraud, Moneual was also enjoying state subsidies
after it was selected in 2012 as a "Hidden Champion" as a part of
a signature program run by EXIM Bank to back small and medium-
sized companies with substantial growth potential as exporters,
the Korea Herald relays.

Over the past two years, EXIM Bank has offered interest-free loans
worth KRW250 billion to Moneual, the report notes.

"EXIM Bank initially selected 318 companies, and later crossed out
27 of them, citing their insufficient qualifications," said Rep.
Park Beom-kye of the main opposition New Politics Alliance for
Democracy during a recent parliamentary audit, the report relays.

But even then, Moneual was not included on the blacklist, which
indicates that the bank's internal control system was not
functioning properly, according to the lawmaker.

"All business performances were above the required level, showing
no signs of flaws, and we are looking closely into the details,"
said EXIM Bank head Lee Duk-hoon during the audit, the report
relays.

According to the report, creditor banks including EXIM Bank, also
claimed that their loan approval was based on the KRW325.5 billion
warranty issued earlier by the Korea Trade Insurance Corp., or K-
sure.

Meanwhile, the Korea Herald reports that suspicions also built up
as a former K-sure employee in charge of Moneual quit his post
just days before the corresponding company filed for court
receivership.

The state-run trade insurance company has started an internal
investigation on whether the former employee had colluded with
Moneual in issuing the unfounded trade warranty, the report adds.

Korea-based Moneual Inc. manufactures robot vacuum cleaner.



===============
T H A I L A N D
===============


GRUPO EMBOTELLADOR: Fitch Affirms 'BB+' IDR & Revises Outlook
-------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' foreign and local currency
Issuer Default Ratings (IDRs) of Grupo Embotellador Atic S.A.
(Atic) and revised the Outlook to Negative from Stable.  In
conjunction with this rating action, Fitch has affirmed the 'BB+'
rating of Ajecorp B.V.'s (Ajecorp) USD450 million notes due in
2022.  Ajecorp is a wholly owned subsidiary of Atic and is
incorporated in the Netherlands as a limited liability company.
Ajecorp's 2022 notes are unconditionally guaranteed by Atic and
its key operating subsidiaries.

The Negative Outlook reflects increased loans to sister companies,
while market conditions remain difficult in key markets such as
Peru, Colombia, Mexico and Thailand.  The loans have benefited a
beverage company in Indonesia owned by Atic's shareholders.  The
ratings of Atic and Ajecorp will be downgraded within six months
if this company is not brought into the guarantor group.  Even if
this were to occur, the ratings would likely remain with a
Negative Outlook.  Fitch remains concerned about the company's
weak cash flow generation in crucial countries such as Peru,
Colombia and Mexico.  If Atic's
performance in these markets does not recover within 12 to 18
months, negative rating actions will likely occur.

KEY RATING DRIVERS

High Leverage and Tight Liquidity

Fitch projects that Atic's year-end net leverage ratio will be
3.8x absent the incorporation of any sister companies.  The
company's challenging markets, along with its loans to related
parties, have increased this figure from 3.1x in 2013 and 2.2x in
2012.  Atic had USD534 million of consolidated debt as of
June 30, 2014 versus USD75 million of cash and marketable
securities.  Only USD42 million of the company's debt is due in
the short term.  Atic also has undrawn liquidity facilities.
Atic's cash has fallen from USD202 million in 2012.  During 2013,
the company spent USD90 million on capex and around USD75 million
on loans to related parties.

Cash Flow Pressured

Fitch expects EBITDA to be around USD125 million for 2014.  Atic's
EBITDA has been pressured by strong competition in Thailand, the
implementation of taxes on caloric beverages in Mexico in 2014,
intense price competition between Pepsi and Coca-Cola in Colombia,
and poor market conditions in Peru.  The company continues to be
cash flow negative in Brazil and is quickly decreasing the scope
of its operations in that country.  Atic's EBITDA during the LTM
ended June 30, 2014 was USD122 million.  This figure compares
poorly with USD140 million in 2013 and USD150 million in 2012.

Limited Upside in Thailand

The company's presence in Thailand has decreased and cash flow
from this market is not expected to rebound to historical levels.
During 2012, Thailand represented around 15% of Atic's EBITDA.
The company has decreased its production and distribution presence
in this market following changes in market dynamics during 2012.
Key competitors in this market are Coca-Cola, PepsiCo, Inc.
(Pepsi) and Thai Beverage Plc. When Pepsi's bottling agreement
with ThaiBev expired at the end of 2012, ThaiBev launched its own
soft drink and quickly captured
about 20% of Thailand's carbonated soft drink market. At the same
time, Coca-Cola seized the opportunity to re-enter the market in
the second half of 2013 and aggressively expanded its presence.

Geographic Diversification

Colombia represented 49% of Atic's consolidated EBITDA as of
June 30, 2014.  The company's next most important market was Peru
(35%), followed by Central America (27%), Ecuador (10%), and
Venezuela (10%).  Historically its home market of Peru has been a
non-cola market, which benefits B-brand producers as they rely
heavily upon non-cola products.  Central America and Ecuador have
become drivers of sales growth.  The level of geographic
diversification mitigates to a degree the company's exposure to
markets such as Venezuela, where economic and political
uncertainty are high.

Market Position in 'B' Brand Segment

Atic has a relatively small presence in each country with market
shares typically below 20% and faces strong competition from Coca-
Cola and Pepsi in each market.  Atic prices its products
approximately 30% to 40% lower than Coca-Cola's products and
competes directly against other producers of non-branded products
in the 'B' brand segment of the market.  The company's target
customers are price sensitive consumers in the lower economic
classes.  Nearly 90% of its consolidated sales occur at mom-and-
pop stores.  Its key brands are 'Big Cola' and 'Kola Real'.

Family Ownership

Substantial loans to related companies are permitted under the
bond indenture but remain credit concerns.  Atic's controlling
shareholders, the Ananos family, own other beverage companies,
such as Callpa Limited and Kinlest Investments, which produce and
sell Aje-brand beverages.  Many of these companies are domiciled
in Asia. The family also directly owns the formulas for the
beverages produced by the company, which results in the transfer
of some operating profits to the shareholders in the form of
royalty payments.

RATING SENSITIVITIES

A positive rating action is not likely to occur in 2014 or 2015.
A negative rating action would occur if Atic fails to incorporate
the operations of a substantial sister company into the guarantee
structure.  The Negative Outlook will most likely continue to
remain even if the company adds additional guarantors.  If the
company's operations do not improve in other markets and leverage
remains above 3x, a rating downgrade will likely occur.



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


* BOND PRICING: For the Week Oct. 27 to Oct. 31, 2014
-----------------------------------------------------

  AUSTRALIA
  ---------

ANTARES ENERGY LTD   10.00   10/30/23     AUD         2.01
BOART LONGYEAR MAN    7.00   04/01/21     USD        77.25
BOART LONGYEAR MAN    7.00   04/01/21     USD        73.00
CRATER GOLD MINING   10.00   08/18/17     AUD        20.00
KBL MINING LTD       10.00   08/05/16     AUD         0.29
LAKES OIL NL         10.00   11/30/14     AUD        11.50
MIDWEST VANADIUM P   11.50   02/15/18     USD        14.00
MIDWEST VANADIUM P   11.50   02/15/18     USD        13.00
STOKES LTD           10.00   06/30/17     AUD         0.39
TREASURY CORP OF V    0.50   11/12/30     AUD        57.14


CHINA
-----

CHANGCHUN CITY DEV    6.08   03/09/16     CNY        70.80
CHANGCHUN CITY DEV    6.08   03/09/16     CNY        70.78
CHANGZHOU INVESTME    5.80   07/01/16     CNY        70.59
CHANGZHOU INVESTME    5.80   07/01/16     CNY        70.14
CHANGZHOU SMALL &     6.18   11/29/14     CNY        60.10
CHINA GOVERNMENT B    1.64   12/15/33     CNY        67.46
DANYANG INVESTMENT    6.30   06/03/16     CNY        70.75
GUANGXI XINFAZHAN     5.75   11/30/14     CNY        39.99
JIANGSU LIANYUN DE    7.85   07/22/15     CNY        71.51
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY        69.89
KUNSHAN ENTREPRENE    4.70   03/30/16     CNY        69.85
LUOHE CITY CONSTRU    6.81   03/30/17     CNY        72.31
NANJING PUBLIC HOL    5.85   08/08/17     CNY        64.62
QINGZHOU HONGYUAN     6.50   05/22/19     CNY        50.38
QINGZHOU HONGYUAN     6.50   05/22/19     CNY        50.73
WUXI COMMUNICATION    5.58   07/08/16     CNY        50.51
WUXI COMMUNICATION    5.58   07/08/16     CNY        50.18
YANGZHOU URBAN CON    5.94   07/23/16     CNY        70.81
YANGZHOU URBAN CON    5.94   07/23/16     CNY        70.81
ZHENJIANG CITY CON    5.85   03/30/15     CNY        70.30
ZHENJIANG CITY CON    5.85   03/30/15     CNY        70.15
ZHUCHENG ECONOMIC     7.50   08/25/18     CNY        49.37
ZIBO CITY PROPERTY    5.45   04/27/19     CNY        60.14
ZOUCHENG CITY ASSE    7.02   01/12/18     CNY        71.49


INDONESIA
---------

BERAU COAL ENERGY     7.25   03/13/17     USD        68.88
BERAU COAL ENERGY     7.25   03/13/17     USD        69.86
DAVOMAS INTERNATIO   11.00   12/08/14     USD        19.50
DAVOMAS INTERNATIO   11.00   12/08/14     USD        19.50
INDONESIA TREASURY    6.38   04/15/42     IDR        73.15
PERUSAHAAN PENERBI    6.10   02/15/37     IDR        70.50


INDIA
-----

3I INFOTECH LTD       5.00   04/26/17     USD        33.75
CORE EDUCATION & T    7.00   05/07/15     USD         9.63
COROMANDEL INTERNA    9.00   07/23/16     INR        15.33
GTL INFRASTRUCTURE    2.53   11/09/17     USD        32.00
INCLINE REALTY PVT   10.85   04/21/17     INR        15.36
INCLINE REALTY PVT   10.85   08/21/17     INR        18.45
INDIA GOVERNMENT B    0.23   01/25/35     INR        15.36
JCT LTD               2.50   04/08/11     USD        18.25
MASCON GLOBAL LTD     2.00   12/28/12     USD         4.46
PRAKASH INDUSTRIES    5.25   04/30/15     USD        75.00
PYRAMID SAIMIRA TH    1.75   07/04/12     USD         1.00
REI AGRO LTD          5.50   11/13/14     USD        55.88
REI AGRO LTD          5.50   11/13/14     USD        55.88
SHIV-VANI OIL & GA    5.00   08/17/15     USD        27.00


JAPAN
-----

AVANSTRATE INC        3.02   11/05/15     JPY        41.13
AVANSTRATE INC        5.00   11/05/17     JPY        34.38
ELPIDA MEMORY INC     0.70   08/01/16     JPY        10.00
ELPIDA MEMORY INC     0.50   10/26/15     JPY        10.00
ELPIDA MEMORY INC     2.29   12/07/12     JPY        10.00
ELPIDA MEMORY INC     2.10   11/29/12     JPY        10.00
ELPIDA MEMORY INC     2.03   03/22/12     JPY        10.00
JAPAN EXPRESSWAY H    0.50   03/18/39     JPY        73.63
JAPAN EXPRESSWAY H    0.50   09/17/38     JPY        74.31


KOREA
------

2014 KODIT CREATIV    5.00   12/25/17     KRW        27.80
2014 KODIT CREATIV    5.00   12/25/17     KRW        27.80
DONGBU METAL CO LT    5.20   09/12/19     KRW        61.59
EXPORT-IMPORT BANK    0.50   10/23/17     TRY        73.86
EXPORT-IMPORT BANK    0.50   12/22/17     BRL        70.46
EXPORT-IMPORT BANK    0.50   11/21/17     BRL        72.43
EXPORT-IMPORT BANK    0.50   12/22/17     TRY        72.78
HYUNDAI MERCHANT M    7.05   12/27/42     KRW        42.21
KIBO ABS SPECIALTY   10.00   08/22/17     KRW        30.53
KIBO ABS SPECIALTY   10.00   09/04/16     KRW        66.18
KIBO ABS SPECIALTY   10.00   02/19/17     KRW        30.62
KIBO GREEN HI-TECH   10.00   12/21/15     KRW        68.03
KIBO GREEN HI-TECH   10.00   03/20/15     KRW        73.28
SINBO SECURITIZATI    4.60   06/29/15     KRW        60.74
SINBO SECURITIZATI    5.00   12/07/15     KRW        60.03
SINBO SECURITIZATI    5.00   02/02/16     KRW        60.14
SINBO SECURITIZATI    8.00   02/02/15     KRW        69.41
SINBO SECURITIZATI    8.00   02/02/16     KRW        65.60
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    4.60   06/29/15     KRW        60.74
SINBO SECURITIZATI    5.00   06/07/17     KRW        25.42
SINBO SECURITIZATI    5.00   06/07/17     KRW        25.42
SINBO SECURITIZATI    5.00   08/16/17     KRW        28.32
SINBO SECURITIZATI    5.00   08/16/16     KRW        56.93
SINBO SECURITIZATI    5.00   08/16/17     KRW        28.32
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    5.00   01/19/16     KRW        59.74
SINBO SECURITIZATI    9.00   07/27/15     KRW        67.71
SINBO SECURITIZATI   10.00   12/27/15     KRW        67.74
SINBO SECURITIZATI    5.00   08/24/15     KRW        59.00
SINBO SECURITIZATI    5.00   07/26/16     KRW        30.38
SINBO SECURITIZATI    5.00   09/13/15     KRW        60.89
SINBO SECURITIZATI    5.00   09/13/15     KRW        57.73
SINBO SECURITIZATI    5.00   03/14/16     KRW        59.37
SINBO SECURITIZATI    8.00   03/07/15     KRW        66.12
SINBO SECURITIZATI    5.00   10/05/16     KRW        29.93
SINBO SECURITIZATI    5.00   10/05/16     KRW        29.93
SINBO SECURITIZATI    5.00   09/28/15     KRW        58.78
SINBO SECURITIZATI    5.00   06/29/16     KRW        30.59
SINBO SECURITIZATI    5.00   01/29/17     KRW        29.15
SINBO SECURITIZATI    5.00   07/19/15     KRW        59.27
SINBO SECURITIZATI    5.00   07/26/16     KRW        30.38
SINBO SECURITIZATI    5.00   08/31/16     KRW        30.13
SINBO SECURITIZATI    5.00   08/31/16     KRW        30.13
SINBO SECURITIZATI    5.00   05/27/16     KRW        30.84
SINBO SECURITIZATI    5.00   05/27/16     KRW        30.84
SINBO SECURITIZATI    5.00   02/21/17     KRW        27.90
SINBO SECURITIZATI    5.00   12/13/16     KRW        29.49
SINBO SECURITIZATI    5.00   03/13/17     KRW        28.84
SINBO SECURITIZATI    5.00   03/13/17     KRW        28.84
SINBO SECURITIZATI    5.00   02/21/17     KRW        28.90
SINBO SECURITIZATI    5.00   12/25/16     KRW        28.94
SINBO SECURITIZATI    5.00   10/01/17     KRW        28.10
SINBO SECURITIZATI    5.00   01/15/18     KRW        27.70
SINBO SECURITIZATI    5.00   01/15/18     KRW        27.70
SINBO SECURITIZATI    5.00   07/08/17     KRW        28.65
SINBO SECURITIZATI    5.00   07/08/17     KRW        28.65
SK TELECOM CO LTD     4.21   06/07/73     KRW        73.73
STX OFFSHORE & SHI    3.00   09/06/15     KRW        72.53
STX OFFSHORE & SHI    6.90   04/09/15     KRW        74.11
TONGYANG CEMENT &     7.50   04/20/14     KRW        70.00
TONGYANG CEMENT &     7.50   09/10/14     KRW        70.00
TONGYANG CEMENT &     7.30   06/26/15     KRW        70.00
TONGYANG CEMENT &     7.50   07/20/14     KRW        70.00
TONGYANG CEMENT &     7.30   04/12/15     KRW        70.00
U-BEST SECURITIZAT    5.50   11/16/17     KRW        28.24
UNIMECH GROUP BHD     5.00   09/18/18     MYR         1.35
WISEPOWER CO LTD      4.00   08/10/15     KRW        56.04


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35   02/20/24     MYR        67.53
BIMB HOLDINGS BHD     1.50   12/12/23     MYR        73.68
BRIGHT FOCUS BHD      2.50   01/24/30     MYR        72.00
BRIGHT FOCUS BHD      2.50   01/22/31     MYR        70.68
LAND & GENERAL BHD    1.00   09/24/18     MYR         0.40
SENAI-DESARU EXPRE    1.15   12/31/24     MYR        68.05
SENAI-DESARU EXPRE    1.15   06/28/24     MYR        69.31
SENAI-DESARU EXPRE    1.15   12/29/23     MYR        70.69
SENAI-DESARU EXPRE    1.35   06/30/28     MYR        61.49
SENAI-DESARU EXPRE    1.35   12/29/28     MYR        60.31
SENAI-DESARU EXPRE    1.10   06/30/22     MYR        74.50
SENAI-DESARU EXPRE    1.15   12/30/22     MYR        73.37
SENAI-DESARU EXPRE    1.15   06/30/23     MYR        72.03
SENAI-DESARU EXPRE    1.15   06/30/25     MYR        66.90
SENAI-DESARU EXPRE    1.35   12/31/25     MYR        67.43
SENAI-DESARU EXPRE    1.35   06/30/26     MYR        66.29
SENAI-DESARU EXPRE    1.35   12/31/26     MYR        65.10
SENAI-DESARU EXPRE    1.35   06/30/27     MYR        63.91
SENAI-DESARU EXPRE    1.35   12/31/27     MYR        62.69
SENAI-DESARU EXPRE    1.35   06/29/29     MYR        59.15
SENAI-DESARU EXPRE    1.35   12/31/29     MYR        58.00
SENAI-DESARU EXPRE    1.35   06/28/30     MYR        56.94
SENAI-DESARU EXPRE    1.35   12/31/30     MYR        55.86
SENAI-DESARU EXPRE    1.35   06/30/31     MYR        54.85
WOONGJIN ENERGY CO    2.00   12/19/16     KRW        57.57


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

KIWI INCOME PROPER    8.95   12/20/14     NZD         1.02



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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50   05/07/15     USD        14.50
BAKRIE TELECOM PTE   11.50   05/07/15     USD         9.00
BLD INVESTMENTS PT    8.63   03/23/15     USD        18.88
BUMI CAPITAL PTE L   12.00   11/10/16     USD        39.00
BUMI CAPITAL PTE L   12.00   11/10/16     USD        35.83
BUMI INVESTMENT PT   10.75   10/06/17     USD        39.75
BUMI INVESTMENT PT   10.75   10/06/17     USD        47.00
ENERCOAL RESOURCES    6.00   04/07/18     USD        43.64
INDO INFRASTRUCTUR    2.00   07/30/10     USD         1.88


THAILAND
--------

G STEEL PCL           3.00   10/04/15     USD        13.88
MDX PCL               4.75   09/17/03     USD        25.00


VIETNAM
-------

BANK FOR INVESTMEN   10.33   05/19/16     VND         1.00



                             *********

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

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

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


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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